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Inflation Targets in a Global Context
Does Inflation Targeting Make a Difference?
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46 49 Response adjustment average Bank of Chile bank's Bernanke Brazil central bank changes Chile coefficient consumer price core inflation CPI inflation credibility deviation disinflation effect equation equilibrium estimated etary policy exchange rate targeting Figure fiscal flexible foreign forward-looking growth headline inflation horizon implies increase inflation and output inflation expectations inflation forecast inflation rate inflation targeting inflation-targeting framework inflation-targeting regime inflationary International International Monetary Fund long-run loss function macroeconomic monetary framework Monetary Policy Rules money targets nominal exchange rate nominal interest rate nontargeters nontraded inflation open economy optimal output gap paper parameters pass-through percent period Phillips curve policymakers price index price level price stability quarter quarterly real exchange rate real interest rate Reserve Bank Response of real sample Schmidt-Hebbel simulations Source supply shocks Svensson target band Taylor rule tion targeting transmission mechanism variables volatility Zealand