Макроэкономическая политика, Влияние Правила, Монетарной Политики, НА Результативность, Таргетирования Инфляции, Саркисян Сергей Симонович
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Impact of the Monetary Policy Rules on the Inflation Targeting
The standard version of the Taylor rule includes the inflation gap and the GDP gap in the right-hand side. I describe a modified version of it, where the exchange rate growth also determines the interest rate change. I estimate this version for a number of IT and non-IT countries in the periods before and after the financial crisis of 2008. First, countries of both groups are leading the similar politics post 2008. Second, if a central bank pays more attention to the inflation gap and GDP growth, it has a higher probability of an inflation target achievement.
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