This paper asks whether inflation targeting improves economic performance, as measured by the behavior of inflation …, output, and interest rates. We compare 7 OECD countries that adopted inflation targeting in the early 1990s to 13 that did … is no evidence that inflation targeting improves performance …

In recent years, activist monetary policy rules responding to inflation and the level of economic activity have been … advanced as a means of achieving effective output stabilization without inflation. Advocates of such policies suggest that … capacity as the primary underlying cause of the 1970s inflation and suggests that apparent differences in the framework …

monetary shocks have asymmetric effects on output growth and inflation. Regarding to the business cycle, contractionary …. In addition, we found that inflation and output growth are rigid to countercyclical monetary shocks. …

international economies, the U.S. and Brazil. We depart from the conventional method of VAR analysis to estimate unanticipated … a linear Taylor rule with the inclusion of a dummy variable best describes the reaction of the Central Bank of Brazil …

line with what the consensus in this literature states for the case of Brazil. …