ON THE INTERNATIONAL EFFECTS OF INFLATION TARGETING

• 成果类型: Article
• 署名作者: Lin, Shu
• 署名单位: University of Colorado System; University of Colorado Denver
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.2009.11553
• 发表日期: 2010-02
• 页码: 195-199
• 关键词: propensity score; exchange-rate

摘要

This study empirically examines the international effects of inflation targeting. Employing a variety of propensity score matching methods, we find strong evidence that inflation targeting has significantly different impacts on exchange rate volatility and international reserves in different country groups. It significantly increases real and nominal exchange rate stability and international reserves in developing countries but lowers them in industrial countries. On average, inflation targeting increases (lowers) reserves roughly by the size of 1.3 (1.8) months of imports values in developing (industrial) countries. The treatment effects on targeting countries' current accounts are found to be insignificant in both country groups.