The Effects of Inflation Targeting on Macroeconomics Performance
Résumé
Since the 1990s inflation targeting (IT) has been adopted by several central banks as a strategy for monetary policy. It is expected that the adoption of this monetary regime can reduce inflation and inflation volatility. His practice was marked by a large observed at the beginning of the 90s and 2000 stability a debate emerges on efficiency and economic performance of the scheme. Many studies have focused on this question has no authority to reach a final consensus. The objective of this paper is to analysis of two macroeconomic aggregates: inflation and economic growth under different samples. Initially, we assess the evolution of these two quantities, in all countries targeting inflation, from before his adoption and post-adoption. The results of this first comparison show without exception that all inflation targeting countries had a lower and less volatile inflation. From these results we conclude that the efficiency and economic performance of this monetary policy in both the industrialized and emerging countries.
Domaines
Economies et finances
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