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東アジア諸国のインフレターゲットと日本への示唆
[Inflation targeting in east Asia economies and its implication to Japan]

Author

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  • Taguchi, Hiroyuki
  • Kato, Chizuru

Abstract

This paper examines the performance of inflation targeting (IT) focusing on East Asian emerging market economies, by estimating policy reaction functions for verifying the linkage between IT adoption and monetary policy, and also estimating impulse responses of prices to policy shock. Our findings are: Korea has taken an inflation-responsive and forward-looking policy rule under IT adoption, which also has had price stabilizing effect; Indonesia and Thailand have conducted inflation-responsive but backward-looking policy rules under IT adoption, which have had no effect on price stabilization; The Philippines and Malaysia have represented neither inflation-responsive rules nor price stabilizing effect.

Suggested Citation

  • Taguchi, Hiroyuki & Kato, Chizuru, 2011. "東アジア諸国のインフレターゲットと日本への示唆 [Inflation targeting in east Asia economies and its implication to Japan]," MPRA Paper 64407, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:64407
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    References listed on IDEAS

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    More about this item

    Keywords

    inflation targeting framework; east Asia; policy reaction function; VAR; impulse response function;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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