Spivak, Avia; Sussman, Nathan - C.E.P.R. Discussion Papers - 2008
Financial globalization has seen the emergence of a new monetary standard based on inflation targeting. At the same … constrain the independence of central banks to conduct monetary policy? We argue, and show empirically, that credible inflation … limited deviation was possible within the 'gold points'. On the other hand, the credibility of inflation targeting regime is …