Macroeconomic effects of inflation targeting in advanced and emerging market economies
The article assessed the treatment effects of targeting inflation regime on the real output and consumer inflation persistence in both advanced and emerging market economies. An empirical analysis is based on data from 35 OECD and 40 emerging countries and covers inflation and non-inflation targets...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2019-12-01
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| Series: | Banks and Bank Systems |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12872/BBS_2019_04_Chugunov.pdf |
| _version_ | 1818177828006395904 |
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| author | Igor Chugunov Mykola Pasichnyi Anton Nepytaliuk |
| author_facet | Igor Chugunov Mykola Pasichnyi Anton Nepytaliuk |
| author_sort | Igor Chugunov |
| collection | DOAJ |
| description | The article assessed the treatment effects of targeting inflation regime on the real output and consumer inflation persistence in both advanced and emerging market economies. An empirical analysis is based on data from 35 OECD and 40 emerging countries and covers inflation and non-inflation targets over the period 1990–2017. The results showed that inflation targeting (henceforth – IT) had no significant impact on the GDP per capita growth rate but slightly reduced the output volatility. This study founded out that full-fledged IT had the effect of slowing down consumer inflation and reducing its volatility. Moreover, in the OECD countries, the monetary framework had certain advantages during the Great Recession. The authors argued that in order to maintain price stability in emerging economies, a high level of central bank independence and accountability is required. |
| first_indexed | 2024-12-11T20:38:17Z |
| format | Article |
| id | doaj.art-e1f45a04806e428ba7c42c8e4dc9ea5d |
| institution | Directory Open Access Journal |
| issn | 1816-7403 1991-7074 |
| language | English |
| last_indexed | 2024-12-11T20:38:17Z |
| publishDate | 2019-12-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Banks and Bank Systems |
| spelling | doaj.art-e1f45a04806e428ba7c42c8e4dc9ea5d2022-12-22T00:51:36ZengLLC "CPC "Business Perspectives"Banks and Bank Systems1816-74031991-70742019-12-0114415316510.21511/bbs.14(4).2019.1512872Macroeconomic effects of inflation targeting in advanced and emerging market economiesIgor Chugunov0Mykola Pasichnyi1Anton Nepytaliuk2Doctor of Economics, Professor, Head of the Department of Finance, Kyiv National University of Trade and EconomicsDoctor of Economics, Associate Professor, Department of Finance, Kyiv National University of Trade and EconomicsPostgraduate Student, Vasyl’ Stus Donetsk National UniversityThe article assessed the treatment effects of targeting inflation regime on the real output and consumer inflation persistence in both advanced and emerging market economies. An empirical analysis is based on data from 35 OECD and 40 emerging countries and covers inflation and non-inflation targets over the period 1990–2017. The results showed that inflation targeting (henceforth – IT) had no significant impact on the GDP per capita growth rate but slightly reduced the output volatility. This study founded out that full-fledged IT had the effect of slowing down consumer inflation and reducing its volatility. Moreover, in the OECD countries, the monetary framework had certain advantages during the Great Recession. The authors argued that in order to maintain price stability in emerging economies, a high level of central bank independence and accountability is required.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12872/BBS_2019_04_Chugunov.pdfcentral bankeconomic growthinflation targetingmonetary policyprice stability |
| spellingShingle | Igor Chugunov Mykola Pasichnyi Anton Nepytaliuk Macroeconomic effects of inflation targeting in advanced and emerging market economies Banks and Bank Systems central bank economic growth inflation targeting monetary policy price stability |
| title | Macroeconomic effects of inflation targeting in advanced and emerging market economies |
| title_full | Macroeconomic effects of inflation targeting in advanced and emerging market economies |
| title_fullStr | Macroeconomic effects of inflation targeting in advanced and emerging market economies |
| title_full_unstemmed | Macroeconomic effects of inflation targeting in advanced and emerging market economies |
| title_short | Macroeconomic effects of inflation targeting in advanced and emerging market economies |
| title_sort | macroeconomic effects of inflation targeting in advanced and emerging market economies |
| topic | central bank economic growth inflation targeting monetary policy price stability |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12872/BBS_2019_04_Chugunov.pdf |
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