How credible is inflation targeting in Asia? A quantile unit root perspective

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• 作者：Harold Glenn A. Valera ; ^{hgvrungl7@gmail.com} ; Mark J. Holmes ; Gazi M. Hassan
• 关键词：C32 ; E31 ; E58
• 刊名：Economic Modelling
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：60
• 期：Complete
• 页码：194-210
• 全文大小：932 K
• 卷排序：60

文摘

The dynamic behavior of eight Asian inflation rates is examined using a quantile unit root test. Inflation targeting (IT) and non-IT countries have stationarity present at lower quantiles only. Trend-reversion suggests IT countries have the faster rate of decline in inflation rate changes. Threshold analysis finds stationarity to be a general feature of inflation declining or slowing. With the exception of South Korea, the credibility of IT is found to be imperfect.