An Investigation Of Output Variance Before And During Inflation Targeting
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An Investigation Of Output Variance Before And During Inflation Targeting
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Author : Francisco Nadal-De Simone
language : en
Publisher: International Monetary Fund
Release Date : 2001-12
An Investigation Of Output Variance Before And During Inflation Targeting written by Francisco Nadal-De Simone and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-12 with Business & Economics categories.
Since Taylor estimated a trade-off between inflation and output variance, it has been widely accepted that efforts to keep the inflation rate “too low and stable” will likely result in relatively larger output fluctuations. Following the generalized reduction in inflation variance in the 1990s, that concern was rekindled. This study estimates whether conditional output variance has changed in a sample of 12 countries. With the possible exception of Canada, there is no evidence of an increase in output variance. Either output variance has not changed (i.e., in Korea and Singapore) or has fallen (i.e., in Australia and New Zealand).
Inflation Targeting And Output Stability
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Author : Mr.Esteban Jadresic
language : en
Publisher: International Monetary Fund
Release Date : 1999-04-01
Inflation Targeting And Output Stability written by Mr.Esteban Jadresic and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-04-01 with Business & Economics categories.
This paper reexamines the effects of inflation targeting on output stability. It considers an economy with staggered price setting that is exposed to price shocks and where the policymaker cannot observe the current realizations of aggregate output and inflation. The paper shows that, if some price shocks can be anticipated, the effects of inflation targeting depend critically on the inflation indicator being targeted. Specifically, targeting headline inflation can severely destabilize output, while targeting inflation indicator of sticky prices may eliminate that problem and make the response of the output gap to aggregate shocks short-lived.
The Inflation Targeting Debate
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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2005-02
The Inflation Targeting Debate written by Ben S. Bernanke and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02 with Business & Economics categories.
Inflation targeting is now a highly popular framework for the making of monetary policy. This volume addresses the many dimensions of inflation targeting that until now have been quietly set to one side while the focus has been on macroeconomic outcomes alone.
Inflation Targeting In The World Economy
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Author : Edwin M Truman
language : en
Publisher: Columbia University Press
Release Date : 2003-10-27
Inflation Targeting In The World Economy written by Edwin M Truman and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-27 with Business & Economics categories.
This study reviews the literature on the contribution of low inflation to economic growth and the subsequent widespread adoption of inflation targeting as a monetary policy framework. Edwin Truman addresses the challenges and risks associated with such a framework. Building on these foundations, the study focuses on two major international economic policy issues: (1) the implications of differing national regimes of inflation targeting for international economic policy cooperation; and (2) the adoption of inflation targeting by emerging-market economies which often lack stable monetary policy environments and credible policy authorities—a situation which, among other things, can complicate the use of the inflation targeting framework as the basis for IMF-supported stabilization programs.
On Target The International Experience With Achieving Inflation Targets
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Author : Mr.Scott Roger
language : en
Publisher: International Monetary Fund
Release Date : 2005-08-01
On Target The International Experience With Achieving Inflation Targets written by Mr.Scott Roger and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-08-01 with Business & Economics categories.
This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation targeting frameworks, a comparison of actual and targeted inflation outcomes, and case studies of large inflation target misses. Inflation targets are missed about 40 percent of the time and often by substantial amounts and for prolonged periods, yet no country has dropped inflation targeting. The resilience of the inflation targeting regime is attributable to the flexibility of the framework, its high standards of transparency and accountability, and the lack of realistic alternatives.
Money Stock Control And Inflation Targeting In Germany
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Author : Claus Brand
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Money Stock Control And Inflation Targeting In Germany written by Claus Brand and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
1.1 Intermediate strategies for monetary policy The launch of a single European currency in January 1999 has been sparking a heated debate over what strategy the European Central Bank's policy should be based on so as to distribute and maintain monetary stability in Europe. In order to pass the Bundesbank's reputation as a tough inflation fighter on to the European Central Bank there have been strong efforts to make the ECB a close copy of the Bundesbank. It might be surmised that there will be a lot of similarities in its intermediate strategies. Among other indicators, the ECB's policy will be based on the growth rate of a broad monetary aggregate consistent with its definition of price stability. As a key instrument in the new central bank's instruments, REPO operations will constitute the main refinancing source of private banks and, in addition, minimum reserve requirements have been introduced to facilitate the authority's command over the banking sector's liquidity by means of stabilising the demand for central bank money. After having introduced monetary targeting in the 1970s, in the 1980s, the Bank of England and the Fed soon abandoned it again, because of distor tions from financial innovations and currency substitution. But the Bundes bank strongly defended its intermediate strategy of monetary targeting and advocated its implementation in the European System of Central Banks.
Inflation And Output Comovement In The Euro Area
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Author : Michal Andrle
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-11
Inflation And Output Comovement In The Euro Area written by Michal Andrle and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-11 with Business & Economics categories.
This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro area business cycle.
Settling The Inflation Targeting Debate Lights From A Meta Regression Analysis
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Author : Hippolyte W. Balima
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-29
Settling The Inflation Targeting Debate Lights From A Meta Regression Analysis written by Hippolyte W. Balima and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-29 with Business & Economics categories.
Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequences remains inconclusive. This paper digs deeper into the issue through a meta-regression analysis (MRA) of the existing literature, making it the first application of a MRA to the macroeconomic effects of IT adoption. Building on 8,059 estimated coefficients from a very broad sample of 113 studies, the paper finds that the empirical literature suffers from two types of publication bias. First, authors, editors and reviewers prefer results featuring beneficial effects of IT adoption on inflation volatility, real GDP growth and fiscal performances; second, they promote results with estimated coefficients that are significantly different from zero. However, after filtering out the publication biases, we still find meaningful (genuine) effects of IT in reducing inflation and real GDP growth volatility, but no significant genuine effects on inflation volatility and the level of real GDP growth. Interestingly, the results indicate that the impact of IT varies systematically across studies, depending on the sample structure and composition, the time coverage, the estimation techniques, country-specific factors, IT implementation parameters, and publication characteristics.
Hungary
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2002-06-05
Hungary written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06-05 with Business & Economics categories.
The Selected Issues paper examines policy challenges for inflation targeting in Hungary. It highlights that inflation targeting has been met with much initial success. A well-defined policy framework helped guide inflation expectations and provided an initial impetus toward resuming disinflation. The paper also focuses on the impact of aging on the public pension system. It describes the background underlying Hungary’s current pension system, and provides a review of some of the recent work assessing Hungary’s pension system viability.
Monetary Policy Rules
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Author : John B. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Monetary Policy Rules written by John B. Taylor and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.