Publication bias in the price effects of monetary policy: A meta-regression analysis for emerging and developing economies

Thi Mai Lan Nguyen, Elissaios Papyrakis and Peter Bergeijk

International Review of Economics & Finance, 2021, vol. 71, issue C, 567-583

Abstract: Using 43 studies conducted between 2001 and 2019, we employ a meta-regression analysis (MRA) to synthesize literature findings on the effects of monetary policy on price levels in 32 emerging and developing countries. We find strong evidence of a negative publication bias for all types of price effects (short-term, medium-term and maximum effects). Primary studies published in academic journals tend to report stronger negative effects. A cluster analysis and a mixed-effect multilevel model confirm the null hypothesis of a genuine price effect. Employing the “best practice” method, we find that the genuine effect is negative. In the other words, increasing policy interest rates appears to be effective in controlling inflation in emerging and developing countries. In comparison with the genuine price effect in advanced countries reported by Rusnak et al. (2013), our study indicates that the genuine price effects in emerging and developing countries are weaker than in advanced countries.

Keywords: Meta-regression analysis; Monetary policy; Effect on price level; Publication bias (search for similar items in EconPapers)
JEL-codes: C83 E52 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1059056020302124
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:71:y:2021:i:c:p:567-583

DOI: 10.1016/j.iref.2020.09.010

Access Statistics for this article

International Review of Economics & Finance is currently edited by H. Beladi and C. Chen

More articles in International Review of Economics & Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().