Inflation Targeting and Monetary Policy in Ghana

Autor:	Atsuyoshi Morozumi, Zakari Mumuni, Michael Bleaney
Rok vydání:	2019
Předmět:	Inflation Economics and Econometrics Inflation targeting 050204 development studies media_common.quotation_subject 05 social sciences Monetary policy Monetary economics Development Interest rate Inflation rate 0502 economics and business Economics 050207 economics media_common
Zdroj:	Journal of African Economies.
ISSN:	1464-3723 0963-8024
DOI:	10.1093/jae/ejz021
Popis:	An inflation-targeting regime has been in place in Ghana since 2007, but the inflation rate has remained persistently high. During the 2007–2017 period, inflation exceeded the announced target by four percentage points on average, despite the target never falling below a relatively unambitious 8% per annum. We investigate whether the poor conduct of monetary policy is responsible for this outcome, and find that it is not. Monetary policy reaction functions are similar to those estimated for countries with successful monetary policies, and interest rates respond in the theoretically recommended way to inflation shocks.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::168f4cd60bee89b77afe366308c01a3d https://doi.org/10.1093/jae/ejz021 Zobrazit plný text záznamu