摘要：We analyze the impact of price-stability-oriented monetary
strategies on inflation persistence by using a time-varying coefficients
framework in a panel of sixty-eight countries over 1993–
2013. It is shown that inflation targeting (IT) is effective even
during and after the financial crisis and that explicit IT has a
stronger effect on taming inflation persistence than implicit IT.
It is shown that exchange regimes with the euro as a reserve
currency are more effective than those using the U.S. dollar.
On the other hand, U.S. inflation persistence exhibits a disproportionally
lower effect on other countries’ persistence than its
German counterpart.
