Inflation targeting (IT) had originally been introduced as a device to bring inflation down and
stabilize it at low levels. Given the current environment of persistently weak inflation in many …

Abstract The Working Papers should not be reported as representing the views of the Banco
Central do Brasil. The views expressed in the papers are those of the author (s) and do not …

Inflation targeting (IT) was started in 1990 and spread subsequently to 35 other advanced
and emerging/developing countries until now. Drawing from existing and new research, this …

This paper uses a meta-regression analysis (MRA) to evaluate the impact of publication
selection bias as for the macroeconomic effects of inflation targeting (IT)–a popular …

The purpose of this study is to analyze monetary policy reaction functions of inflation
targeting emerging market economies. Heterogeneity across central bank behavior is …

According to “Schwartz's conventional wisdom” and what has been called “divine
coincidence”, price stability should imply macroeconomic and financial stability. However, in …

We suggest a simple test of whether an inflation target anchors private-sector inflation
expectations. The test is easy to compute and it is robust to various sources of …

We estimate forward-looking interest rate reaction functions in the spirit of Taylor (1993) for
four major central banks augmented by implicit volatilities of stock market indices to proxy …

I propose an affine model of short rates that incorporates a random walk with stochastic drift.
This framework enables my model to capture the behavior of monetary authorities in the …

This paper proposes new measures of the effectiveness of inflation targeting (IT) and
evaluates its main drivers in a (large) sample of advanced economies (AEs) and emerging …