Inflation Targeting: A Comparative Empirical Analysis

Pinar Kaynak

No 220, EY International Congress on Economics I (EYC2013), October 24-25, 2013, Ankara, Turkey from Ekonomik Yaklasim Association

Abstract: The purpose of this paper is to make a comparison between how countries with inflation targeting (IT) fared compared to their non-IT peers in general during the period of 2003 and 2011, which is based on Kaynak (2012). The dataset, which is used in the analysis, has been provided through the database of International Financial Statistics (IFS) from the International Monetary Fund (IMF). First to detect the existing correlation between IT and economic performance outcomes Ordinary Least Squares (OLS) regression has been used. Second, to filter out business cycle fluctuations, Generalized Method of Moments (GMM) dynamic panel data estimator has been used. The results presented here is not necessarily at odds with the prescriptions of the standard IT literature. Despite the evidence demonstrates that IT countries have a better economic performance in general and in the global financial crisis in particular, it does not establish a causality relationship.

Keywords: Inflation Targeting; Generalized Method of Moments; Causality (search for similar items in EconPapers)
JEL-codes: C51 E52 E58 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2013
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:eyd:cp2013:220

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