Inflaction targeting, fiscal rules and the policy mix : cross-effects and interactions Jean-Louis Combes, Xavier Debrun, Alexandru Minea and René Tapsoba
Contributor(s): Combès, Jean Louis
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Material type: 
ArticlePublisher: 2018Subject(s): POLITICA FISCAL | DERECHO TRIBUTARIO | IMPUESTOS | INFLACION | MODELOS ECONOMETRICOSOnline resources: Click here to access online
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The Economic Journal v. 128, n. 615, p. 2755-2784Summary: 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.
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| OP 282/2018/612-1 Revisiting the classical view of benefit-based taxation | OP 282/2018/614 The Economic Journal | OP 282/2018/615 The Economic Journal | OP 282/2018/615-1 Inflaction targeting, fiscal rules and the policy mix | OP 282/2018/616 The Economic Journal | OP 282/2019/617 The Economic Journal | OP 282/2019/618 The Economic Journal |
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Resumen.
Bibliografía.
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.
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