On the International Effects of Inflation Targeting
用倾向得分匹配法发现通胀目标制对发展中国家和工业国家的汇率波动与国际储备有相反影响：在发展中国家增强稳定并增加储备，在工业国家则相反。
This study empirically examines the international effects of inflation targeting. Employing a variety of propensity score matching methods, we find strong evidence that inflation targeting has significantly different impacts on exchange rate volatility and international reserves in different country groups. It significantly increases real and nominal exchange rate stability and international reserves in developing countries but lowers them in industrial countries. On average, inflation targeting increases (lowers) reserves roughly by the size of 1.3 (1.8) months of imports values in developing (industrial) countries. The treatment effects on targeting countries' current accounts are found to be insignificant in both country groups. © 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.