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Inflation targeting and economic growth in Ghana: An empirical investigation
Author(s):Alhassan Mohammed*, Yusif Hadrat# and Buabeng Emmanue+*,#
hadraty@yahoo.co.uk
2024-08-01 06:39:13
52 Downloads 77 Views
Abstract
The Bank of Ghana formally adopted inflation targeting in 2007 and the goal was to stabilize inflation and increase real economic growth. However, much is not known regarding the success and/ or otherwise of this monetary policy regime. This paper has investigated the effect of inflation targeting, inflation and inflation volatility on economic growth using time series data for the period 1980-2013. We found that average inflation and inflation volatility were lower during the post-inflation targeting period compared with the pre-inflation targeting period. The study showed that inflation volatility has significant negative effect on economic growth.
Keywords
Inflation targeting; Economic growth; Conditional variance; Ghana
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