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The Resource Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries

Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries

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Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries
Title
Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries
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Summary
This research explores the behavior of inflation in countries that formally target inflation relative to countries with historically good inflation records but which do not target the rate of change in the consumer price index (CPI). The author examines the design of inflation targets and the circumstances under which they were introduced. The author also asks, via some simple econometric tests, whether the introduction of targets had any statistically discernible impact on inflation persistence, and additionally, whether inflation persistence changed in the select countries that have no formal inflation targets. Finally, the author assesses, via a discussion of the behavior of private sector inflation forecasts, the credibility of inflation targets. Descriptive and econometric evidence suggest that the mere adoption of an inflation target is insufficient in delivering a consistently better inflation performance, nor does it significantly affect inflationary expectations. It remains to be seen whether inflation targeting can withstand pressures stemming from sustained breaches of targets, should inflation policies in the major industrialized countries begin to diverge. After all, the current disinflation, as this study has shown, is an international phenomenon
http://library.link/vocab/creatorName
  • Siklos, Pierre L
  • Inter-university Consortium for Political and Social Research [distributor]
Label
Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries
Instantiates
Publication
Note
1204
Control code
ICPSR01204.v1
Governing access note
Access restricted to subscribing institutions
Label
Inflation-Target Design: Changing Inflation Performance and Persistence in Industrial Countries
Publication
Note
1204
Control code
ICPSR01204.v1
Governing access note
Access restricted to subscribing institutions

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