Inflation targeting and the cyclicality of monetary policy

详细信息    查看全文

• 作者：John Thornton^a ; ^{j.thornton@bangor.ac.uk} ; Chrysovalantis Vasilakis^a ; ^b ; ^{c.vasilakis@bangor.ac.uk}
• 关键词：Inflation targeting ; Monetary policy cyclicality ; Treatment effect ; Propensity score matching
• 刊名：Finance Research Letters
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：20
• 期：Complete
• 页码：296-302
• 全文大小：455 K
• 卷排序：20

文摘

Many countries have adopted inflation targeting (IT) regimes to build policy credibility. We use propensity score matching to analyse whether adopting IT has facilitated countercyclical monetary policies. IT has a statistically significant and quite large effect in facilitating countercyclical monetary policy. The result is robust to controlling for financial crises, high inflation, and sample composition.