Objetivo de inflaciónevaluación de la evidencia

  1. Alvaro Angeriz 1
  2. Philip Arestis 2
  1. 1 University of London Queen Mary
  2. 2 University of Cambridge Cambridge Centre for Economic and Public Policy
Revista:
Investigación económica

ISSN: 0185-1667

Año de publicación: 2009

Volumen: 68

Número: 0

Páginas: 21-46

Tipo: Artículo

DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Investigación económica

Resumen

El propósito de este trabajo es analizar los aspectos empíricos del 'nuevo' marco de política monetaria conocido como inflación objetivo. Revisamos la evidencia empírica de economías desarrolladas y emergentes. El énfasis, sin embargo, está puesto en las economías emergentes, lo cual puede considerarse como una preparación de las bases para los artículos siguientes en este número especial que analizan la experiencia del modelo de inflación objetivo en Brasil, Chile y México. Los resultados presentados en este estudio demuestran que aunque el modelo de inflación objetivo ha ido de la mano con una inflación baja, esto está lejos de significar que la estrategia ha tenido un éxito rotundo. La evidencia reportada en este artículo sugiere que los bancos centrales que no operan con un modelo de inflación objetivo también han tenido éxito en este sentido. En términos generales, este trabajo debe considerarse como el prolegómeno necesario para los análisis de caso contenidos en este volumen especial sobre experiencias de objetivo de inflación.

Referencias bibliográficas

  • Alesina, A.F.,Blanchard, O,Gali, J,Giavazzi, J.F.,Uhlig, H. (2001). Defining aMacroeconomic Framework for the Euro Area: Monitoring the European Central Bank 3. Centre for Economic Policy Research. Londres.
  • Angeriz, A,Arestis, P. (2005). "An empirical investigation of inflation targeting in emerging economies". Cambridge Centre for Economic and Public Policy.
  • Angeriz, A. (2008). "Assessing Inflation Targeting Through Intervention Analysis". Oxford Economic Papers. 60. 293-317
  • Arestis, P,Caporale, G.M.,Cipollini, A. (2002). "Is there a trade-off between inflation and output gap?". The Manchester School of Economic and Social Research. 70. 528-545
  • Arestis, P,Karakitsos, E. (2005). The 'New' Monetary Policy: Implications and Relevance. Edward Elgar Publishing. Cheltenham.
  • Ball, L. (1994). Monetary Policy. University of Chicago University Press. Chicago.
  • Ball, L,Sheridan, N. (2003). "Does inflation targeting matter?". National Bureau of Economic Research.
  • Bernanke, B.S.. "A perspective on inflation targeting". Annual Washington Policy Conference of the National Association of Business Economists. Washington D.C. Washington D.C.. 25 marzo de 2003.
  • Bernanke, B.S.,Gertler, M. (1999). New Challenges for Monetary Policy. Federal Reserve of Kansas City. Kansas City.
  • Bernanke, B.S.,Laubach, T,Mishkin, F.S.,Posen, A. (1999). Inflation Targeting: Eessonsfrom the International Experience. Princeton University Press. Princeton.
  • Bodkin, R.G.,Neder, A.E.. (2003). "Monetary policy targeting in Argentina and Canada in the 1990s: a comparison, some contrasts, and a tentative evaluation". Eastern Economic Journal. 29. 339-358
  • Bollard, A. (2002). "The evolution of monetary policy in New Zealand". Federal Reserve Bank of New Zealand.
  • Carare, A,Stone, M.R.. (2003). "Inflation targeting regimes". International Monetary Fund (IMF).
  • Cechetti, S. (1994). Monetary Policy. University of Chicago University Press. Chicago.
  • Cecchetti, S.G.,Ehrmann, M. (1999). Does inflation targeting increase output volatility? An international comparison of policymakers' preferences and outcomes". 7426.
  • Chortareas, G,Stasavage, D,Sterne, G. (2002). "Does IT pay to be transparent? International evidence from Central Bank forecasts". Federal Reserve Bank of St Louis Review. 84. 99-117
  • Clifton, E.V.,Hyginus, L,Wong, C-H. (2001). "Inflation targeting and the unemployment-inflation trade-off". 01166.
  • Cohen, Sabbán,González Rozada, M. V,Powell, A. (2003). "A New test for the success of inflation targeting". mimeo.
  • Corbo, V,Landerrretche, M.O.,Schmidt-Hebbel, K. (2001). "Assessing inflation targeting after a decade of world experience". mimeoCentral Bank of Chile. Santiago.
  • Corbo, V. (2002). Inflation Targeting: Design, Performance, Challenges'". Central Bank of Chile. Santiago.
  • Debelle, G. (1997). "Inflation targeting in practice". 9735.
  • Duisenberg, W. "Introductory statement, and questions and answers". ECB Press Conference. Frankfurt. 8 mayo de 2003.
  • Friedman, B.M.. (2004). "Commentary" on "Is inflation targeting best-practice monetary policy?". Federal Reserve Bank of St. Louis Review. 8. 145-149
  • Gramlich, E.M.. "Inflation targeting". Charlotte Economics Club. Charlotte Carolina del Norte. 13 enero de 2000.
  • Greenspan, A. "Statement before the Subcommittee on Domestic Monetary Policy". Committee on Banking, Finance and Urban Affairs. Washington D.C. Washington D.C.. 28 de Julio de 1988.
  • Harvey, A,Jaeger, A. (1993). "Detrending, stylized facts and the business cycle". Journal of Applied Econometrics. 8. 231-247
  • Honda, Y. (2000). "Some tests on the effects of inflation targeting in New Zealand, Canada and the uk". Economics Letters. 66. 1-6
  • Hyvonen, M. (2004). "Inflation convergence across countries". 200404.
  • International Monetary Fund IMF World Economic Outlook. IMF. ^eWashington D.C. Washington D.C..
  • Johnson, D.R.. (2002). "The effect of inflation targeting on the behaviour of expected inflation: evidence from an 11 country panel". Journal of Monetary Economics. 49. 1521-1538
  • Johnson, D.R.. (2003). "The effect of inflation targets on the level of expected inflation in five countries". Review of Economics and Statistics. 85. 1076-1081
  • Jonas, J,Mishkin, F.S.. (2005). "Inflation targeting in transition countries: experience and prospects". The Inflation Targeting Debate. 32.
  • Kahn, G,Parrish, K. (1998). "Conducting monetary policy with inflation targets". mimeoFederal Reserve Bank of Kansas City.
  • King, M. (2005). Mais Lecture. Cass Business SchoolCity University. London.
  • King, R.G.,Watson, M.W.. (1999). "The post-war U.S. Phillips curve: a revisionist econometric history". Federal Reserve System Bank of Chicago.
  • Kuttner, K.N.. (2005). RBA Annual Conference Volume. Reserve Bank of Australia.
  • Leiderman, L,Svensson, L.E.O.. (1995). Inflation Targets. Centre for Economic Policy Research. Londres.
  • Levin, A,Natalucci, F,Piger, J. (2004). "The macroeconomic effects of inflation targeting". Federal Reserve Bank of Saint Louis Review. 86. 51-80
  • Mishkin, F.S.. (2002). "Does inflation targeting matter? Commentary". Federal Reserve Bank of St. Louis Review. 84. 149-153
  • Mishkin, F.S.,Posen, A.S.. (1997). "Inflation targeting lessons from four countries". Federal Reserve Bank of New York Economic Policy Review. 3. 9-117
  • Mishkin, F.S.,Savastano, M.A.. (2001). "Monetary policy strategies for Latin America". Journal of Monetary Economics. 66. 415-444
  • Mishkin, F.S.,Schmidt-Hebbel, K. (2001). "One Decade of inflation targeting in the world: what do we know and what do we need to know?". 101.
  • Neumann, M.J.M.,Hagen, J. von. (2002). "Does inflation targeting matter?". Federal Reserve Bank of St. Louis Review. 84. 127-148
  • Pétursson, T. (2004). "The effects of inflation targeting on macroeconomic performance". mimeoCentral Bank of Iceland. ReykjavikIceland.
  • Porter, N,Yao, J.Y.. (2005). "'Inflation targeting lite' in small open economies: the case of Mauritius". 05172.
  • Sikklos, P.L.. (1999). "Inflation-target design: changing inflation performance and persistence in industrial countries". Federal Reserve Bank of St. Louis Review. 81. 47-58
  • Scott, R,Stone, M. (2005). "On target: the international experience with achieving inflation targets". 05163.
  • Sterne, G. (2002). Inflation Targeting: Design, Performance, Challenges. Central Bank of Chile. Santiago.
  • Stone, M.R.. (2003). "Inflation targeting lite". 0312.
  • Taylor. (1993). "Discretion versus policy rules in practice". Carnegie-Rochester Conference Series on Public Polity. 39. 199-214
  • Truman. (2003). Inflation Targeting in the World Economy. Institute for International Economics. ^eWashington D.C. Washington D.C..
  • Uhlig, H. (2004). "The macroeconomic effects of inflation targeting". "Inflation targeting: prospects and problems". 28 Annual Economic Policy Conference. 2003.
  • Vega, M,Winkelried, D. "Inflation targeting, a successful story?".
Fuente de los datos: Dialnet