and Johnny Zetterberg
Anna Larsson: Department of Economics, Stockholm University, and, Postal: FIEF, Wallingatan 38, SE-111 24 Stockholm, Sweden
Johnny Zetterberg: Trade Union Institute for Economic Research, Postal: FIEF, Wallingatan 38, SE-111 24 Stockholm, Sweden
Abstract: This paper investigates the impact of inflation targeting on wage formation and unemployment using a panel of 17 OECD countries 1972-2000. Five of the countries included in the study have combined floating exchange rates with explicit inflation targets during the 1990s. Using a theoretical framework for a small open economy, we present simulation results and empirical tests of the model using two different methods. There is some weak evidence that inflation targeting matters for labour markets.
38 pages, September 17, 2003
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