Time series analysis of inflation targeting in selected countries

Journal of Economic Policy Reform

Volumn 10, Issue 1, 2007, Pages 15-27

  Genc, Ismail H ^a,b   Lee, Minsoo ^a   Rodríguez, Candelaria O ^b   Lutz, Zachary ^b  

^a AMERICAN UNIVERSITY OF SHARJAH   (United Arab Emirates)

^b UNIVERSITY OF IDAHO   (United States)

Author keywords

Forecasting; Inflation targeting; International comparison

Indexed keywords

EID: 41849142382     PISSN: 13841289     EISSN: 14772736     Source Type: Journal    
DOI: 10.1080/17487870701201578     Document Type: Article

References (50)

1. Agenor, P. R. (2000) Monetary Policy under Flexible Exchange Rates: An Introduction to Inflation Targeting, Discussion Paper, 21 November (Washington, DC: The World Bank).
2. Almeida, A. & Goodhart, C. A. E. (1996) Does the adoption of inflation targets affect central bank behaviour?, Draft, July (Financial Markets Group, London School of Economics).
3. Ammer, J. & Freeman, R. T. (1995) Inflation targeting in the 1990s: the experiences of New Zealand, Canada, and the United Kingdom, Journal of Economics and Business, 47(2) (May), pp. 165-192.
4. Ball, L. & Sheridan, N. (2003) Does Inflation Targeting Matter, NBER Working Paper No. 9577 (National Bureau of Economic Research).
5. Bangko Sentral ng Pilipinas (2001) Primer on inflation targeting. Available at: http://www.bsp.gov.ph/resources/other_docs/inflation_targeting. htm#top (accessed 27 November 2005).
6. Bardsen, G. et al. (2003) Econometric inflation targeting, Econometrics Journal, 6(2) (December), pp. 430-461.
7. Bergo, J. (2004) Flexible inflation targeting, Economic Bulletin (Norges Bank), 75(2) (June), pp. 48-55.
8. Bernanke, B. S. (2003) A perspective on inflation targeting, Business Economics, 38(3) (July), pp. 7-15.
9. Bernanke, B. S. (2004) Inflation targeting, Review (Federal Reserve Bank of Saint Louis), 86(4) (July/August), pp. 165-168.
10. Bernanke, B. S. & Mihov, I. (1998) Measuring monetary policy, Quarterly Journal of Economics, 113, pp. 871-902.
11. Bernanke, B. S. & Mishkin, F. S. (1997) Inflation targeting: a new framework for monetary policy, The Journal of Economic Perspectives, 11(2) (Spring), pp. 97-116.
12. Bernanke, B. S. & Woodford, M. (Eds) (2005) The Inflation-Targeting Debate, NBER Studies in Business Cycles, vol. 32 (Chicago, IL and London: University of Chicago Press).
13. Berry, J. M. (2005) Fed is split on whether to set inflation target, Bloomberg News, 24 February.
14. Box, G. E. P. & Jenkins, G. M. (1976) Time Series Analysis: Forecasting and Control, revised edn (Oakland, CA: Holden-Day).
15. Carare, A. & Stone, M. R. (2003) Inflation Targeting Regimes, IMF Working Paper WP/03/9, January.
16. Cecchetti, S. G. & Ehrmann, M. (1999) Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes, NBER Working Paper No. 7426 (National Bureau of Economic Research).
17. Choi, K. et al. (2003) Macroeconomic effects of inflation targeting policy in New Zealand, Economic Bulletin, 5(17), pp. 1-6.
18. Corbo, V. et al. (2001) Assessing Inflation Targeting after a Decade of World Experience, Oesterreichische Nationalbank Working Paper 51.
19. Croce, E. & Khan, M. S. (2000) Monetary regimes and inflation targeting, Finance and Development, 37(3) (September), pp. 48-51.
20. Engle, R. F. (1982) Autoregressive conditional heteroskedasticity with estimates of the variance of UK inflation, Econometrica, 50, pp. 987-1008.
21. Faust, J. W. & Henderson, D. W. (2004) Is inflation targeting best-practice monetary policy?, Review (Federal Reserve Bank of Saint Louis), 86(4) (July/August), pp. 117-143.
22. Also Board of Governors of the Federal Reserve System (US), International Finance Discussion Papers 807.
23. Faust, J. W. & Svensson, L. E. O. (1998) Transparency and Credibility: Monetary Policy with Unobservable Goals, NBER Working Paper No. 6452, March (National Bureau of Economic Research).
24. Genberg, H. (2002) Inflation targeting - the holy grail of monetary policy, Journal of Policy Reform, 5(3), pp. 161-171.
25. Honda, Y. (2000) Some tests on the effects of inflation targeting in New Zealand, Canada, and the UK, Economics Letters, 66, pp. 1-6.
26. Hu, Y. (2003) Empirical Investigations of Inflation Targeting, Working Paper 03-6, July (Institute for International Economics).
27. Huang, K. X. D. & Liu, Z. (2005) Inflation targeting: what inflation rate to target?, Journal of Monetary Economics, 52, pp. 1435-1462.
28. Huh, C. (1997) Inflation targeting, Economic Letter (Federal Reserve Bank of San Francisco), 7 February.
29. IMF (International Monetary Fund) (1999) Code of Good Practices on Transparency in Monetary and Fiscal Policies: Declaration of Principles, IMF at Work, 26 September (International Monetary Fund).
30. Johnson, D. R. (2002) The effect of inflation targeting on the behavior of expected inflation: evidence from an 11 country panel, Journal of Monetary Economics, 49(8), pp. 1521-1538.
31. Kadioglu, F. et al. (2000) Inflation Targeting in Developing Countries, Discussion Paper, September (The Central Bank of the Republic of Turkey).
32. Kahn, G. A. & Parrish, K. (1998) Conducting monetary policy with inflation targets, Economic Review (Federal Reserve Bank of Kansas City), (Third Quarter), pp. 5-32.
33. Kim, J. & Henderson, D. W. (2005) Inflation targeting and nominal income growth targeting: when and why are they suboptimal? Journal of Monetary Economics, 52, pp. 1463-1495.
34. Kohn, D. L. (2004) Inflation targeting, Review (Federal Reserve Bank of Saint Louis), 86(4) (July/August), pp. 179-183.
35. Kontonikas, A. (2004) Inflation and inflation uncertainty in the United Kingdom, evidence from GARCH modeling, Economic Modeling, 21(3) (May), pp. 525-543.
36. Lee, J. (1999) Inflation targeting in practice: further evidence, Contemporary Economic Policy, 17, pp. 332-347.
37. Levin, A. T. et al. (2004) The macroeconomic effects of inflation targeting, Review (Federal Reserve Bank of Saint Louis), 86(4) (July/August), pp. 51-80.
38. Meyer, L. H. (2004) Practical problems and obstacles to inflation targeting, Review (Federal Reserve Bank of Saint Louis), 86(4) (July/August), pp. 151-160.
39. Minella, A. et al. (2003) Inflation targeting in Brazil: constructing credibility under exchange rate volatility, Journal of International Money and Finance, 22(7) (December), pp. 1015-1040.
40. Mishkin, F. S. & Posen, A. S. (1997) Inflation targeting: lessons from four countries, Economic Policy Review (Federal Reserve Bank of New York), (August), pp. 9-110.
41. Nadal-De Simone, F. de A. (2001) Inflation targeters in practice: a lucky lot? Contemporary Economic Policy, 19(3) (July), pp. 239-253.
42. Piger, J. M. & Thornton, D. L. (2004) Inflation targeting: prospects and problems, Editors' Introduction, Review (Federal Reserve Bank of St. Louis), 86(4) (July/August), pp. 3-13.
43. Posen, A. S. (2003) Six practical views of central bank transparency, in Essays in Honour of Charles Goodhart, Vol. 1. Central Banking, Monetary Theory and Practice, pp. 153-172 (Northampton, MA: Elgar; distributed by American International Distribution Corporation, Williston, VT).
44. Rogoff, K. (2003) Globalization and global disinflation, Economic Review (Federal Reserve Bank of Kansas City), 88(4) (Fourth Quarter), pp. 45-78.
45. Rudebusch, G. D. & Svensson, L. E. (1999) Policy rules for inflation targeting, in: J. Taylor (Ed.) Monetary Policy Rules, pp. 203-246 (Chicago, IL: The University of Chicago Press).
46. Sabban, C. V. et al. (2003) A New Test for the Success of Inflation Targeting, Working Paper, January (Universidad Torcuato Di Tella).
47. Siklos, P. L. (1999) Inflation target design: changing inflation performance and persistence in industrialized countries, presented at the Midwest Macroeconomics Conference, held at the Federal Reserve Bank of St. Louis on 17-19 April 1998.
48. Walsh, C. E. (1996) Accountability in practice: recent monetary policy in New Zealand, Economic Letter (Federal Reserve Bank of San Francisco), 9 September.
49. Walsh, C. E. (2003) Accountability, transparency, and inflation targeting, Journal of Money, Credit, and Banking, 35(5) (October), pp. 829-849.
50. Woodford, M. (2004) Inflation targeting: a theoretical evaluation, Review (Federal Reserve Bank of St. Louis), 86(4) (July/August), pp. 15-41.