Cargando…
In Search of Successful Inflation Targeting.
In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
|
| Colección: | IMF Working Papers.
|
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- I. Introduction; II. Literature Review and the Construction of an IT Index; A. What Constitutes Inflation Targeting?; B.A Framework for Constructing an IT Index; III. Data and Econometric Analysis; A. The Validity of the Subindices on Flexibility and Transparency; B. Does IT Matter? Is There an Optimal Degree of Flexibility or Transparency?; C.A Horse Race Between Different IT Components; IV. Robutsness Checks; A. Principal Component Analysis (PCA); B. Subsampling; C. Endogeneity; V. Avenues for Future Research and Reflections; A. The Creditbility and Flexibility Trade-off.
- B. Final ReflectionsVI. Appendices; Tables; 1. Flexibility of IT and Target Design; 2. Formal Procedures for Target Breach and Escape Clauses; 3. The Flexibility Index of Full-fledged ITers; Figures; 1. Inflation and Tranparency for Selected ITers; 2. Inflation and Flexibility for Selected ITers; 3. Inflation Variation and Transparency for Selected ITers; 4. Inflation Variation and Flexibility for Selected ITers; 4. The Transparency Index of Full-fledget ITers; 5. Mean Inflation and Inflation Targeting Indices; 6. Inflation Variation and Inflation Targeting Indices.
- 5. Scree Plot of Eigenvalues after PCA7. Principal Components without Orthogonal Rotation; 8. Principal Components and the Level and Variation of Inflation; 9. Principal Components with Orthogonal Rotation; 10. Correlations between the Rotated Factors and the Underlying Attributes; 11. Rotated Principal Components and the Level and Variation of Inflation; 12. Mean and Variation of Inflation: Subsampling; 13. Mean and Variation of Inflation: Controlling for Disinflation; 14. Instrument for Transparency and 2SLS Estimation; References.