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Inflation targeting and monetary analysis in Chile and Mexico

José Sánchez-Fung

No 2002-7, Economics Discussion Papers from School of Economics, Kingston University London

Abstract: This paper studies the role of monetary and open economy indicators in inflation targeting (IT) economies through the analysis of a nested Phillips curve/ P-star model for Chile and Mexico. For Chile a real money gap and a money growth indicator are found to be relevant in predicting deviations of observed from target inflation. In contrast, for Mexico a real exchange rate gap, a standard measure of the real exchange rate, and a money growth indicator are consistently significant as predictors of deviations of actual from (i) expected (in the pre-IT period) and (ii) target inflation (in the post-IT span).

Keywords: Inflation targeting; monetary policy; P-star; Phillips curve; Chile; Mexico; Latin America (search for similar items in EconPapers)
JEL-codes: E30 E40 E50 F41 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2002-01-01
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Related works:
Working Paper: Inflation targeting and monetary analysis in Chile and Mexico (2004) Downloads
Working Paper: Inflation targeting and monetary analysis in Chile and Mexico (2003) Downloads
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