Inflation Targeting, Fiscal Rules and the Policy Mix: Cross‐effects and Interactions
研究通胀目标制和财政规则如何影响通胀与财政表现，发现两者存在交叉效应，共同实施比单独实施更能促进政策纪律。
We examine how inflation targeting (IT) and fiscal rules (FR) affect inflation and fiscal performance in a large panel of countries during 1990–2009. In line with theory, both FR and IT appear to shape monetary and fiscal outcomes. Significant cross‐effects seem to exist as IT strengthens fiscal performance, whereas the combination of FR and IT tends to be associated with more disciplined macroeconomic policies than if only one of these institutions operates. Our findings suggest that IT and FR affect the coordination of the policy mix, and point to potential benefits of reforming macroeconomic frameworks in a holistic fashion.