摘要：This paper asks whether inflation targeting improves economic performance, as measured by the
behavior of inflation, output, and interest rates. We compare seven OECD countries that adopted
inflation targeting in the early 1990s to thirteen that did not. After the early 90s, performance improved
along many dimensions for both the targeting countries and the non-targeters. In some cases the
targeters improved by more; for example, average inflation fell by a larger amount. However, these
differences are explained by the facts that targeters performed worse than non-targeters before the early
90s, and there is regression to the mean. Once one controls for regression to the mean, there is no
evidence that inflation targeting improves performance.
