Exchange Rates And Inflation
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Exchange Rates And Inflation
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Author : Rudiger Dornbusch
language : en
Publisher:
Release Date : 1991
Exchange Rates And Inflation written by Rudiger Dornbusch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with categories.
Annotation. Rudiger Dornbusch's articles on exchange rates and open economy macroeconomics areamong the most frequently cited in the field of international economics. Collected for the firsttime in Exchange Rates and Inflation, these articles, written over the past fifteen years, cover awide range of issues while providing unique insights into the research style of a major economist. During this period the economics profession has shifted from global monetarism to the new classicaleconomics, and Dornbusch's own interests, and some of his beliefs, have changed as well. Twenty twoarticles are gathered in four parts: Exchange Rate Theory; Special Topics in Exchange RateEconomics; Equilibrium Real Exchange Rates, and Inflation and Stabilization. Each part includes anintroduction that discusses the essays and places them in context. Rudiger Dornbusch is FordInternational Professor of Economics at MIT.
The Role Of The Exchange Rate In Inflation Targeting Emerging Economies
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Author : Anna Nordstrom
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-24
The Role Of The Exchange Rate In Inflation Targeting Emerging Economies written by Anna Nordstrom 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 2009-11-24 with Business & Economics categories.
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little agreement about the appropriate role of the exchange rate.The exchange rate is a more important monetary policy tool for emerging economies that have adopted inflation targeting than it is for inflation-targeting advanced economies. Inflation-targeting emerging economies generally have less flexible exchange rate arrangements and intervene more frequently in the foreign exchange market than their advanced economy counterparts. The enhanced role of the exchange rate reflects these economies' greater vulnerability to exchange rate shocks and their less developed financial markets. However, their sharper focus on the exchange rate may cause some confusion about the commitment of their central banks to achieve the inflation target and may also complicate policy implementation. Global inflation pressures, greater exchange rate volatility, and the financial stresses from the global financial turmoil that began in mid-2007 are heightening these tensions.
Inflation Exchange Rates And The World Economy
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Author : Warner Max Corden
language : en
Publisher:
Release Date : 1977
Inflation Exchange Rates And The World Economy written by Warner Max Corden and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Business & Economics categories.
Floating Exchange Rates And World Inflation
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Author : J. Ahmad
language : en
Publisher: Springer
Release Date : 1984-06-28
Floating Exchange Rates And World Inflation written by J. Ahmad and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984-06-28 with Business & Economics categories.
Inflation Targeting And Exchange Rate Management In Less Developed Countries
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Author : Mr.Marco Airaudo
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-08
Inflation Targeting And Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo 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 2016-03-08 with Business & Economics categories.
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Foreign Exchange Intervention As A Monetary Policy Instrument
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Author : Felix Hüfner
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Foreign Exchange Intervention As A Monetary Policy Instrument written by Felix Hüfner 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.
Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.
Monetary Policy Under Flexible Exchange Rates
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Author : Pierre-Richard Agénor
language : en
Publisher: World Bank Publications
Release Date : 2000
Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Economic stabilization categories.
In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.
Trade And Tax Policy Inflation And Exchange Rates
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Author : Assaf Razin
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Trade And Tax Policy Inflation And Exchange Rates written by Assaf Razin 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.
Ass a f R a z i nand Hans-Jiirgen Vosgerau The eight chapters of this volume have been grouped into two parts. Part A of contains chapters which are mainly monetary in character, whereas real aspects international economics are treated in Part B. It goes without saying that this is only a device for structuring the field. In substance most chapters reveal the close connections between real and monetary aspects. Part A on "Inflation, Exchange Rates, and Macro-Economic Adjustment in the Global Economy" consists of four papers. In recent years, an inflation targeting framework for monetary policy has been adopted by New Zealand, Canada, the United Kingdom, Finland, Sweden, Australia, and Spain (in chronological order). The use of inflation targeting can be viewed as a further step in the evolution of monetary policy techniques adopted by central banks. A common feature of the countries that have adopted inflation targets is the relatively poor inflation record over the last 30 years compared with other industrial countries such as Germany, Switzerland, Japan and the United States. Because of their relatively good inflation record, this latter group of countries has not explicitly adopted inflation targeting. With, or without, explicit inflation targeting the monetary policy credibility hinges on the independence of the central bank. Alex Cukierman addresses the issue of central bank independence by surveying alternative ways to characterize independence.
Exchange Rate Policy
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Author : R. Batchelor
language : en
Publisher: Springer
Release Date : 1982-09-30
Exchange Rate Policy written by R. Batchelor and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982-09-30 with Business & Economics categories.
Targeting The Real Exchange Rate
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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01
Targeting The Real Exchange Rate written by Mr.Guillermo Calvo 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 1994-02-01 with Business & Economics categories.
This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes in fiscal policy, a more depreciated level of the real exchange can only be attained temporarily. This can be achieved by means of higher inflation and/or higher real interest rates, depending on the degree of capital mobility. Evidence for Brazil, Chile, and Colombia supports the model’s prediction that undervalued real exchange rates are associated with higher inflation.