Efficiency of monetary policy under inflation targeting

Abdelkader Aguir ()
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Abdelkader Aguir: PACTE - Pacte, Laboratoire de sciences sociales - UPMF - Université Pierre Mendès France - Grenoble 2 - UJF - Université Joseph Fourier - Grenoble 1 - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - CNRS - Centre National de la Recherche Scientifique

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Abstract: The policy of inflation targeting is a monetary regime which seeks inflation. His practice was marked by a high stability observed. A debate emerged on the effectiveness and economic performance of this regime. Many searches are interested in this issue without being able to even reach an ultimate consensus. The objective of this paper is to contribute to this debate by clarifying the origin of this monetary regime and by proposing, then, our own quantitative analysis grid. At first, we discusses the theoretical framework of the inflation targeting relating to these conceptual and analytical aspects that seem to complete the reflection on the earlier antinomy. The analysis then focuses on empirical verification. In drawing on the work of Cecchetti and Krause (2002), Flores-Lagoons and Krause (2006) and Mishkin and Schmidt Hebbel (2007), we estimate efficient frontier: inflation variability-output variability, which allows us to deduce the measurement of economic performance and monetary policy efficiency measure.

Date: 2015-03-30
Note: View the original document on HAL open archive server: https://hal.science/hal-03791251v1
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Published in Economics Bulletin, 2015

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