Inflation targeting a successful framework: Central Bank of Chile paper
A Central Bank of Chile paper, published on Monday, finds evidence that inflation targeting framework has fulfilled its objective and that sharp movements in inflation are largely temporary shocks.
Roque Montero, the paper's author, uses an empirical and reduced form approach to test the linearity of inflation in Chile in order to explain the boom and bust experienced over the last 20 years.
The results find the convergence of inflation to inflation targeting in Chile has been smooth and without
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