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政大典藏 > College of Social Science > Department of Economics > Periodical Articles > Item 140.119/82660

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/82660

Title:	Do Quantitative Monetary Targets Matter?
Authors:	林馨怡 Lin, Hsin-Yi
Contributors:	經濟系
Keywords:	Endogeneity;Quantile regression;Panel data;Exchange rate target;Inflation target;Money growth target
Date:	2015-12
Issue Date:	2016-03-16 15:28:25 (UTC+8)
Abstract:	This paper evaluates the effects of monetary policy directed at inflation across different levels using panel data quantile regression and instrumental variable quantile regression methods. We identify a heterogeneous and nonlinear relationship between an explicit quantitative goal for monetary policy and inflation after controlling for the problem of possible endogeneity. We also find that both having and successfully hitting quantitative targets is more effective for monetary policy in lowering inflation in high-inflation episodes than in low-inflation episodes. When countries suffer from severe inflation problems, the adoption of quantitative goals for monetary policies can thus deliver important economic gains. Conversely, the adoption of quantitative goals may not result in a lowering of inflation when countries are more economically sound.
Relation:	International Review of Economics and Finance,
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.iref.2016.01.005
DOI:	10.1016/j.iref.2016.01.005
Appears in Collections:	[Department of Economics] Periodical Articles

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