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Title:Inflation Targeting and Inflation Persistence in Asia PDF Logo
Authors:Tillmann, Peter
Gerlach, Stefan
Issue Date:2010
Series/Report no.:Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Macroeconomic Problems of Asian Economies G1-V3
Abstract:Following the Asian Financial Crisis in 1997-98, a number of regional central banks have adopted inflation targeting. We explore how successful this framework has been by looking at the persistence of inflation as measured by the sum of the coefficients in an autoregressive model for inflation using Hansen's (1999) median unbiased estimator. In contrast to non-Asian economies, we find that persistence has not declined in recent years. We hypothesise that could reflect the continued importance of the exchange rate in monetary policy in Asia or the large weight attached to food in Asian consumer prices.
JEL:C22
E52
E31
Document Type:Conference Paper
Appears in Collections:Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie

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