L'adoption du ciblage d'inflation produit-elle un changement de régime ?. Le cas de la Suède

Jerome Creel and Paul Hubert

Revue économique, 2009, vol. 60, issue 3, 727-735

Abstract: We study inflation targeting?s impact in Sweden over time and whether its adoption has constituted a regime switch using a msvar technique. We assess, based on two different specifications, the two main features generally attributed to it: the preference for inflation in the monetary reaction function and the stabilisation of the macroeconomic environment. Results are threefold. First, it has prompted a lower emphasis on inflation. Second, a switch has clearly appeared since it adoption where uncertainty has been reduced. These results are visible on a stable sample, after inflation has been tamed, and robust to a comparison with a non-it country: the us. Last, counterfactuals suggest this framework provides higher monetary policy leeway. Classification JEL : E52 ; E58

JEL-codes: E58 (search for similar items in EconPapers)
Date: 2009
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