The thesis offers three related studies about monetary targeting transitions in emerging economies. An empirical analysis verifies that inflation is the primary target in setting policy interest rates in inflation targeting (IT) economies, but exchange rates dominate in others. Volatility measurements confirm that IT reduces the volatility of welfare but not output and exchange rates. Structural models of single countries and the global economy, under Monte Carlo simulation, suggest that, for small and large economies nominal GDP targeting minimises real GDP risk subject to supply-side shocks, but when economic welfare is the objective, IT is most commonly superior.
|Qualification||Doctor of Philosophy|
|Award date||12 Feb 2020|
|Publication status||Unpublished - 2020|