Fiche du document
3 juillet 2012
- ISIDORE Id: 10670/1.e67b26...
- halshs: halshs-00714243
info:eu-repo/semantics/OpenAccess
Mots-clés
Inflation Targeting Fiscal rules Interactions Sequence of Adoption E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their Policies E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy • Stabilization • Treasury Policy H - Public Economics/H.H6 - National Budget, Deficit, and Debt/H.H6.H62 - Deficit • SurplusSujets proches
Monetary managementCiter ce document
Jean-Louis Combes et al., « Inflation Targeting and Fiscal Rules: Do Interactions and Sequence of Adoption Matter? », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.e67b26...
Métriques
Partage / Export
Résumé
This paper analyzes the effects of Inflation Targeting (IT) and Fiscal Rules (FR) on fiscal behaviors and inflation dynamics. Its main novelty is twofold: first, it is the first study which accounts explicitly for the role of the interactions between IT and FR regarding their fiscal and inflationary effects. Second, it questions the optimality of the sequence of adoption of IT and FR. Using a wide panel of 152 developed and developing countries over the period 1990-2009, we find that adopting both IT and FR leads to better fiscal and monetary outcomes than adopting only FR or only IT. In addition, we highlight the dominance of the sequence which consists of introducing first FR before adopting IT with respect to the opposite sequence, regarding their fiscal and inflationary effects.
