Inflation targeting in emerging economies: Panel evidence

Journal of Development Economics

Volumn 91, Issue 2, 2010, Pages 198-210

  Brito, Ricardo D ^a   Bystedt, Brianne ^a  

^a INSPER INSTITUTE OF EDUCATION AND RESEARCH   (Brazil)

Author keywords

Emerging economies; Inflation; Inflation targeting; Output growth

Indexed keywords

CENTRAL BANK; DEVELOPING WORLD; ECONOMIC GROWTH; ECONOMIC IMPACT; INFLATION; INFORMATION TECHNOLOGY; MONETARY POLICY; TECHNOLOGY ADOPTION;

EID: 70350763725     PISSN: 03043878     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jdeveco.2009.09.010     Document Type: Article

References (45)

1. Acemoglu D, Johnson S, Robinson J, Yared P. Income and democracy. Mimeo: Columbia University; July 2007.
2. Arellano M., and Bond S. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies 58 (1991) 277-297
3. Arellano M., and Bover O. Another look at the instrumental-variable estimation of error-components models. Journal of Econometrics 68 (1995) 29-52
4. Ball L. Disinflation and NAIRU. In: Romer C., and Romer D. (Eds). Reducing inflation: motivation and strategy (1997), The University of Chicago Press, Chicago 167-185
5. Ball L., and Sheridan N. Does inflation targeting matter?. In: Bernanke B., and Woodford M. (Eds). The inflation targeting debate (2005), The University of Chicago Press, Chicago 249-276
6. Batini N., and Laxton D. Under what conditions can inflation targeting be adopted? The experience of emerging markets. In: Mishkin F., and Schmidt-Hebbel K. (Eds). Monetary policy under inflation targeting (2007), Central Bank of Chile, Santiago 1-38
7. Beck T., and Levine R. Stock markets, banks, and growth: panel evidence. Journal of Banking & Finance 28 (2004) 423-442
8. Bekaert G., Harvey C., and Lundblad C. Emerging equity markets and economic development. Journal of Development Economics 66 (2001) 465-504
9. Bernanke B., and Woodford M. Introduction. In: Bernanke B., and Woodford M. (Eds). The inflation targeting debate (2005), The University of Chicago Press, Chicago 1-10
10. Bernanke B., Laubach T., Mishkin F., and Posen A. Inflation targeting: lessons from the international experience (1999), Princeton University Press, Princeton
11. Bertrand M., Duflo E., and Mullainathan S. How much should we trust differences-in-differences estimates?. Quarterly Journal of Economics 119 (2004) 249-275
12. Biondi R., and Toneto Jr. R. Regime de metas inflacionárias: O impacto sobre o desempenho econômicos dos países. Revista Estudos Econômicos 38 (2008) 873-903
13. Blundell R., and Bond S. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 87 (1998) 115-143
14. Bruno M., and Easterly W. Inflation and growth: in search of a stable relationship. The Federal Reserve Bank of St. Louis Review 78 (1996) 139-146
15. Bruno M., and Easterly W. Inflation crises and long-run growth. Journal of Monetary Economics 41 (1998) 3-26
16. Caballero R., and Krishnamurthy A. Inflation targeting and sudden stops. In: Bernanke B., and Woodford M. (Eds). The inflation targeting debate (2005), The University of Chicago Press, Chicago 423-442
17. Calderon C., Chong A., and Loayza N. Determinants of current account deficits in developing countries. Contributions to Macroeconomics 2 (2002) 1-35
18. Calvo G., and Mishkin F. The mirage of exchange rate regimes for emerging market countries. Journal of Economic Perspectives 17 4 (2003) 99-118
19. Corbo V., Landerretche O., and Schmidt-Hebbel K. Does inflation targeting make a difference?. In: Loayza N., and Soto R. (Eds). Inflation Targeting: Design, Performance, Challenges (2002), Central Bank of Chile, Santiago 221-269
20. Gertler M. Comment on L. Ball and N. Sheridan, does inflation targeting matter?. In: Bernanke B., and Woodford M. (Eds). The inflation targeting debate (2005), The University of Chicago Press, Chicago 276-281
21. Gonçalves C., and Salles J. Inflation targeting in emerging economies: what do the data say?. Journal of Development Economics 85 (2008) 312-318
22. Gonçalves C., and Carvalho A. Inflation targeting matters: evidence from OECD economies' sacrifice ratios. Journal of Money, Credit & Banking 41 (2009) 233-243
23. Hansen L. Large sample properties of generalized method of moments estimators. Econometrica 50 (1982) 1029-1054
24. Hutchison M., and Walsh C. The output-inflation tradeoff and central bank reform: evidence from New Zealand. Economic Journal 108 (1998) 703-725
25. International Monetary Fund (IMF). Inflation targeting and the IMF (2006), IMF, Washington March
26. Islam N. Growth empirics: a panel data approach. Quarterly Journal of Economics 110 (1995) 1127-1170
27. Judson R., and Owen A. Estimating dynamic panel data models: a guide for macroeconomists. Economic Letters 65 (1999) 9-15
28. Levin A., Natalucci F., and Piger J. The macroeconomic effects of inflation targeting. Federal Reserve Bank of St. Louis Review 86 4 (2004) 51-80
29. Lin S., and Ye H. Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries. Journal of Monetary Economics 54 (2007) 2521-2533
30. Lin S., and Ye H. Does inflation targeting make a difference in developing countries?. Journal of Development Economics 89 (2009) 118-123
31. Lucas R. Some international evidence on the output-inflation trade-off. American Economic Review 63 (1973) 326-334
32. Mankiw N.G. The inexorable and mysterious tradeoff between inflation and unemployment. Economic Journal 111 (2001) C45-C61
33. Mankiw N.G., Romer D., and Weil D. A contribution to the empirics of economic growth. Quarterly Journal of Economics 107 (1992) 407-437
34. Mishkin F. International experiences with different monetary policy regimes. Journal of Monetary Economics 43 (1999) 579-605
35. Mishkin F. Inflation targeting in emerging-market countries. American Economic Review Papers and Proceedings 90 (2000) 105-109
36. Mishkin F. Can inflation targeting work in emerging market countries?. NBER Working Paper Series vol. 10646 (2004)
37. Mishkin F., and Schmidt-Hebbel K. One decade of inflation targeting in the world: what do we know and what do we need to know?. In: Loayza N., and Soto R. (Eds). Inflation Targeting: Design, Performance, Challenges (2002), Central Bank of Chile, Santiago 171-219
38. Mishkin F., and Schmidt-Hebbel K. Does inflation targeting make a difference?. NBER Working Paper Series vol. 12876 (2007)
39. Nickell S. Biases in dynamic models with fixed effects. Econometrica 49 (1981) 1417-1426
40. Romer D. Advanced macroeconomics (2006), McGraw-Hill, Irwin, New York
41. Sims C. Limits to inflation targeting. In: Bernanke B., and Woodford M. (Eds). The inflation targeting debate (2005), The University of Chicago Press, Chicago 283-308
42. Svensson L. Inflation forecast targeting: implementing and monitoring inflation targets. European Economic Review 41 (1997) 1111-1146
43. Willard L. Does inflation targeting matter? A reassessment. Princeton University CEPS Working Paper vol. 120 (2006) February
44. Windmeijer F. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 126 (2005) 25-51
45. Wu T. Does inflation reduce inflation? An analysis for the OECD industrial countries. Mimeo: Princeton University; 2004.