量化货币经济周期框架下的通胀目标制评估

Dooyeon Cho, Dong‐Eun Rhee
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摘要

本文考察了20世纪90年代初采用通货膨胀目标制的发达国家通货膨胀目标制对稳定实体经济的有效性。本文采用Sustek(2011)最近开发的货币商业周期会计方法,该方法是Chari, Kehoe和McGrattan(2007)对货币模型的扩展版本,以定量评估通货膨胀目标。我们的主要发现是,自20世纪90年代初实施通胀目标制以来,反映货币政策引起的经济波动的货币政策楔子显著下降。研究结果表明,澳大利亚、加拿大、瑞典和英国等上世纪90年代初采用通胀目标制的发达经济体在稳定商业周期波动方面取得了成功。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
An Assessment of Inflation Targeting in a Quantitative Monetary Business Cycle Framework
This paper examines the effectiveness of inflation targeting to stabilize the real economy of the advanced countries where inflation targeting was adopted in the early 1990s. This paper employs the monetary business cycle accounting methodology recently developed by Sustek (2011) which is an extended version of Chari, Kehoe, and McGrattan (2007) to monetary models in order to quantitatively assess inflation targeting. Our main finding is that the monetary policy wedge, which captures economic fluctuations caused by monetary policy, has significantly declined since the implementation of inflation targeting in the early 1990s. The results suggest that advanced economies such as Australia, Canada, Sweden, and the UK, that adopted inflation targeting in the early 1990s have been successful in stabilizing business cycle fluctuations.
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