LEADER 06690oam 22013454 450 001 9910970775803321 005 20250426110114.0 010 $a9786612843624 010 $a9781462322473 010 $a1462322476 010 $a9781451872958 010 $a145187295X 010 $a9781282843622 010 $a1282843621 010 $a9781451995336 010 $a1451995334 035 $a(CKB)3170000000055303 035 $a(SSID)ssj0000941479 035 $a(PQKBManifestationID)11586505 035 $a(PQKBTitleCode)TC0000941479 035 $a(PQKBWorkID)10964022 035 $a(PQKB)10059423 035 $a(OCoLC)680614152 035 $a(MiAaPQ)EBC1605919 035 $a(IMF)WPIEE2009148 035 $a(IMF)WPIEA2009148 035 $aWPIEA2009148 035 $a(EXLCZ)993170000000055303 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aIn Search of Successful Inflation Targeting : $eEvidence From An Inflation Targeting Index /$fYanliang Miao 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a35 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451917246 311 08$a1451917244 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aIn a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and variation of inflation is more quadratic than that of transparency; (2) after adding the transparency index, the impact of flexibility is no longer significant. The significant and negative association between transparency and the level and variation of inflation is confirmed when we check for robustness by controlling for disinflation stage, subsampling, instrumental variable estimation, and principal component analysis (PCA). 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/148 606 $aInflation targeting 606 $aMonetary policy 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aCentral bank autonomy$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aCentral banks$2imf 606 $aDeflation$2imf 606 $aDepository Institutions$2imf 606 $aDisinflation$2imf 606 $aInflation targeting$2imf 606 $aInflation$2imf 606 $aInstitutional arrangements for revenue administration$2imf 606 $aMacroeconomics$2imf 606 $aMicro Finance Institutions$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy$2imf 606 $aMonetary policy$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMortgages$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aRevenue administration$2imf 606 $aRevenue$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 607 $aNew Zealand$2imf 615 0$aInflation targeting. 615 0$aMonetary policy. 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aCentral bank autonomy 615 7$aCentral Banks and Their Policies 615 7$aCentral banks 615 7$aDeflation 615 7$aDepository Institutions 615 7$aDisinflation 615 7$aInflation targeting 615 7$aInflation 615 7$aInstitutional arrangements for revenue administration 615 7$aMacroeconomics 615 7$aMicro Finance Institutions 615 7$aMonetary economics 615 7$aMonetary Policy 615 7$aMonetary policy 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMortgages 615 7$aPrice Level 615 7$aPrices 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aRevenue administration 615 7$aRevenue 615 7$aTaxation, Subsidies, and Revenue: General 676 $a338.102357 700 $aMiao$b Yanliang$01816464 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910970775803321 996 $aIn Search of Successful Inflation Targeting$94372555 997 $aUNINA