This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an...

This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of US monetary policy and in the implied central bank target for inflation. Empirical results and FOMC transcripts support a neglected...

We propose a new method of identification of the monetary policy rule. Using this method, we argue that, before the Great Moderation, the Federal Reserve implemented the Friedman policy of steady money growth as could be interpreted and adopted by the policymakers in the 1960s and 1970s. During...

To ensure financial market stabilities, many Latin America countries implemented pure floating and inflation targeting (FIT) policies following the IMF's suggestions. The effectiveness of such policies is under investigation. This paper examines the long-run relationship between the real...

We compare the duration and performance of different monetary regimes, especially the contrast between countries those that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet been forced to abandon an inflation target, while many...

This research paper has attempted to analyze the nature of the leverage exerted by the inflation targeting (IT) policy on the pass-through effect in emerging countries. In other words, we tried to answer to the question of whether a climate of low inflation in these countries through the...

In this paper, we tried to examine and provide a clear answer on the possibility of the Central Bank of Tunisia to adopt the inflation targeting (IT) monetary policy. But the transition to the new optimum monetary framework remains a challenge in itself and requires the filling of certain...

The policy of inflation targeting is a monetary regime which seeks inflation. His practice was marked by a high stability observed. A debate emerged on the effectiveness and economic performance of this regime. Many searches are interested in this issue without being able to even reach an...

We apply propensity score matching estimators with multiple outcomes to evaluate the impacts of exchange rate regimes (fixed, intermediate, and flexible without inflation targeting) and inflation targeting on inflation rates in emerging and developing countries. An inflation-targeting regime...

This paper empirically analyzes the interest rate behavior of the Canadian monetary authorities by taking into account possible asymmetries in the loss function. We employ a switching regime framework using two estimation strategies: First, we follow Caner and Hansen's (2004) threshold approach....