通货膨胀目标的调整：制度或经济前提条件的改善是否重要？

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2024-08-02 DOI:10.1111/infi.12448

Dooyeon Cho, Husang Kim

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引用次数: 0

摘要

本文研究了维持既定通胀目标而非改变目标的承诺如何取决于一国体制或经济先决条件的改善程度。对于 19 个设定通胀目标的国家，我们的研究表明，在中央银行独立性、通胀、政府负债、金融发展和中央银行信誉等制度或经济先决条件改善程度较高的国家，对预先宣布的目标做出更有力的操作承诺的情况更为明显。我们的研究结果还凸显了调整目标的自由裁量行为的各种意外情况，包括逐步消除通胀阶段、财政主导和向灵活目标制过渡。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Inflation target adjustments: Does an improvement in institutional or economic preconditions matter?

This paper investigates how the commitment to maintain an established inflation target as opposed to changing it depends on the extent to which institutional or economic preconditions improve in a country. For 19 inflation-targeting countries, we show that stronger operational commitment to the preannounced target is pronounced in countries with a greater improvement in institutional or economic preconditions, such as central bank independence, inflation, government indebtedness, financial development and central bank credibility. Our results also highlight the heterogeneous contingencies for the discretionary behaviour of adjusting the target, including the gradual disinflation phase, fiscal dominance and the transition to flexible targeting.

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.