Inflation targeting and the cyclicality of monetary policy
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- 2017 Inflation targeting and the cyclicality of monetary policy_Revised_FRLs
Accepted author manuscript, 1.66 MB, PDF document
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DOI
We assess whether the adoption of inflation targeting (IT) frameworks has facilitated countercyclical monetary policies in a sample of 90 industrial and developing economies, 22 of which have adopted IT. Using propensity score matching methods, we show that the average treatment effect of IT has a statistically significant and quantitatively quite large effect in facilitating a more countercyclical monetary policy in IT adopting countries.
| Original language | English |
|---|---|
| Pages (from-to) | 296-302 |
| Journal | Finance Research Letters |
| Volume | 20 |
| Early online date | 28 Oct 2016 |
| DOIs | |
| Publication status | Published - Feb 2017 |
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