на главную поиск contacts

Inflation Targeting in Emerging Economies: What Do the Data Say?

Опубликовано на портале: 23-12-2007
Journal of Development Economics. 2008.  Vol. 85. No. 1-2. P. 312-318. 
In a recent thought-provoking paper, Ball and Sheridan [Ball, L., Sheridan, N., 2005. Does inflation targeting matter? In: Bernanke, B.S., Woodford, M. (Eds.), The Inflation-Targeting Debate, University of Chicago Press] show that the available evidence for a group of developed economies does not lend credence to the belief that adopting an inflation targeting regime (IT) was instrumental in bringing inflation and inflation volatility down. Here, we extend Ball and Sheridan's analysis for a subset of 36 emerging market economies and find that, for them, the story is quite different. Compared to non-targeters, developing countries adopting the IT regime not only experienced greater drops in inflation, but also in growth volatility, thus corroborating the view that the regime's “constrained flexibility” to deal with adverse shocks delivered concrete welfare gains.

Аннотация статьи представлена на сайте ScienceDirect. Полный текст статьи находится в закрытом доступе

Препринт (полный текст) статьи размещен на сайте University of São Paulo

Препринт (полный текст) статьи Ball, L., Sheridan, N., 2005. Does inflation targeting matter? представлен на сайте NBER, на странице Laurence Ball, на сайте МВФ и на сайте Банка Нидерландов
Ключевые слова

См. также:
Terry J. Fitzgerald
Federal Reserve Bank of Cleveland. 1999. 
Tommy Sveen, Lutz Weinke
Journal of Economic Theory. 2007.  Vol. 136. No. 1. P. 729-737. 
David Colander
Frank Smets
Journal of Monetary Economics. 2003.  Vol. 50. No. 6. P. 1293-1309. 
Сергей Михайлович Дробышевский, Анна Михайловна Козловская, Павел Вячеславович Трунин