کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5055679 1371496 2011 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Inflation targeting in Latin America: Empirical analysis using GARCH models
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Inflation targeting in Latin America: Empirical analysis using GARCH models
چکیده انگلیسی

This paper studies inflation dynamics in eight Latin American countries, some of which have adopted formal inflation targets (IT) as their monetary policy frameworks. We analyze the possible benefits associated with IT, not only in terms of inflation level and volatility, but also regarding other nonlinear characteristics of these series, such as volatility persistence or the fulfillment of the Friedman hypothesis. To describe inflation dynamics we use an unobserved components model, where each component can follow a GARCH type process. Once we estimate the model, the main findings of the empirical exercise confirm the favorable performance of IT.

Research Highlights► We study inflation dynamics in eight Latin American countries. ► Some of them have adopted inflation targets (IT). ► We analyze nonlinear characteristics of inflation with a GARCH type model. ► Our results confirm the favorable performance of IT in Latin America.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 28, Issue 3, May 2011, Pages 1424-1434
نویسندگان
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