05076oam 22012974 450 991096125200332120250426110132.0978661382016797814623780431462378048978145275013214527501309781282391734128239173997814519100251451910029(CKB)3360000000443057(EBL)3012517(SSID)ssj0000948672(PQKBManifestationID)11514950(PQKBTitleCode)TC0000948672(PQKBWorkID)10995581(PQKB)10718010(OCoLC)535146902(MiAaPQ)EBC3012517(IMF)WPIEE2006289(IMF)WPIEA2006289WPIEA2006289(EXLCZ)99336000000044305720020129d2006 uf 0engur|n|---|||||txtccrTesting the Transparency Benefits of Inflation Targeting : Evidence from Private Sector Forecasts /Christopher Crowe1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (31 p.)IMF Working Papers"December 2006."9781451865493 145186549X Includes bibliographical references (p. 26-29).""Contents""; ""I. Introduction""; ""II. Theoretical Framework""; ""III. Empirical Strategy and Results""; ""IV. Conclusions""; ""Appendix I. Comparative Statics in The Model of Morris and Shin (2002)""; ""Appendix II. Matching Algorithms""; ""REFERENCES""I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using instrumental variable estimation to eliminate mean-reversion, and is absent in placebo regressions (where IT adoption is shifted by a year). This result supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not support their hypothesis that better public information could make private forecasts less accurate.IMF Working Papers; Working Paper ;No. 2006/289Anti-inflationary policiesEconometric modelsInflation (Finance)ForecastingEconometric modelsBankingimfBanks and BankingimfBanks and bankingimfBanksimfDeflationimfDepository InstitutionsimfEconomic ForecastingimfEconomic forecastingimfEmerging and frontier financial marketsimfFinanceimfFinance: GeneralimfFinancial services industryimfForecasting and Other Model ApplicationsimfForecastingimfGeneral Financial Markets: General (includes Measurement and Data)imfInflation targetingimfInflationimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfMortgagesimfPrice LevelimfPricesimfUnited KingdomimfAnti-inflationary policiesEconometric models.Inflation (Finance)ForecastingEconometric models.BankingBanks and BankingBanks and bankingBanksDeflationDepository InstitutionsEconomic ForecastingEconomic forecastingEmerging and frontier financial marketsFinanceFinance: GeneralFinancial services industryForecasting and Other Model ApplicationsForecastingGeneral Financial Markets: General (includes Measurement and Data)Inflation targetingInflationMacroeconomicsMicro Finance InstitutionsMonetary economicsMonetary PolicyMonetary policyMoney and Monetary PolicyMortgagesPrice LevelPricesCrowe Christopher868737International Monetary Fund.Research Dept.DcWaIMFBOOK9910961252003321Testing the Transparency Benefits of Inflation Targeting4371237UNINA