Taylor principle and inflation stability in emerging market countriesw
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/2728 |
Resumo: | The goal of this paper is to evaluate the validity of the Taylor principle for inflation control in 12 developing countries that use inflation targeting regimes: Brazil, Chile, Colombia, Hungary, Israel, Mexico, Peru, Philippines, Poland, South Africa, Thailand and Turkey. The test is based on a state-space model to determine when each country has followed the principle; then a threshold unit root test is used to verify if the stationarity of the deviation of the expected inflation from its target depends on compliance with the Taylor principle. The results show that such compliance leads to the stationarity of the deviation of the expected inflation from its target in all cases. Furthermore, in most cases, non-compliance with the Taylor principle leads to nonstationary deviation of the expected inflation. |
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Teles, Vladimir KühlZaidan, Marta PenteadoEscolas::EESP2009-08-26T15:23:54Z2009-08-26T15:23:54Z2009-08-26http://hdl.handle.net/10438/2728The goal of this paper is to evaluate the validity of the Taylor principle for inflation control in 12 developing countries that use inflation targeting regimes: Brazil, Chile, Colombia, Hungary, Israel, Mexico, Peru, Philippines, Poland, South Africa, Thailand and Turkey. The test is based on a state-space model to determine when each country has followed the principle; then a threshold unit root test is used to verify if the stationarity of the deviation of the expected inflation from its target depends on compliance with the Taylor principle. The results show that such compliance leads to the stationarity of the deviation of the expected inflation from its target in all cases. Furthermore, in most cases, non-compliance with the Taylor principle leads to nonstationary deviation of the expected inflation.engTextos para Discussão;197Emerging marketsInflation stabilityTaylor ruleEconomiaEconomiaTaylor principle and inflation stability in emerging market countrieswinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 197 - Vladimir Kuhl Teles.pdfTD 197 - Vladimir Kuhl Teles.pdfapplication/pdf199057https://repositorio.fgv.br/bitstreams/2fb7ab28-879a-4093-8a98-4bdce34f3b66/download5186019d168b95a16abd2b9a6437cb48MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84820https://repositorio.fgv.br/bitstreams/93cdb8ae-e633-4396-83e1-cb05ea600b23/downloadd685c2608bb730dcac90dd4a52b10c1cMD52TEXTTD 197 - Vladimir Kuhl Teles.pdf.txtTD 197 - Vladimir Kuhl Teles.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Taylor principle and inflation stability in emerging market countriesw |
title |
Taylor principle and inflation stability in emerging market countriesw |
spellingShingle |
Taylor principle and inflation stability in emerging market countriesw Teles, Vladimir Kühl Emerging markets Inflation stability Taylor rule Economia Economia |
title_short |
Taylor principle and inflation stability in emerging market countriesw |
title_full |
Taylor principle and inflation stability in emerging market countriesw |
title_fullStr |
Taylor principle and inflation stability in emerging market countriesw |
title_full_unstemmed |
Taylor principle and inflation stability in emerging market countriesw |
title_sort |
Taylor principle and inflation stability in emerging market countriesw |
author |
Teles, Vladimir Kühl |
author_facet |
Teles, Vladimir Kühl Zaidan, Marta Penteado |
author_role |
author |
author2 |
Zaidan, Marta Penteado |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Teles, Vladimir Kühl Zaidan, Marta Penteado |
dc.subject.eng.fl_str_mv |
Emerging markets Inflation stability Taylor rule |
topic |
Emerging markets Inflation stability Taylor rule Economia Economia |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia |
description |
The goal of this paper is to evaluate the validity of the Taylor principle for inflation control in 12 developing countries that use inflation targeting regimes: Brazil, Chile, Colombia, Hungary, Israel, Mexico, Peru, Philippines, Poland, South Africa, Thailand and Turkey. The test is based on a state-space model to determine when each country has followed the principle; then a threshold unit root test is used to verify if the stationarity of the deviation of the expected inflation from its target depends on compliance with the Taylor principle. The results show that such compliance leads to the stationarity of the deviation of the expected inflation from its target in all cases. Furthermore, in most cases, non-compliance with the Taylor principle leads to nonstationary deviation of the expected inflation. |
publishDate |
2009 |
dc.date.accessioned.fl_str_mv |
2009-08-26T15:23:54Z |
dc.date.available.fl_str_mv |
2009-08-26T15:23:54Z |
dc.date.issued.fl_str_mv |
2009-08-26 |
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http://hdl.handle.net/10438/2728 |
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eng |
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eng |
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Textos para Discussão;197 |
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