Monetary Policy and Inflation Dynamics in ASEAN Economies
Geraldine Dany-Knedlik and
Juan Angel Garcia
No 1755, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research
This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips Curves allowing for time-varying parameters. The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time.
Keywords: Phillips curve; monetary policy; inflation expectations; ASEAN countries (search for similar items in EconPapers)
JEL-codes: C22 E31 E5 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-sea
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Persistent link: https://EconPapers.repec.org/RePEc:diw:diwwpp:dp1755
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