In their formal work, these authors fit VAR models for twenty-three countries, nine inflation targeters and fourteen non-targeters. From these models, they deduced policymakers’ aversion to inflation volatility. They found that inflation aversion rose in countries that adopted inflation targeting but only to the level of aversion already apparent in the policies of the non-targeting countries.
At this point, there is very little difference between aversion to inflation in countries that target and countries that do not target inflation. Taken together, the basic data, the time series tests, and the cross-section tests indicate that inflation targeting has seemed to succeed.