Inflation Targeting and Regional Inflation Persistence: Evidence from Korea
Inflation Targeting and Regional Inflation Persistence: Evidence from Korea
复制标题
通胀目标制与地区通胀持续性：来自韩国的证据
DOI：
10.1111/1468-0106.12016
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Peter Tillmann
中科院分区：
文献类型：
--
作者：
Peter Tillmann
众所周知，采取可靠的货币政策制度，如通胀目标制，可以减少通胀波动的持续性。然而，这一结论是根据总通货膨胀率或部门通货膨胀率得出的，而不是根据地区通胀数据得出的。本文研究了通货膨胀目标制的区域维度，即通货膨胀目标制对区域通货膨胀持续性的影响。基于韩国省市的数据显示，通胀目标制的采用导致(1)区域层面的通胀持续性下降，(2)通胀持续性的跨区域异质性降低。共同因素模型进一步支持了共同部分的作用，从而支持了货币政策对区域通胀持续性的支持。
The adoption of a credible monetary policy regime such as inflation targeting is known to reduce the persistence of inflation fluctuations. This conclusion, however, is derived from aggregate inflation or sectoral inflation rates, not from regional inflation data. This paper studies the regional dimension of inflation targeting, i.e. the consequences of inflation targeting for regional inflation persistence. Based on data for Korean cities and provinces it is shown that the adoption of inflation targeting leads (i) to a fall in inflation persistence at the regional level and (ii) to a reduction in the cross-regional heterogeneity in inflation persistence. A common factor model lends further support to the role of the common component, and hence monetary policy, for regional inflation persistence.
影响因子：
6.1
作者：
PERRON, P
通讯作者：
PERRON, P