Inflation targeting and product market deregulation : [Version Januar 2012]

I evaluate the effect of inflation targeting on inflation and how it interacts with product market deregulation during the disinflationary process in the 1990s. Using a sample of 21 OECD countries, I show that, after con
I evaluate the effect of inflation targeting on inflation and how it interacts with product market deregulation during the disinflationary process in the 1990s. Using a sample of 21 OECD countries, I show that, after controlling for product market deregulation, the effect of inflation targeting is quantitatively important and statistically significant. Moreover, product market deregulation also matters in particular in countries that adopted an inflation targeting regime. I propose a New Keynesian Phillips curve with an explicit role for market deregulation to rationalize the empirical evidence.
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Metadaten
Author:Laura Moretti
URN:urn:nbn:de:hebis:30:3-241164
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,01
Series (Serial Number):CFS working paper series (2012,01)
Publisher:Goethe-Univ., House of Finance, Center for Financial Studies
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2012
Year of first Publication:2012
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Release Date:2012/02/07
Tag:Difference in Difference; Inflation Targeting; Product Market Deregulation
Issue:Version Januar 2012
Pagenumber:29
HeBIS PPN:312316623
Institutes:House of Finance (HoF)
Center for Financial Studies (CFS)
Dewey Decimal Classification:332 Finanzwirtschaft
JEL-Classification:E31 Price Level; Inflation; Deflation
E58 Central Banks and Their Policies
E65 Studies of Particular Policy Episodes
L51 Economics of Regulation
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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