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    题名: Inflation targeting and output-inflation tradeoffs
    作者: Ho-Chuan, Huang;Chih-Chuan, Yeh;Wang, Xiuhua
    关键词: Inflation targeting;Output-inflation tradeoff;Endogenous switching regression;Globalization;Exchange rate regime
    日期: 2019-09
    上传时间: 2019-06-28 12:10:33 (UTC+8)
    出版者: Elsevier
    摘要: This article assesses whether the adoption of inflation targeting (IT) helps reduce the output-inflation tradeoff. We address the self-selection problem of IT policy adoption by the endogenous switching regressions, and show that the output-inflation tradeoffs are significantly lower in IT countries not only over the whole sample but also across the developed and developing country subsamples. In addition, we also find strong evidence supporting the positive selection hypothesis, i.e., countries have higher probability of adopting IT are exactly those who benefit more (larger reduction of output-inflation tradeoff) from the implementation of IT. Additional results reveal that economies with higher trade openness, lower financial openness, and less flexible exchange rate regime are associated with larger tradeoff between output and inflation, but the effects are only statistically significant in the IT regime.
    關聯: Journal of International Money and Finance 96, p.102-120
    DOI: 10.1016/j.jimonfin.2019.04.009
    显示于类别:[財務金融學系暨研究所] 期刊論文


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