Inflation Targeting Matters: Evidence from OECD Economies' Sacrifice Ratios
利用OECD数据发现，实行通胀目标制的国家在降低通胀时产出损失更小，并分析了国家选择该制度的原因，对研究货币政策效果的经济学者有参考价值。
Using data from OECD economies, we show that inflation targeters suffered smaller output losses during disinflations when compared to nontargeters. We also study why some countries choose to inflation target while others do not and find that higher average inflation and smaller debt levels render the adoption of the regime more likely. Applying Heckman's procedure to control for selection bias does not alter the link between inflation targeting and less costly disinflations.