دانلود مقاله ISI انگلیسی شماره 47522
ترجمه فارسی عنوان مقاله

اعتبار و شهرت هدفگذاری تورمی: پیامدهای برای نرخ بهره

عنوان انگلیسی
Inflation targeting credibility and reputation: The consequences for the interest rate
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
47522 2009 11 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Economic Modelling, Volume 26, Issue 6, November 2009, Pages 1228–1238

ترجمه کلمات کلیدی
اعتبار - اعتبار - هدفگذاری تورمی - نرخ بهره عمومی
کلمات کلیدی انگلیسی
E42; E52.1Credibility; Reputation; Inflation targeting; Basic interest rate
پیش نمایش مقاله
پیش نمایش مقاله  اعتبار و شهرت هدفگذاری تورمی: پیامدهای برای نرخ بهره

چکیده انگلیسی

The measurement of credibility and reputation is fundamental for the analysis of countries which adopted inflation targeting. Under this perspective, the objective of this article is to illustrate which measures of credibility and reputation are most useful in predicting variations of interest rates. Given a specific inflation target, this relationship is valuable for central bankers as well as for private agents trying to predict the central bank's policies. Due to the fact that Brazil represents a potential laboratory experiment in which the effects of an adoption of inflation targeting after more than a half decade can be observed, an analysis through several indices and its relation with the basic interest rate is made. The findings denote that the credibility indices based on reputation represent an alternative in the cases where the series of inflation expectation are not available. Furthermore, the empirical evidence confirms the hypothesis that higher credibility implies lower variations in the interest rate for controlling inflation.