汇率波动对新兴和发达经济体通胀目标制货币政策的影响

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2020-02-26 DOI:10.1111/infi.12368

Helena Glebocki Keefe

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引用次数: 3

摘要

汇率波动是许多新兴市场经济体政策制定者公开表示的担忧。本文通过对2000年至2016年13个新兴市场经济体和9个发达经济体的分析，探讨汇率波动是否影响通货膨胀目标制货币政策的承诺。运用动态面板阈值回归模型，检验了国内目标利率在高于阈值和低于阈值的汇率波动情况下对通胀缺口、产出缺口和汇率状况的响应。当汇率波动率低于1%时，新兴经济体和发达经济体都坚持其通胀目标承诺，但当波动率超过这一阈值时，它们无法或不愿对通胀差距的偏差做出反应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies

Exchange rate volatility is a stated concern for policymakers in many emerging market economies. This paper investigates whether exchange rate volatility impacts the commitment to inflation targeting monetary policy by analyzing thirteen emerging market economies and nine advanced economies from 2000 to 2016. Using a dynamic panel threshold regression model, the response of the domestic target interest rate to the inflation gap, output gap, and exchange rate condition is tested in scenarios of above-threshold and below-threshold exchange rate volatility. Both emerging and advanced economies adhere to their inflation targeting commitments when exchange rate volatility is below 1%, but are unable or unwilling to respond to deviations in the inflation gap when volatility is beyond this threshold value.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.