{
  "title": "An Investigation of Output Variance Before and During Inflation Targeting",
  "publication": "IMF Working Papers, December 1, 2001",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/an-investigation-of-output-variance-before-and-during-inflation-targeting-15357",
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  "summary": "Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate “too low and stable” will likely result in relatively larger output fluctuations.",
  "authors": [
    "Francisco d Nadal De Simone"
  ],
  "publishDate": "2001-12-01",
  "series": "IMF Working Papers",
  "sections": [
    {
      "heading": "Summary and Main Findings",
      "content": "- Research question: Estimates whether conditional output variance changed in a sample of 12 countries following the generalized reduction in inflation variance in the 1990s.\n- Principal finding: With the possible exception of Canada, there is no evidence of an increase in output variance.\n- Country-specific outcomes reported:\n  - Canada: possible exception (implying potential increase in output variance).\n  - Korea: output variance has not changed.\n  - Singapore: output variance has not changed.\n  - Australia: output variance has fallen.\n  - New Zealand: output variance has fallen."
    },
    {
      "heading": "Context and Motivation",
      "content": "- Background: Since Taylor estimated a trade-off between inflation and output variance, a common view is that keeping inflation “too low and stable” may result in relatively larger output fluctuations.\n- Trigger for study: Generalized reduction in inflation variance in the 1990s rekindled concerns about an inflation-output variance trade-off."
    },
    {
      "heading": "Scope and Approach",
      "content": "- Sample size: 12 countries.\n- Study type: IMF Working Paper (Working Paper No. 2001/215).\n- Length: 27 pages.\n- Publication details:\n  - Author: Francisco d Nadal De Simone\n  - Date: December 1, 2001\n  - Volume: 2001\n  - Issue: 215\n  - DOI: https://doi.org/10.5089/9781451875041.001\n  - Stock No: WPIEA2152001\n  - ISBN: 9781451875041\n  - ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and Keywords (as provided)",
      "content": "- Subjects: Business cycles, Economic growth, Inflation, Inflation targeting, Monetary policy, Monetary policy frameworks, Potential output, Prices, Production\n- Keywords: Australia and New Zealand, Business cycles, Inflation, inflation targeting, inflation targeting framework, inflation variance, inflation-targeting regime, Markov-switching, Monetary policy frameworks, output trade-off, output variance, output variance trade-off, Potential output, WP\n\nIMF Working Paper No. 2001/215 — \"An Investigation of Output Variance Before and During Inflation Targeting\" by Francisco d Nadal De Simone (December 1, 2001).\n\n---\n\n Content in this bundle\n\n- An Investigation of Output Variance Before and During Inflation Targeting - WP/01/215\n  - An Investigation of Output Variance Before and During Inflation Targeting - WP/01/215 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - An Investigation of Output Variance Before and During Inflation Targeting - WP/01/215 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/an-investigation-of-output-variance-before-and-during-inflation-targeting-15357"
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    "Authors: Francisco d Nadal De Simone",
    "Published: December 1, 2001",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451875041.001",
    "Research question: Estimates whether conditional output variance changed in a sample of 12 countries following the generalized reduction in inflation variance in the 1990s.",
    "Principal finding: With the possible exception of Canada, there is no evidence of an increase in output variance.",
    "Country-specific outcomes reported:",
    "Background: Since Taylor estimated a trade-off between inflation and output variance, a common view is that keeping inflation “too low and stable” may result in relatively larger output fluctuations.",
    "Trigger for study: Generalized reduction in inflation variance in the 1990s rekindled concerns about an inflation-output variance trade-off.",
    "Sample size: 12 countries.",
    "Study type: IMF Working Paper (Working Paper No. 2001/215).",
    "Length: 27 pages.",
    "Publication details:",
    "Subjects: Business cycles, Economic growth, Inflation, Inflation targeting, Monetary policy, Monetary policy frameworks, Potential output, Prices, Production",
    "Keywords: Australia and New Zealand, Business cycles, Inflation, inflation targeting, inflation targeting framework, inflation variance, inflation-targeting regime, Markov-switching, Monetary policy frameworks, output trade-off, output variance, output variance trade-off, Potential output, WP",
    "**An Investigation of Output Variance Before and During Inflation Targeting - WP/01/215**"
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