In Search of Successful Inflation Targeting : Evidence From An Inflation Targeting Index /

In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and...

Disgrifiad llawn

Manylion Llyfryddiaeth
Prif Awdur: Miao, Yanliang
Fformat: Cylchgrawn
Iaith:English
Cyhoeddwyd: Washington, D.C. : International Monetary Fund, 2009.
Cyfres:IMF Working Papers; Working Paper ; No. 2009/148
Mynediad Ar-lein:Full text available on IMF
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100 1 |a Miao, Yanliang. 
245 1 0 |a In Search of Successful Inflation Targeting :   |b Evidence From An Inflation Targeting Index /  |c Yanliang Miao. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2009. 
300 |a 1 online resource (35 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and variation of inflation is more quadratic than that of transparency; (2) after adding the transparency index, the impact of flexibility is no longer significant. The significant and negative association between transparency and the level and variation of inflation is confirmed when we check for robustness by controlling for disinflation stage, subsampling, instrumental variable estimation, and principal component analysis (PCA). 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2009/148 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2009/148/001.2009.issue-148-en.xml  |z IMF e-Library