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- Title
The Dynamic Behaviour of Implicit Inflation Targets for 'Inflation Targeting Lite' Economies.
- Authors
Bhatt, Vipul; Hosny, Amr; Kishor, N. Kundan
- Abstract
In this paper we estimate the evolution of the implicit inflation target underlying the monetary policy of 18 'inflation targeting lite' economies (i.e., emerging countries that target inflation implicitly) using a time-varying parameter specification of the Taylor rule. We find significant heterogeneity in the evolution of the estimated implicit inflation target across countries in our sample. We find that institutional factors characterising an economy, such as central bank independence, extent of financial development and fiscal soundness, are strongly associated with the level of the implicit inflation target.
- Subjects
PRICE inflation; INFLATION targeting; MONETARY policy; TAYLOR'S rule; CENTRAL banking industry
- Publication
Economic Record, 2017, Vol 93, Issue 300, p67
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/1475-4932.12302