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The Politics of Targeting Regime Choice: Has Inflation Targeting Met its Demise?

  • Critics argue that inflation targeting (IT) has met its demise in face of the current financial crisis. As such , p rice - level targeting and nominal gross domestic product (GDP) targeting have been proposed as alternatives, but to date no country has made the switch – why is this so? Existing literature tends to treat the choice of targeting regime as a function of economic theory, empirical precedents, and policy execution constraints. I find this analytical framework insufficient; otherwise, we should observe at least some countries exiting IT regimes in light of the arguments made thus far. In order to explain why governments have yet to make the switch away from IT, I propose that a fourth determinant needs to be added to the framework – politics. Based on this framework, I conclude that IT has yet to meet its demise.

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Metadaten
Document Type:Studentpaper
Language:English
Author(s):Yuh Yiing Loh
Hertie Collections (Serial Number):Hertie School Student Paper Series (04/2013)
Publication year:2013
Publishing Institution:Hertie School
Granting Institution:Hertie School
Thesis date:2015/01/10
Number pages:31
Release Date:2017/02/03
Confidentiality:0
Licence of document (German):CC BY-NC-SA 3.0
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