The lag in effect of inflation targeting and policy evaluation
The lag in effect of monetary policy contains vital information for the policy evaluation. Allowing for a time-varying treatment effect, we show that Inflation Targeting (IT) effectively lowers inflation for both developed and developing countries. Developed countries reach their targets rapidly with a 2-year lag in effect. Developing countries, however, reduce inflation gradually towards their targets and do not reach their ultimate goal by the end year of 2007.
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Volume (Year): 18 (2011)
Issue (Month): 14 ()
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References listed on IDEAS
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- Lin, Shu & Ye, Haichun, 2007. "Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2521-2533, November.
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- Batini, Nicoletta & Nelson, Edward, 2001.
"The Lag from Monetary Policy Actions to Inflation: Friedman Revisited,"
Wiley Blackwell, vol. 4(3), pages 381-400, Winter.
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- Goncalves, Carlos Eduardo S. & Salles, Joao M., 2008. "Inflation targeting in emerging economies: What do the data say?," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 312-318, February.
- Milton Friedman, 1961. "The Lag in Effect of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 69, pages 447.
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