The macroeconomic performance of the inflation targeting policy: An approach based on the Efficient Frontier

Abdelkader Aguir () and Mounir Smida
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Abdelkader Aguir: MOFID-Université de Sousse
Mounir Smida: MOFID-Université de Sousse

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Abstract: In this paper, we study the economic performance of a monetary policy and in particular the inflation targeting policy. The policy of inflation targeting is a monetary regime which seeks inflation. His practice was marked by a high stability observed. Many searches are interested in this issue without being able to even reach an ultimate consensus. The main idea of this work is to consider the inflation targeting policy as economically efficient when it generates a stable monetary environment .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 & Krause (2002), Flores-Lagoons& Krause (2006), Mishkin & Schmidt Hebbel (2007) and Aguir & Smida (2015), we estimate efficient frontier: inflation variability-output variability, which allows us to deduce the measurement of economic performance and monetary policy efficiency measure.

Keywords: Inflation targeting; monetary policy; efficiency of monetary policy; economic performance (search for similar items in EconPapers)
Date: 2015-06-11
Note: View the original document on HAL open archive server: https://hal.science/hal-03825930
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Published in 32nd International Symposium on Money, Banking and Finance Nice - Sophia Antipolis (ISEM), 11-12 June 2015, Jun 2015, Nice, France

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