{"title":"通胀目标制对家庭消费有何影响?","authors":"","doi":"10.1016/j.irfa.2024.103499","DOIUrl":null,"url":null,"abstract":"<div><p>Whether households’ consumption level in an Inflation-Targeting (IT) regime, which steers inflation and its expectations, differs from that of a non-IT regime remains empirically unexplored. Using IT as a treatment and acknowledging the potential for country heterogeneity and material confounding factors, we leverage several treatment methods to study the causal, dynamic IT effect on aggregate household consumption across developed and developing countries. We find significant heterogeneous IT effects on aggregate consumption levels in two-thirds of the IT sample. The heterogeneity does not support the notion of an isomorphic average causal IT effect on household consumption across countries. The government’s willingness to meet IT policy adoption preconditions and the country’s fiscal profile are critical drives of this parameter heterogeneity in developing and developed countries. However, the central bank’s appetite for restricting exchange rate movements contributes to this heterogeneity in only developing countries. We find that macroeconomic uncertainty proxied by the inflation level, inflation variability and output growth variability are essential channels in developing countries. In addition, financial development and savings are crucial channels across development status.</p></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":null,"pages":null},"PeriodicalIF":7.5000,"publicationDate":"2024-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"What has inflation targeting done for household consumption?\",\"authors\":\"\",\"doi\":\"10.1016/j.irfa.2024.103499\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Whether households’ consumption level in an Inflation-Targeting (IT) regime, which steers inflation and its expectations, differs from that of a non-IT regime remains empirically unexplored. Using IT as a treatment and acknowledging the potential for country heterogeneity and material confounding factors, we leverage several treatment methods to study the causal, dynamic IT effect on aggregate household consumption across developed and developing countries. We find significant heterogeneous IT effects on aggregate consumption levels in two-thirds of the IT sample. The heterogeneity does not support the notion of an isomorphic average causal IT effect on household consumption across countries. The government’s willingness to meet IT policy adoption preconditions and the country’s fiscal profile are critical drives of this parameter heterogeneity in developing and developed countries. However, the central bank’s appetite for restricting exchange rate movements contributes to this heterogeneity in only developing countries. We find that macroeconomic uncertainty proxied by the inflation level, inflation variability and output growth variability are essential channels in developing countries. In addition, financial development and savings are crucial channels across development status.</p></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2024-07-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521924004319\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521924004319","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
摘要
通货膨胀目标(IT)制度引导通货膨胀及其预期,在这种制度下,家庭消费水平与非 IT 制度下的家庭消费水平是否存在差异,在经验上仍未得到探讨。我们将 IT 作为一种处理方法,并考虑到国家异质性和重大混杂因素的可能性,利用多种处理方法来研究 IT 对发达国家和发展中国家家庭总消费的动态因果效应。我们发现,在三分之二的信息技术样本中,信息技术对总体消费水平的影响存在明显的异质性。这种异质性并不支持各国信息技术对家庭消费产生同构平均因果效应的观点。政府是否愿意满足采用信息技术政策的先决条件以及国家的财政状况是发展中国家和发达国家参数异质性的关键驱动因素。然而,只有在发展中国家,中央银行限制汇率变动的意愿才会导致这种异质性。我们发现,通胀水平、通胀变异性和产出增长变异性所代表的宏观经济不确定性是发展中国家的重要渠道。此外,金融发展和储蓄也是不同发展阶段的重要渠道。
What has inflation targeting done for household consumption?
Whether households’ consumption level in an Inflation-Targeting (IT) regime, which steers inflation and its expectations, differs from that of a non-IT regime remains empirically unexplored. Using IT as a treatment and acknowledging the potential for country heterogeneity and material confounding factors, we leverage several treatment methods to study the causal, dynamic IT effect on aggregate household consumption across developed and developing countries. We find significant heterogeneous IT effects on aggregate consumption levels in two-thirds of the IT sample. The heterogeneity does not support the notion of an isomorphic average causal IT effect on household consumption across countries. The government’s willingness to meet IT policy adoption preconditions and the country’s fiscal profile are critical drives of this parameter heterogeneity in developing and developed countries. However, the central bank’s appetite for restricting exchange rate movements contributes to this heterogeneity in only developing countries. We find that macroeconomic uncertainty proxied by the inflation level, inflation variability and output growth variability are essential channels in developing countries. In addition, financial development and savings are crucial channels across development status.
期刊介绍:
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.