NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Niamh Sheridan

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Working Papers and Chapters

December 2004Does Inflation Targeting Matter?
with Laurence M. Ball
in The Inflation-Targeting Debate, Ben S. Bernanke and Michael Woodford, editors
March 2003Does Inflation Targeting Matter?
with Laurence Ball: w9577
This paper asks whether inflation targeting improves economic performance, as measured by the behavior of inflation, output, and interest rates. We compare seven OECD countries that adopted inflation targeting in the early 1990s to thirteen that did not. After the early 90s, performance improved along many dimensions for both the targeting countries and the non-targeters. In some cases the targeters improved by more; for example, average inflation fell by a larger amount. However, these differences are explained by the facts that targeters performed worse than non-targeters before the early 90s, and there is regression to the mean. Once one controls for regression to the mean, there is no evidence that inflation targeting improves performance.

Published:

  • Bernanke, Ben S. and Michael Woodford (eds.) The Inflation-Targeting Debate (National Bureau of Economic Research Studies in Income and Wealth). University Of Chicago Press, November 1, 2006.
  • Does Inflation Targeting Matter? , Laurence M. Ball, Niamh Sheridan. in The Inflation-Targeting Debate, Bernanke and Woodford. 2005

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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