Inflation Targeting Does Not Matter: Another Look at OECD Economies’ Output 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 EDITORBrito, Ricardo Dias de Oliveira2023-07-172023-07-172010https://repositorio.insper.edu.br/handle/11224/5817Recently in this journal, Gonçalves and Carvalho (2009) concluded that inflation targeters were able to bring inflation down at less cost than nontargeters (p. 242). This comment shows that their conclusion is not robust, but instead is the result of comparing a particular subset of IT disinflations with non-simultaneous disinflations that occurred under very different macroeconomic conditions. In their sample, simple extensions like justifiably varying the treatment group of inflation targeting disinflations, to control for common time-varying effects or to control for the Maastricht Treaty effects, prove that inflation targeting does not matter.14 p.DigitalInglêsInflation Targeting Does Not Matter: Another Look at OECD Economies’ Output Sacrifice Ratiosworking paperinflation targetingsacrifice ratioBEWP 102/2010