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We study whether the adoption of inflation targeting (IT) has constituted a regime switch in Sweden using a Markov-Switching VAR technique. We assess, based on two different specifications, the relative preference for inflation in the monetary reaction function and the capacity of IT to reduce...
Persistent link: https://www.econbiz.de/10013157820
Whereas existing literature on inflation targeting has up to now focused on its impact on macroeconomic variables, this paper aims at investigating empirically whether the adoption of this framework has changed the preferences of the central banker. Using Markov-Switching VAR and Time Varying...
Persistent link: https://www.econbiz.de/10013157822
Empirical evidence on inflation targeting (IT) outcomes has been mixed so far, mainly because most of the assessments have been based on a control group methodology in a period where differences between IT and non-IT countries were insignificant. In this paper, we study IT impact over time and...
Persistent link: https://www.econbiz.de/10012722580
Since 1990, a growing number of countries have adopted inflation targeting (IT) around the world. Empirical evidence on its advantages has been mixed so far, and most assessments have been based on a control group methodology. In this paper, using a MSVAR technique, we assess the adoption of IT...
Persistent link: https://www.econbiz.de/10005792593