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010   $a9786613820167
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035   $a(IMF)WPIEE2006289
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100   $a20090810d2006      uy         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aTesting the transparency benefits of inflation targeting $eevidence from private sector forecasts /$fprepared by Christopher Crowe
205   $a1st ed.
210   $aWashington, D.C. $cInternational Monetary Fund, Research Dept.$d2006
215   $a1 online resource (31 p.)
225 1 $aIMF working paper ;$vWP/06/289
300   $a"December 2006."
311   $a1-4518-6549-X 
320   $aIncludes bibliographical references (p. 26-29).
327   $a""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""
330 3 $aI test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using instrumental variable estimation to eliminate mean-reversion, and is absent in placebo regressions (where IT adoption is shifted by a year). This result supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not support their hypothesis that better public information could make private forecasts less accurate.
410  0$aIMF working paper ;$vWP/06/289.
606   $aAnti-inflationary policies$xEconometric models
606   $aInflation (Finance)$xForecasting$xEconometric models
615  0$aAnti-inflationary policies$xEconometric models.
615  0$aInflation (Finance)$xForecasting$xEconometric models.
700   $aCrowe$b Christopher$g(Christopher W.)$0868737
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910809281503321
996   $aTesting the Transparency Benefits of Inflation Targeting$93969127
997   $aUNINA