STUDYING THE IMPACT OF INFLATION TARGETING ON RATE OF INFLATION IN NON INDUSTRIALIZED COUNTRIES

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ASGHARPUR HOSSEIN; BARGI OSKOOEE MOHAMMAD MEHDI; SALMANI BEHZAD; JALILI MARAND ALIREZA

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Journal: TREND (TREND OF ECONOMIC RESEARCH) Year:2015 | Volume:21 | Issue:68 Page(s): 55-86

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Title

STUDYING THE IMPACT OF INFLATION TARGETING ON RATE OF INFLATION IN NON INDUSTRIALIZED COUNTRIES

Author(s)

ASGHARPUR HOSSEIN | BARGI OSKOOEE MOHAMMAD MEHDI | SALMANI BEHZAD | JALILI MARAND ALIREZA | Issue Writer Certificate

Keywords

INFLATION TARGETINGQ2

INFLATION RATEQ2

DYNAMIC PANEL DATAQ2

LSDVC ESTIMATORQ2

Abstract

The INFLATION TARGETING is considered to be a specific framework of monetary policy in which the first and foremost target that a Central Bank could assign to it, is the price stability in toto. The essential components of this policy instrument are comprised of determining the appropriate targets for inflation, the public announcement of inflationary targets, persistent and regular communication with the public about efficacy of monetary policy and inflation forecast as an intermediate target. The Reserve Bank of New Zealand was the first Central Bank which passed the new rules and regulations, and implemented this instrument in 1990. So far, 25 countries and that among them, 18 non-industrialized countries have already executed the INFLATION TARGETING regime. In this direction, the evaluation of INFLATION TARGETING performance in economic policy making bears a great importance per se.However in this paper, an attempt is made to study the impact of INFLATION TARGETING on rate of inflation of non-industrialized countries implemented this instrument, and compare the outcome with those countries which use the other instruments of monetary policy Ipso facto. For this purpose, we have utilized the panel data of non-industrialized countries for the period of 1985-2010 viz-a-viz applying the Adaptive Dynamic Panel Models and Least Squares Dummy Variable Coefficients Estimator Method for empirical estimation of the model. The results prima facie, indicate that the INFLATION TARGETING has significant impact on rate of inflation, so that the long-run trend of inflation in countries which adopted the INFLATION TARGETING is 2.5 percent less than those not performed this method, comparatively.

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APA: Copy

ASGHARPUR, HOSSEIN, BARGI OSKOOEE, MOHAMMAD MEHDI, SALMANI, BEHZAD, & JALILI MARAND, ALIREZA. (2015). STUDYING THE IMPACT OF INFLATION TARGETING ON RATE OF INFLATION IN NON INDUSTRIALIZED COUNTRIES. TREND (TREND OF ECONOMIC RESEARCH), 21(68), 55-86. SID. https://sid.ir/paper/202243/en

Vancouver: Copy

ASGHARPUR HOSSEIN, BARGI OSKOOEE MOHAMMAD MEHDI, SALMANI BEHZAD, JALILI MARAND ALIREZA. STUDYING THE IMPACT OF INFLATION TARGETING ON RATE OF INFLATION IN NON INDUSTRIALIZED COUNTRIES. TREND (TREND OF ECONOMIC RESEARCH)[Internet]. 2015;21(68):55-86. Available from: https://sid.ir/paper/202243/en

IEEE: Copy

HOSSEIN ASGHARPUR, MOHAMMAD MEHDI BARGI OSKOOEE, BEHZAD SALMANI, and ALIREZA JALILI MARAND, “STUDYING THE IMPACT OF INFLATION TARGETING ON RATE OF INFLATION IN NON INDUSTRIALIZED COUNTRIES,” TREND (TREND OF ECONOMIC RESEARCH), vol. 21, no. 68, pp. 55–86, 2015, [Online]. Available: https://sid.ir/paper/202243/en

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