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| Author: | Lee, W. |
| Title: | Comparative case studies of the effects of inflation targeting in emerging economies |
| Journal: | Oxford Economic Papers
2011 : APR, VOL. 63:2, p. 375-397 |
| Index terms: | interest rates monetary policy money supply inflation policy emerging markets |
| Language: | eng |
| Abstract: | This paper studies the inflation targeting policy's effectiveness in emerging economies using a novel non-experimental evaluation approach. In particular, we adopt synthetic control methods to evaluate the effect of inflation targeting on each emerging economy that adopted such policies in the 1990s and 2000s. The evidence indicates that inflation targeting helped Colombia, the Czech Republic, Hungary and Poland reduce their inflation. Even though Chile is often held as a poster child for emerging economies' inflation targeting policies, no significant inflation level reductions were found when a later policy start date, which some analysts believe to reflect more than the true policy adoption date, was used. |
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