Testing the Transparency Benefits of Inflation Targeting : : Evidence from Private Sector Forecasts / / Christopher Crowe

• Autore: Crowe Christopher
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (31 p.)
• Soggetto topico: Anti-inflationary policies - Econometric models; Inflation (Finance) - Forecasting - Econometric models; Banks and Banking; Finance: General; Inflation; Money and Monetary Policy; Forecasting; Price Level; Deflation; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Monetary Policy; Forecasting and Other Model Applications; General Financial Markets: General (includes Measurement and Data); Macroeconomics; Banking; Monetary economics; Economic Forecasting; Finance; Inflation targeting; Economic forecasting; Emerging and frontier financial markets; Prices; Banks and banking; Monetary policy; Financial services industry
• Soggetto geografico: United Kingdom
• Note generali: "December 2006."
• Nota di bibliografia: Includes bibliographical references (p. 26-29).
• Nota di contenuto: ""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""
• Sommario/riassunto: 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.
• Titolo autorizzato: Testing the Transparency Benefits of Inflation Targeting
• ISBN: 1-4623-7804-8; 1-4527-5013-0; 1-282-39173-9; 9786613820167; 1-4519-1002-9
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788520003321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/289