"Asymmetry"Verification on Macroeconomic Effects under Inflation Targeting
研究了通胀目标制在工业化国家和新兴市场国家间的非对称宏观经济效应，采用双重差分法和Bootstrap方法验证，结论对中国货币政策转型有参考价值。
According to the existing relevant researches,the macroeconomic effect under inflation targeting seems to beasymmetricalbetween the industrialized countries and the emerging market countries.This paper studies all countries that have adopted inflation targeting by choosing four variables(inflation rate,GDP growth rate,and their volatilities) as a highly recapitulative indicator to summarize a country's macroeconomic performance, and meanwhile,using the DID method and Bootstrap methods to verify this asymmetry.The research concludes that the asymmetry indeed exists between industrialized countries and the emerging economies.China,as an emerging market country,is in urgent needs to transform its monetary policy.Therefore,this conclusion will be useful for the policy making in China.