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The lag in effect of inflation targeting and policy evaluation

WenShwo Fang and Stephen Miller ()

Applied Economics Letters, 2011, vol. 18, issue 14, 1371-1375

Abstract: The lag in effect of monetary policy contains vital information for the policy evaluation. Allowing for a time-varying treatment effect, we show that Inflation Targeting (IT) effectively lowers inflation for both developed and developing countries. Developed countries reach their targets rapidly with a 2-year lag in effect. Developing countries, however, reduce inflation gradually towards their targets and do not reach their ultimate goal by the end year of 2007.

Date: 2011
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Handle: RePEc:taf:apeclt:v:18:y:2011:i:14:p:1371-1375