Commentary on"Does Inflation Targeting Matter?"
نویسنده
چکیده
Because inflation targeting is a relatively recent phenomena, in the past we have had insufficient data to conduct time-series econometric work to evaluate this important new monetary policy strategy. However, now that inflation targeting has been around for close to ten years, we are able to do some preliminary econometric work on this topic. This is exactly what Neumann and von Hagen do in their paper, and it is a welcomed addition to the literature. I break my comments up into two parts. The first part looks at the empirical analysis in the paper, while the second examines the question of whether the non-inflation-targeting countries that Neumann and von Hagen look at are really that different from the inflation targeters they study.
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