Does Inflation Targeting Make a Difference?
---- Acknowledgments ----
We thank Kevin Cowan for valuable discussion and methodological advice. Fabian Gredig, Mauricio Larrain, and Marcelo Ochoa provided outstanding assistance and ideas to the paper. For valuable comments we thank Mario Blejer, Agnes Csermely, John Murray, Grant Spencer, Raimundo Soto and participants at the 2005 Annual Conference of the Central Bank of Chile, the South African Reserve Bank / Bank of England Center of Central Banking Studies Seminar on Inflation Targeting, the 2006 Annual Seminar of the Central Bank of Brazil, and at seminars at Ceska Narodni Banka, Bank of England, Magyar Nemzeti Bank, Norges Bank, and Reserve Bank of New Zealand. Frederic Mishkin's work on this paper was completed before he became a member of the Board of Governors of the Federal Reserve System. All remaining errors are ours and the views expressed in the paper do not necessarily represent those of the Central Bank of Chile or its Board, the Board of Governors of the Federal Reserve System, Columbia University or the National Bureau of Economic Research. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.