Assessing inflation targeting through intervention analysis
Alvaro Angeriz and
Philip Arestis
Oxford Economic Papers, 2008, vol. 60, issue 2, 293-317
Abstract:
The aim of this paper is to deal with the empirical aspects of the 'new' monetary policy framework, known as Inflation Targeting. Applying Intervention Analysis to multivariate Structural Time Series models, which avoids certain biases encountered in the use of conventional regression estimators, new empirical evidence is produced in the case of a number of OECD countries. These results demonstrate that although Inflation Targeting has gone hand-in-hand with low inflation, the strategy was introduced well after inflation had begun its downward trend. But, then, Inflation Targeting 'locks in' low inflation rates. The evidence produced in this paper suggests that non-Inflation Targeting central banks have also been successful on this score. Copyright 2008 , Oxford University Press.
Date: 2008
References: Add references at CitEc
Citations: View citations in EconPapers (53)
Downloads: (external link)
http://hdl.handle.net/10.1093/oep/gpm047 (application/pdf)
Access to full text is restricted to subscribers.
Related works:
Working Paper: Assessing Inflation Targeting Through Intervention Analysis (2007) 
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:oup:oxecpp:v:60:y:2008:i:2:p:293-317
Ordering information: This journal article can be ordered from
https://academic.oup.com/journals
Access Statistics for this article
Oxford Economic Papers is currently edited by James Forder and Francis J. Teal
More articles in Oxford Economic Papers from Oxford University Press Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().