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Principal Investigator(s): Dueker, Michael J., Federal Reserve Bank of St. Louis; Fischer, Andreas, Swiss National Bank
Ten years of empirical studies of inflation targeting have not uncovered clear evidence that monetary policy that incorporates formal targets imparts better inflation performance. The authors survey the literature and find that the "no difference" verdict concerning inflation targeting has been robust to a wide range of countries and methods of analysis, starting with a study by Dueker and Fischer (1996a). The authors present updated Markov-switching estimates from the original Dueker and Fisher (1996a) article and show that their early conclusions about inflation targeting among early adopters have not been overturned with an additional decade of data. These findings to date do not rule out the possibility, however, that formal inflation targets could prove pivotal if the global environment of disinflation were to reverse course.
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Dueker, Michael J., and Andreas Fischer. Do Inflation Targeters Outperform Non-Targeters?. ICPSR01336-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2006-12-01. doi:10.3886/ICPSR01336.v1
Persistent URL: http://doi.org/10.3886/ICPSR01336.v1
This study was funded by:
- Federal Reserve Bank of St. Louis. Research Division
Scope of Study
Data Collection Notes:
(1) The files submitted are the data files in 0609mdd.zip and the program files in 0609mdp.zip. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigators if further information is desired.
Original ICPSR Release: 2006-12-01
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