Inflation Targeting Does Not Matter: Another Look at OECD Sacrifice Ratios

O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.Brito, Ricardo Dias de Oliveira2024-01-042024-01-0420100022-28791538-4616https://repositorio.insper.edu.br/handle/11224/6290Recently in this journal, Gonc ̧alves and Carvalho (2009) concluded thatinflation targeters were able to bring inflation down at less cost than non-targeters (p. 242). This comment shows that their conclusion is not robustbut instead is the result of comparing a particular subset of inflation tar-geting (IT) disinflations with nonsimultaneous disinflations that occurredunder very different macroeconomic conditions. In their sample, simple ex-tensions such as justifiably varying the treatment group of IT disinflations,to control for common time-varying effects or to control for the MaastrichtTreaty effects, suggest that IT does not matterp. 1469-1715DigitalInglêsInflation Targeting Does Not Matter: Another Look at OECD Sacrifice Ratiosjournal articleInflation targetingsacrifice ratiohttps://doi.org/10.1111/j.1538-4616.2010.00359.x842