Quantitative goals for monetary policy: Antonio Fatás ; Ilian Mihov ; Andrew K. Rose
We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a decl...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2004
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
10846 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a declared target; we also consider effects on output volatility. Our empirical work uses an annual data set covering 42 countries between 1960 and 2000, and takes account of other determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of the monetary policy regime. We find that both having and hitting quantitative targets for monetary policy is systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less important than having some quantitative target. Successfully achieving a quantitative monetary goal is also associated with less volatile output. |
| Beschreibung: | 42 S. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 10846 | |
| 520 | 3 | |a We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a declared target; we also consider effects on output volatility. Our empirical work uses an annual data set covering 42 countries between 1960 and 2000, and takes account of other determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of the monetary policy regime. We find that both having and hitting quantitative targets for monetary policy is systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less important than having some quantitative target. Successfully achieving a quantitative monetary goal is also associated with less volatile output. | |
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| author | Fatás, Antonio Mihov, Ilian 1966- Rose, Andrew 1959- |
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| author_facet | Fatás, Antonio Mihov, Ilian 1966- Rose, Andrew 1959- |
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| author_sort | Fatás, Antonio |
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| ctrlnum | (OCoLC)254460554 (DE-599)BVBBV019658154 |
| discipline | Wirtschaftswissenschaften |
| era | 1960-2000 |
| era_facet | 1960-2000 |
| format | Book |
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| id | DE-604.BV019658154 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T20:02:20Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-012986621 |
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| physical | 42 S. |
| publishDate | 2004 |
| publishDateSearch | 2004 |
| publishDateSort | 2004 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Fatás, Antonio Verfasser (DE-588)129083550 aut Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose Cambridge, Mass. National Bureau of Economic Research 2004 42 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10846 We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a declared target; we also consider effects on output volatility. Our empirical work uses an annual data set covering 42 countries between 1960 and 2000, and takes account of other determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of the monetary policy regime. We find that both having and hitting quantitative targets for monetary policy is systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less important than having some quantitative target. Successfully achieving a quantitative monetary goal is also associated with less volatile output. 1960-2000 Monetary policy Geldpolitik / Regelgebundene Politik / Inflation Targeting / Schätzung / Welt Mihov, Ilian 1966- Verfasser (DE-588)129083542 aut Rose, Andrew 1959- Verfasser (DE-588)124547559 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10846 (DE-604)BV002801238 10846 http://papers.nber.org/papers/w10846.pdf kostenfrei Volltext |
| spellingShingle | Fatás, Antonio Mihov, Ilian 1966- Rose, Andrew 1959- Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Monetary policy Geldpolitik / Regelgebundene Politik / Inflation Targeting / Schätzung / Welt |
| title | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_auth | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_exact_search | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_full | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_fullStr | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_full_unstemmed | Quantitative goals for monetary policy Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| title_short | Quantitative goals for monetary policy |
| title_sort | quantitative goals for monetary policy antonio fatas ilian mihov andrew k rose |
| title_sub | Antonio Fatás ; Ilian Mihov ; Andrew K. Rose |
| topic | Monetary policy Geldpolitik / Regelgebundene Politik / Inflation Targeting / Schätzung / Welt |
| topic_facet | Monetary policy Geldpolitik / Regelgebundene Politik / Inflation Targeting / Schätzung / Welt |
| url | http://papers.nber.org/papers/w10846.pdf |
| volume_link | (DE-604)BV002801238 |
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