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• W2128025739 abstract "We estimate monetary policy activism, defined as responsiveness of the policy interest rate to inflation, among five inflation-targeting countries (the UK, Canada, Sweden, Australia and New Zealand) plus the G3 (the US, Japan and Germany) by applying a time-varying parameter with a stochastic-volatility model. We find that activism of inflation-targeting countries tends to have increased before (not after) the adoption of the inflation-targeting policy framework and that these countries have experienced a decline in activism in recent years, albeit to different degrees. We further explore this result in terms of the constraint of an inflation target range by developing a formal theoretical model in a New Keynesian framework." @default.
• W2128025739 created "2016-06-24" @default.
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• W2128025739 date "2008-01-01" @default.
• W2128025739 modified "2023-10-16" @default.
• W2128025739 title "Inflation Targeting and Monetary Policy Activism" @default.
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• W2128025739 doi "https://doi.org/10.2139/ssrn.1259685" @default.
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