Title
Monetaryregime switch from exchangerate to inflation targeting: with reference to developing economies ,Used
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The study investigates whether a switch from exchangerate targeting to inflation targeting will facilitate a more appropriate monetary policy and a more stable macroeconomic environment in developing economies. The research finds that the exchangerate regime is not significant in explaining growth. The empirical evidence on its effect on output volatility suggests that a termsoftrade shock larger than seven percentage points under a fixed exchangerate regime will give higher output volatility compared to a float. Given these findings, the study suggests the exchange rate be made flexible and that the direct targeting of inflation is a rational choice in the aftermath of peg exit. To investigate whether monetarypolicy responses change under such a regime switching, allowing for the possibility of an endogenous switch, the study estimates augmented Taylor rule with two approaches: a panel switching regression; and a Markovswitching VAR. Results from both suggest that inflation targeting represented a real switch in developing economies.
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