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Original Article

Ekonomik Yaklasim. 2015; 26(94): 85-119

Inflation Targeting: A Comparative Empirical Analysis

Pınar Kaynak.

Cited by 0 Articles

The purpose of this paper is to make a comparison between how countries with inflation targeting (IT) fared compared to their non-IT peers in general and during the financial crisis in particular. First to detect the existing correlation between IT and economic performance outcomes Ordinary Least Squares (OLS) regression is used. Second, to filter out business cycle fluctuations, Generalized Method of Moments (GMM) dynamic panel data estimator is used. The results presented here are not necessarily at odds with the prescriptions of the standard IT literature. Despite the evidence demonstrates that IT countries have a better economic performance in general and in the global financial crisis in particular, it does not establish a causality relationship.

Key words: Inflation Targeting, Generalized Method of Moments, Causality. JEL Classification: C51, E52, E58.

Article Language: EnglishTurkish

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