06690oam 22013454 450 991097077580332120250426110114.09786612843624978146232247314623224769781451872958145187295X9781282843622128284362197814519953361451995334(CKB)3170000000055303(SSID)ssj0000941479(PQKBManifestationID)11586505(PQKBTitleCode)TC0000941479(PQKBWorkID)10964022(PQKB)10059423(OCoLC)680614152(MiAaPQ)EBC1605919(IMF)WPIEE2009148(IMF)WPIEA2009148WPIEA2009148(EXLCZ)99317000000005530320020129d2009 uf 0engurcn|||||||||txtccrIn Search of Successful Inflation Targeting : Evidence From An Inflation Targeting Index /Yanliang Miao1st ed.Washington, D.C. :International Monetary Fund,2009.35 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph9781451917246 1451917244 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Literature Review and the Construction of an IT Index -- A. What Constitutes Inflation Targeting? -- B. A Framework for Constructing an IT Index -- III. Data and Econometric Analysis -- A. The Validity of the Subindices on Flexibility and Transparency -- B. Does IT Matter? Is There an Optimal Degree of Flexibility or Transparency? -- C. A Horse Race Between Different IT Components -- IV. Robutsness Checks -- A. Principal Component Analysis (PCA) -- B. Subsampling -- C. Endogeneity -- V. Avenues for Future Research and Reflections -- A. The Creditbility and Flexibility Trade-off -- B. Final Reflections -- VI. Appendices -- Tables -- 1. Flexibility of IT and Target Design -- 2. Formal Procedures for Target Breach and Escape Clauses -- 3. The Flexibility Index of Full-fledged ITers -- 4. The Transparency Index of Full-fledget ITers -- 5. Mean Inflation and Inflation Targeting Indices -- 6. Inflation Variation and Inflation Targeting Indices -- 7. Principal Components without Orthogonal Rotation -- 8. Principal Components and the Level and Variation of Inflation -- 9. Principal Components with Orthogonal Rotation -- 10. Correlations between the Rotated Factors and the Underlying Attributes -- 11. Rotated Principal Components and the Level and Variation of Inflation -- 12. Mean and Variation of Inflation: Subsampling -- 13. Mean and Variation of Inflation: Controlling for Disinflation -- 14. Instrument for Transparency and 2SLS Estimation -- Figures -- 1. Inflation and Tranparency for Selected ITers -- 2. Inflation and Flexibility for Selected ITers -- 3. Inflation Variation and Transparency for Selected ITers -- 4. Inflation Variation and Flexibility for Selected ITers -- 5. Scree Plot of Eigenvalues after PCA -- References.In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and variation of inflation is more quadratic than that of transparency; (2) after adding the transparency index, the impact of flexibility is no longer significant. The significant and negative association between transparency and the level and variation of inflation is confirmed when we check for robustness by controlling for disinflation stage, subsampling, instrumental variable estimation, and principal component analysis (PCA).IMF Working Papers; Working Paper ;No. 2009/148Inflation targetingMonetary policyBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral bank autonomyimfCentral Banks and Their PoliciesimfCentral banksimfDeflationimfDepository InstitutionsimfDisinflationimfInflation targetingimfInflationimfInstitutional arrangements for revenue administrationimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary economicsimfMonetary PolicyimfMonetary policyimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfMortgagesimfPrice LevelimfPricesimfPublic finance & taxationimfPublic FinanceimfRevenue administrationimfRevenueimfTaxation, Subsidies, and Revenue: GeneralimfNew ZealandimfInflation targeting.Monetary policy.BankingBanks and BankingBanks and bankingBanksCentral bank autonomyCentral Banks and Their PoliciesCentral banksDeflationDepository InstitutionsDisinflationInflation targetingInflationInstitutional arrangements for revenue administrationMacroeconomicsMicro Finance InstitutionsMonetary economicsMonetary PolicyMonetary policyMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyMortgagesPrice LevelPricesPublic finance & taxationPublic FinanceRevenue administrationRevenueTaxation, Subsidies, and Revenue: General338.102357Miao Yanliang1816464International Monetary Fund.DcWaIMFBOOK9910970775803321In Search of Successful Inflation Targeting4372555UNINA