摘要翻译:
本文考察了加纳银行2002年采用通货膨胀目标制的理论依据。在这种情况下,我们用一系列计量经济学方法来确定加纳1970m1-2016m3期间货币供应量与通货膨胀之间关系的稳定性。实证结果表明,加纳的通货膨胀与货币增长之间存在着不稳定的联系,而通货膨胀对货币增长弹性的最终状态系数是正的,但在统计上并不显著。我们发现,自20世纪70年代以来,通货膨胀对货币增长的弹性持续下降,表明加纳货币增长对通货膨胀的影响逐渐减弱。值得注意的是,也有证据表明,2001年至2004年期间,通货膨胀对货币增长具有负弹性,这为加纳2002年采用信息技术框架提供了支持。我们强调,尽管在2010年和2012年观察到通货膨胀冲击,但前所未有的31个月的个位数通货膨胀(2010年6月至2012年12月)加强了信息技术框架在锚定通货膨胀预期方面的巨大贡献,加纳的通货膨胀结果和通货膨胀可变性更好。因此,本文件建议加纳继续推行和加强信息技术框架,因为它体现了一种更加折衷的政策制定和执行方法。
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英文标题:
《Justifying the Adoption and Relevance of Inflation Targeting Framework:
A Time-Varying Evidence from Ghana》
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作者:
Nana Kwame Akosah, Francis W. Loloh, Maurice Omane-Adjepong
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最新提交年份:
2018
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分类信息:
一级分类:Economics 经济学
二级分类:General Economics 一般经济学
分类描述:General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类:Quantitative Finance 数量金融学
二级分类:Economics 经济学
分类描述:q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学,包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要:
This paper scrutinizes the rationale for the adoption of inflation targeting (IT) by Bank of Ghana in 2002. In this case, we determine the stability or otherwise of the relationship between money supply and inflation in Ghana over the period 1970M1-2016M3 using battery of econometric methods. The empirical results show an unstable link between inflation and monetary growth in Ghana, while the final state coefficient of inflation elasticity to money growth is positive but statistically insignificant. We find that inflation elasticity to monetary growth has continued to decline since the 1970s, showing a waning impact of money growth on inflation in Ghana. Notably, there is also evidence of negative inflation elasticity to monetary growth between 2001 and 2004, lending support to the adoption of IT framework in Ghana in 2002. We emphasized that the unprecedented 31-months of single-digit inflation (June 2010-December 2012), despite the observed inflationary shocks in 2010 and 2012, reinforces the immense contribution of the IT framework in anchoring inflation expectations, with better inflation outcomes and inflation variability in Ghana. The paper therefore recommends the continuous pursuance and strengthening of the IT framework in Ghana, as it embodies a more eclectic approach to policy formulation and implementation.
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PDF链接:
https://arxiv.org/pdf/1805.11562