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dc.contributor.authorKose, N.
dc.contributor.authorYalcin, Y.
dc.contributor.authorYücel, Mustafa Eray
dc.date.accessioned2017-02-09T06:24:57Z
dc.date.available2017-02-09T06:24:57Z
dc.date.issued2016
dc.identifier.issn0340-8744en_US
dc.identifier.urihttp://hdl.handle.net/10679/4777
dc.identifier.urihttp://link.springer.com/article/10.1007/s10663-016-9357-z
dc.description.abstractBoth inflation and inflation expectations declined considerably in the inflation targeting countries during the past two decades. The questions of whether this decline has actually been an outcome of inflation targeting solely and whether inflation targeting has been successful in stabilizing other macroeconomic variables though remain. This study considers these questions on the basis of 16 inflation targeting countries and 21 non-targeting ones using a difference-in-difference approach. With regard to the baseline period of 1996–1999 during which neither of the groups was implementing inflation targeting, a difference-in-difference approach was employed to assess the effects of inflation targeting on inflation, output growth, real exchange rates, inflation volatility and real exchange rate volatility during moving 4-year periods between 2007 and 2015. Our estimates suggest that inflation targeting was superior in terms of harnessing inflation as well as inflation volatility. In terms of economic growth, however, inflation targeting seems to be neutral and in terms of real exchange rates it seems not to be stabilizing, if not de-stabilizing. A hybrid version of inflation targeting, namely the conventional inflation targeting augmented by an improved capacity to deliver macro-prudence as in the post-Lehman economic climate, can therefore be viewed as the best available policy alternative for the upcoming decades.en_US
dc.language.isoengen_US
dc.publisherSpringer International Publishingen_US
dc.relation.ispartofEmpiricaen_US
dc.rightsrestrictedAccess
dc.titlePerformance of inflation targeting in retrospecten_US
dc.typeArticleen_US
dc.peerreviewedyesen_US
dc.publicationstatuspublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID 0000-0002-1038-4357 & YÖK ID 216262) Yücel, Eray
dc.contributor.ozuauthorYücel, Mustafa Eray
dc.identifier.startpage1en_US
dc.identifier.endpage17en_US
dc.identifier.wosWOS:00042299040001
dc.identifier.doi10.1007/s10663-016-9357-zen_US
dc.subject.keywordsInflation targetingen_US
dc.subject.keywordsDifference-in-difference methoden_US
dc.subject.keywordsMonetary policyen_US
dc.subject.keywordsVolatilityen_US
dc.identifier.scopusSCOPUS:2-s2.0-84986320285
dc.contributor.authorMale1
dc.relation.publicationcategoryArticle - International Refereed Journal - Institution Academic Staff


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