Inflation Targeting Dataset: Inflation Targets, Bands, and Track Records

This panel dataset contains quarterly series on inflation targets, bands, and track records for 41 inflation targeting countries from 1990 to 2024. Data on inflation targets and bands are collected through each central bank’s historical documents and rules-based track record measures are calculated by the author to assess actual inflation outcomes with respect to the central banks’ stated policy objectives. The dataset supports research work in Zhang (2025), Zhang and Wang (2022), and Zhang (2021). Please cite the papers when using the data.

Z. Zhang, Does inflation targeting track record matter for asset prices? Evidence from stock, bond, and foreign exchange markets, Journal of International Financial Markets, Institutions and Money, Volume 101, 2025, 102141.
Z. Zhang, S. Wang, Do actions speak louder than words? Assessing the effects of inflation targeting track records on macroeconomic performance, 2022, IMF Working Papers 2022/227.
Z. Zhang, Stock returns and inflation redux: An explanation from monetary policy in advanced and emerging markets, 2021, IMF Working Papers 2021/219.

本面板数据集（panel dataset）涵盖了1990年至2024年间41个实行通胀目标制（inflation targeting）国家的通胀目标、通胀目标区间与履职记录的季度序列数据。通胀目标及目标区间的数据源自各国央行的历史档案文献，作者还通过基于规则的履职衡量指标，对照各央行公布的政策目标，对实际通胀表现进行了测算。本数据集可支撑Z. Zhang（2025）、Z. Zhang与S. Wang（2022）以及Z. Zhang（2021）的相关研究工作，使用该数据集时请引用上述论文。

Z. Zhang：《通胀目标制履职记录是否会影响资产价格？来自股票、债券与外汇市场的证据》，《国际金融市场、机构与货币期刊》（Journal of International Financial Markets, Institutions and Money），第101卷，2025年，文章编号102141。
Z. Zhang、S. Wang：《行动胜于空谈？评估通胀目标制履职记录对宏观经济表现的影响》，2022年，IMF工作论文（IMF Working Papers）2022/227号。
Z. Zhang：《股票收益与通胀再探：来自发达与新兴市场货币政策的解释》，2021年，IMF工作论文（IMF Working Papers）2021/219号。

搜集汇总

背景与挑战

背景概述

该数据集是一个面板数据集，覆盖41个通货膨胀目标制国家从1990年至2024年的季度数据，包括通货膨胀目标、目标区间和政策执行记录。数据来源于各国央行历史文件，并计算了政策执行记录以评估实际通货膨胀表现，支持相关学术研究。