对通货膨胀目标制的评估

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2024-08-07 DOI:10.1016/j.qref.2024.101897

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引用次数: 0

摘要

通货膨胀目标制的有效性与通货膨胀的静态属性相关。在不先验地假设一体化顺序的情况下，我们利用 1970-2021 年期间的月度数据，研究了 127 个国家（发达国家和发展中国家）的通胀持续性是否发生了变化。对于通胀目标国，我们发现内生确定的中断日期与正式采用信息技术不一致。对数分析表明，通胀目标国通胀持续性变化的概率并没有增加。机构质量对抑制通胀的作用更为显著。

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An assessment of inflation targeting

The effectiveness of inflation targeting is linked to the stationarity properties of inflation. Without making apriori assumptions about the order of integration, we examine whether there is a change in the inflation persistence in one hundred and twenty-seven countries (developed and developing) using monthly data over the 1970–2021 period. For the inflation targeters, we find that the endogenously identified break dates are not consistent with the formal adoption of IT. Logit analysis reveals that inflation targeters do not experience an increased probability of a change in inflation persistence. The quality of institutions emerges as more significant for taming inflation.

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来源期刊

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.