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| Tekijä: | Angeriz, A. Arestis, P. |
| Otsikko: | Assessing inflation targeting through intervention analysis |
| Lehti: | Oxford Economic Papers
2008 : APR, VOL. 60:2, p. 293-317 |
| Asiasana: | monetary policy inflation time series models OECD |
| Kieli: | eng |
| Tiivistelmä: | This paper aims at dealing with the empirical aspects of the 'new' monetary policy framework, known as Inflation Targeting (here as: I-T). New empirical evidence is presented in the case of a number of OECD countries through applying intervention analysis to multivariate structural time series models. The results demonstrate that although I-T has gone hand-in-hand with low inflation, the strategy was introduced well after inflation had begun its downward trend. However, then, I-T. 'locks in' low inflation rates. This paper's evidence suggests the non-I-T. central banks having also been successful on this score. |
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