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Inflation targeting and inflation convergence: International evidence

Arestis, P.
; 
Chortareas, G.
; 
Magkonis, Georgios
; 
Moschos, D.
Publication Date
2014-04
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Keywords
Inflation targets, Inflation targeting, Inflation convergence, Pair-wise approach, Unit roots
Rights
© 2014 Elsevier. Reproduced in accordance with the publisher's selfarchiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
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Yes
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openAccess
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Management and Law Publications
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Abstract
We examine whether the inflation rates of the countries that pursueinflation targeting policies have converged as opposed to the expe-rience of the OECD non-inflation targeters. Using a methodologyintroduced by Pesaran (2007a), we examine the stationarity prop-erties of the inflation differentials. This approach has the advantageof avoiding setting arbitrarily a specific country as the benchmarkeconomy. Our results indicate that the inflation rates converge irre-spective of the monetary policy framework.
URI
http://hdl.handle.net/10454/7169
Version
Accepted manuscript
Citation
Arestis P, Chortareas G, Magkonis G, and Moschos D (2014) Inflation targeting and inflation convergence: International evidence. Journal of International Financial Markets, Institutions and Money. 31: 285-295.
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Link to Version of Record
https://doi.org/10.1016/j.intfin.2014.04.002
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Article
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