EconPapers    
Economics at your fingertips  
 

Inflation Targeting and the Crisis: An Empirical Assessment

Irineu de Carvalho Filho

No 2010/045, IMF Working Papers from International Monetary Fund

Abstract: This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of establishing the stylized facts that will guide and motivate future research. We find that since August 2008, IT countries lowered nominal policy rates by more and this loosening translated into an even larger differential in real interest rates relative to other countries; were less likely to face deflation scares; and saw sharp real depreciations not associated with a greater perception of risk by markets. We also find some weak evidence that IT countries did better on unemployment rates and advanced IT countries have had relatively stronger industrial production performance. Finally, we find that advanced IT countries had higher GDP growth rates than their non-IT peers, but find no such difference for emerging countries or the full sample.

Keywords: WP; IT country; IT; monetary policy (search for similar items in EconPapers)
Pages: 22
Date: 2010-02-01
References: Add references at CitEc
Citations: View citations in EconPapers (41)

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=23636 (application/pdf)

Related works:
Working Paper: Inflation Targeting and the Crisis: An Empirical Assessment (2010) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:2010/045

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Working Papers from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().

 
Page updated 2025-03-19
Handle: RePEc:imf:imfwpa:2010/045