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Inflation targeting and output-inflation tradeoffs

机译：通胀目标与产出通胀的权衡

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This article assesses whether the adoption of inflation targeting (IT) helps reduce the output-inflation tradeoff. We address the self-selection problem of IT policy adoption by the endogenous switching regressions, and show that the output-inflation tradeoffs are significantly lower in IT countries not only over the whole sample but also across the developed and developing country subsamples. In addition, we also find strong evidence supporting the positive selection hypothesis, i.e., countries have higher probability of adopting IT are exactly those who benefit more (larger reduction of output-inflation trade-off) from the implementation of IT. Additional results reveal that economies with higher trade openness, lower financial openness, and less flexible exchange rate regime are associated with larger tradeoff between output and inflation, but the effects are only statistically significant in the IT regime. (C) 2019 Elsevier Ltd. All rights reserved.
机译：本文评估了通货膨胀目标制（IT）的采用是否有助于减少产出-通货膨胀的权衡。我们通过内生的转换回归分析解决了IT政策采用的自我选择问题，并表明，不仅在整个样本中，而且在整个发达国家和发展中国家的子样本中，IT国家的产出-通货膨胀权衡都显着降低。此外，我们还发现有力的证据支持肯定的选择假设，即采用信息技术的国家更有可能从信息技术的实施中受益更多（产出-通货膨胀权衡的减少幅度更大）。其他结果表明，具有较高贸易开放度，较低金融开放度和较不灵活的汇率制度的经济体与产出和通货膨胀之间的更大权衡相关，但在IT体制中，这种影响仅具有统计学意义。 （C）2019 Elsevier Ltd.保留所有权利。

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