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Quantifying the Causal Effect of Inflation Targets

  • Jorge Lorca
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    This paper seeks to evaluate the benefit that the regime of inflation targeting brought in the nineties. The paper concentrates in measuring, through matching estimators, to what extent can the process of inflationary deceleration of the period be attributed exclusively to this scheme. Results show that countries that adopted inflation targets saw their level of inflation reduced by between zero and 3%, depending on the sub-period considered.

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    File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc337.pdf
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    Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 337.

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    Date of creation: Dec 2005
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    Handle: RePEc:chb:bcchwp:337
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    1. Laurence Ball & Niamh Sheridan, 2004. "Does inflation targeting matter?," DNB Staff Reports (discontinued) 118, Netherlands Central Bank.
    2. Lars E.O. Svensson, 2000. "How Should Monetary Policy be Conducted in an Era of Price Stability?," NBER Working Papers 7516, National Bureau of Economic Research, Inc.
    3. Vega, Marco & Winkelried, Diego, 2004. "Inflation Targeting and Inflation Behavior: A Successful Story?," MPRA Paper 838, University Library of Munich, Germany.
    4. Fatás, Antonio & Mihov, Ilian & Rose, Andrew K., 2006. "Quantitative goals for monetary policy," Working Paper Series 0615, European Central Bank.
    5. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile.
    6. Vittorio Corbo & Klaus Schmidt-Hebbel, 2001. "Inflation Targeting in Latin America," Working Papers Central Bank of Chile 105, Central Bank of Chile.
    7. William Poole, 1970. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Staff Studies 57, Board of Governors of the Federal Reserve System (U.S.).
    8. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
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