Inflation Targeting and Inflation Persistence

被引：0

作者：

GEORGE JBRATSIOTIS ^{[1
]}

JAKOB MADSEN ^{[2
]}

CHRISTOPHER MARTIN ^{[3
]}

机构：

[1] the School of Social Sciences, University of Manchester

[2] the Department of Economics, Monash University

[3] the Department of Economics, University of Bath

来源：

Economic and Political Studies | 2015年 / 3卷 / 01期

关键词：

Taylor Rule; inflation targeting; Phillips Curve; inflation persistence;

D O I：

暂无

中图分类号：

F820.5 [通货膨胀];

学科分类号：

020101 ; 020203 ; 020204 ;

摘要：

This paper argues that the adoption of an inflation target reduces the persistence of inflation.We develop the theoretical literature on inflation persistence by introducing a Taylor Rule for monetary policy into a model of persistence and showing that inflation targets reduce inflation persistence.We investigate changes in the time series properties of inflation in seven countries that introduced inflation targets in the late 1980s or early 1990s.We find that the persistence of inflation is greatly reduced or eliminated following the introduction of inflation targets.

引用

页码：3 / 17

页数：15

共 5 条

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[3]

The Phillips Curve, The Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes[J] . George S. Alogoskoufis,Ron Smith.The American Economic Review . 1991 (5)

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TAYLOR, JB .

AMERICAN ECONOMIC REVIEW, 1979, 69 (02) :108-113

[5]

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