European Parliament Library

Inflation Targeting and the Crisis :, An Empirical Assessment, Irineu de Carvalho Filho

Abstract
This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of establishing the stylized facts that will guide and motivate future research. We find that since August 2008, IT countries lowered nominal policy rates by more and this loosening translated into an even larger differential in real interest rates relative to other countries; were less likely to face deflation scares; and saw sharp real depreciations not associated with a greater perception of risk by markets. We also find some weak evidence that IT countries did better on unemployment rates and advanced IT countries have had relatively stronger industrial production performance. Finally, we find that advanced IT countries had higher GDP growth rates than their non-IT peers, but find no such difference for emerging countries or the full sample
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Methodology; III. Results; (b) Difference in the Time Effects of Policy Rates for IT and Non-IT Countries; 1. (a) Median Policy Rate for IT and Non -IT Countries; (b) Difference in the Time Effects of Real Policy Rates for IT and Non-IT Countries; 2. (a) Median Real Policy Rates for IT and Non-IT Countries; (b)Probability of 3 Month Deflation; 3. (a) Median Monthly Annualized Inflation for IT and Non-IT Countries; (b) Changes in Log REER for IT and Non -IT Countries, Emerging Market Countries
Language
eng
Literary Form
non fiction
Note
"February 2010."
Physical Description
1 online resource (41 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9786613869722

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