Measuring inflation targeting's impact on the macroeconomy
Applied Economics Letters, 2008, vol. 15, issue 13, 1027-1035
This article analyses inflation targeting's (IT) impact on key macroeconomic variables in Australia, Canada, Chile, Colombia, Israel, Korea, Mexico, New Zealand, Sweden and the United Kingdom in the spirit of Mishkin and Posen (1997). Across this sample, inflation and interest rates predicted from parsimonious, automatically reduced VARs consistently overestimate those observed following IT adoption.
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