Research Paper on Impact of Inflation Targeting (IT) Policy on Economic Growth and Inflation Uncertainty in a Few African and European Countries

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Title: Impact of Inflation Targeting (IT) Policy on Economic Growth and Inflation Uncertainty in a Few African and European Countries

Abstract: The study evaluated the impact of African and European IT countries’ inflation targeting (IT) policies on inflation uncertainty and economic growth. The analysis and comparison of African and European IT countries using two cutting-edge methods, including Generalized Autoregressive Conditional Heteroscedasticity (GARCH) and Panel Vector Autoregressive (PVA), adds to the body of knowledge (PVAR). Time series techniques were used to analyze how the IT policy impacts the inflation uncertainty in a few selected countries. The impact of inflation targeting on economic growth in the chosen countries was studied using panel data methods. These are the outcomes: (1) Inflation targeting has a negative impact on economic growth in African countries; (2) The IT policy has a positive impact on economic growth in European countries; (3) Inflation targeting has no significant impact on reducing inflation uncertainty in South Africa, and the effect of the policy in Ghana is unclear; (4) In contrast, the policy has a positive impact on economic growth in European countries. (5) Overall, the findings imply that, in comparison to African nations, inflation targeting regimes in European countries are more credible in terms of lowering the level of inflation uncertainty and maintaining economic growth. In this regard, policymakers must make sure that before enacting such a policy, they evaluate the economic state of each individual nation.

Keywords: inflation rate; inflation uncertainty; economic growth; GARCH model; EGARCH model; PVAR model

Paper Quality: SCOPUS / Web of Science Level Research Paper

Subject: Economics

Writer Experience: 20+ Years

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