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Inflation Targeting and Fiscal Rules [electronic resource] : Do Interactions and Sequencing Matter? Combes, Jean-Louis..

Author/Creator:
Combes, Jean-Louis.
Publication:
Washington, D.C. : International Monetary Fund, 2014.
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 14/89.
IMF Working Papers; Working Paper No. 14/89.
Format/Description:
Government document
Book
1 online resource (36 p.)
Local subjects:
Central Banks and Their Policies. (search)
Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy. (search)
Deficit. (search)
Economic models. (search)
Fiscal policy. (search)
Fiscal rules. (search)
Inflation targeting. (search)
Institutional reform sequencing. (search)
Macroprudential Policy. (search)
Monetary policy. (search)
Monetary Policy (Targets, Instruments, and Effects). (search)
Summary:
The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contribution of the paper is to show that, as suggested by the theoretical literature, interactions between FR and IT matter a great deal for policy outcomes. Specifically, the combination of FR and IT appears to deliver more disciplined macroeconomic policies than each of these institutions in isolation. In addition, the sequencing of the monetary and fiscal reforms plays a role: adopting FR before IT delivers stronger results than the reverse sequence.
Notes:
Description based on print version record.
Contributor:
Combes, Jean-Louis.
Debrun, Xavier.
Minea, Alexandru.
Tapsoba, Rene.
Other format:
Print Version:
ISBN:
1498322379:
9781498322379
ISSN:
1018-5941
Publisher Number:
10.5089/9781498322379.001
Access Restriction:
Restricted for use by site license.
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