Gains From Anchoring Inflation Expectations Evidence From The Taper Tantrum Shock

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Gains From Anchoring Inflation Expectations Evidence From The Taper Tantrum Shock

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Author : Mr.Rudolfs Bems
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-27

Gains From Anchoring Inflation Expectations Evidence From The Taper Tantrum Shock written by Mr.Rudolfs Bems 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 2019-03-27 with Business & Economics categories.

Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring. We find that while the tapering announcement negatively affected growth prospects regardless of the level of anchoring, countries with weakly anchored inflation expectations experienced larger exchange rate pass-through to consumer prices, hence comparatively higher inflation. We conclude that efforts to improve the extent of anchoring of inflation expectations in emerging markets pay off, as they ease the trade-off that central banks face when external shocks weaken growth prospects and trigger currency depreciations.

Gains From Anchoring Inflation Expectations Evidence From The Taper Tantrum Shock

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Author : Mr.Rudolfs Bems
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-28

Gains From Anchoring Inflation Expectations Evidence From The Taper Tantrum Shock written by Mr.Rudolfs Bems 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 2019-03-28 with Business & Economics categories.

Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring. We find that while the tapering announcement negatively affected growth prospects regardless of the level of anchoring, countries with weakly anchored inflation expectations experienced larger exchange rate pass-through to consumer prices, hence comparatively higher inflation. We conclude that efforts to improve the extent of anchoring of inflation expectations in emerging markets pay off, as they ease the trade-off that central banks face when external shocks weaken growth prospects and trigger currency depreciations.

World Economic Outlook October 2021

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-12

World Economic Outlook October 2021 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 2021-10-12 with Business & Economics categories.

The global recovery continues but the momentum has weakened, hobbled by the pandemic. Fueled by the highly transmissible Delta variant, the recorded global COVID-19 death toll has risen close to 5 million and health risks abound, holding back a full return to normalcy. Pandemic outbreaks in critical links of global supply chains have resulted in longer-than-expected supply disruptions, further feeding inflation in many countries. Overall, risks to economic prospects have increased, and policy trade-offs have become more complex.

Monetary Policy Transmission Heterogeneity Cross Country Evidence

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Author : Mr. Pragyan Deb
language : en
Publisher: International Monetary Fund
Release Date : 2023-10-17

Monetary Policy Transmission Heterogeneity Cross Country Evidence written by Mr. Pragyan Deb 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 2023-10-17 with Business & Economics categories.

This paper revisits the transmission of monetary policy by constructing a novel dataset of monetary policy shocks for an unbalanced sample of 33 advanced and emerging market economies during the period 1991Q2-2023Q2. Our findings reveal that tightening monetary policy swiftly and negatively impacts economic activity, but the effects on inflation and inflation expectations takes time to fully materialize. Notably, there exist significant heterogeneities in the transmission of monetary policy across countries and time, depending on structural characteristics and cyclical conditions. Across countries, monetary policy is more effective in countries with flexible exchange rate regime, more developed financial systems, and credible monetary policy frameworks. In addition, we find that monetary policy transmission is stronger when uncertainty is low, financial conditions are tight and monetary policy is coordinated with fiscal policy—that is, when the stances move in the same direction.

Theory Of Shocks Covid 19 And Normative Fundamentals For Policy Responses

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Author : Pilipenko, Olga Ivanovna
language : en
Publisher: IGI Global
Release Date : 2021-03-18

Theory Of Shocks Covid 19 And Normative Fundamentals For Policy Responses written by Pilipenko, Olga Ivanovna and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-18 with Business & Economics categories.

The phenomenon of shocks is often mentioned in relation to economic crises but rarely studied. This gap in research has resulted in shocks being poorly understood, with no fundamental explanation of their inciting conditions. It is a system-forming problem that cannot be investigated without dynamic ideas about the economy, but an incomplete understanding of this event leaves economic systems vulnerable to collapse. Theory of Shocks, COVID-19, and Normative Fundamentals for Policy Responses is an essential publication that explores the factors that cause economic shocks and the mechanisms of their implementation. The book serves as a resource for the development of policy-oriented frameworks for achieving and maintaining national and international strategies to properly manage future global shocks. Featuring coverage of a wide range of topics including dialectics, self-evolvement, and structural relationships, this book is ideally designed for economists, executives, managers, entrepreneurs, academicians, students, and researchers in the areas of finance, macroeconomics, economic theory, and risk assessment.

Nber Macroeconomics Annual 2024

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Author : Martin Eichenbaum
language : en
Publisher: University of Chicago Press
Release Date : 2025-07-28

Nber Macroeconomics Annual 2024 written by Martin Eichenbaum 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 2025-07-28 with Business & Economics categories.

Provides a forum for leading economists to participate in important debates in macroeconomics and to report on major developments in macroeconomic analysis and policy. The NBER Macroeconomics Annual presents research on central issues in contemporary macroeconomics. Martin Kornejew, Chen Lian, Yueran Ma, Pablo Ottonello, and Diego Perez investigate the role of bankruptcy institutions in mitigating the economic fallout of credit crunches following booms and find that efficient institutions reduce the adverse effect of credit tightening on GDP. Santiago Camara, Lawrence Christiano, and Hüsnü Dalgic analyze the global effects of US monetary policy shocks, with particular attention to trade channels and financial frictions, and find that tighter US monetary policy leads to more pronounced contractions in emerging markets than in advanced economies. David Altig, Alan Auerbach, Erin Eidschun, Laurence Kotlikoff, and Victor Yifan Ye assess the welfare costs of inflation through interactions with tax and benefit programs and show that imperfect indexation leads to welfare losses for some households and gains for others. Paul Beaudry, Chenyu Hou, and Franck Portier examine inflation dynamics, and find that supply shocks and inflation expectations are pivotal for explaining them. Finally, Davide Debortoli and Jordi Galí develop a simplified two-agent new Keynesian (TANK) model to emulate more complex heterogeneous agent new Keynesian (HANK) models, and use it to examine the many channels through which heterogeneity influences aggregate fluctuations.

Adapting And Mitigating Environmental Social And Governance Risk In Business

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Author : Ziolo, Magdalena
language : en
Publisher: IGI Global
Release Date : 2021-04-16

Adapting And Mitigating Environmental Social And Governance Risk In Business written by Ziolo, Magdalena and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-16 with Business & Economics categories.

Environmental, social, and corporate governance (ESG) risk considers the nonfinancial risks that could arise in a business, such as sustainability, brand reputation, legal aspects, ethics, and more. As businesses all have their own risk profiles, there is a need for risk management and mitigation that is unique for each company. Because of this variability, the study on ESG risk factors and motives of incorporating the ESG perspective into business models are crucial yet challenging. Therefore, it is important to understand how companies are adapting and mitigating ESG risk in diverse types of businesses. Adapting and Mitigating Environmental, Social, and Governance Risk in Business examines processes in enterprises that can increase the sustainability of business models and their coherence with the assumptions of the concept of sustainable development and ESG risk. Furthermore, the book explores how enterprises operating in different sectors are adapting their business models towards sustainability in order to create sustainable value. This book is a valuable tool for managers, executives, entrepreneurs, practitioners, academicians, researchers, and graduate students in finance, business, and management.

Asset Purchase Programs In European Emerging Markets

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Author : Mr. Marco Arena
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-24

Asset Purchase Programs In European Emerging Markets written by Mr. Marco Arena 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 2021-09-24 with Business & Economics categories.

Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

And Yet It Moves

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Author : David Miles
language : en
Publisher: Geneva Reports on the World Ec
Release Date : 2018-10-30

And Yet It Moves written by David Miles and has been published by Geneva Reports on the World Ec this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-30 with Business & Economics categories.

Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. A rule of thumb that inflation is always near 2%, though more often than not just a bit below, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who speak of inflation as a major economic problem. But, like Galileo Galilei told his contemporaries who thought the Earth was immovable, "Eppur si muove" ("and yet it moves"). Since most societies regard stable inflation as a goal, it is tempting to describe this solid anchoring of inflation as a great achievement of monetary policy. But what if it was just luck? Will the great anchoring soon lead a great bout of inflation, just as the Great Moderation was followed by the Great Recession? Do we need to change the way in which policy is set to better handle changed circumstances since the financial crash? The 19th Geneva Report on the World Economy starts by analysing outcomes across countries for the last ten years. Inflation is compared with its behaviour in the period before the financial crash to assess the extent to which it really has been stable, what the proximate causes are, and whether it will stay low in future. The report then assesses theories of inflation in light of these facts, and tries to make sense of them. Next, the report turns to the question we posed at the start: was it good policy or good luck that prevented severe deflation and kept inflation relatively steady? A description of what policies were adopted and how they interacted with economic shocks informs the conclusions on appropriate policies--both monetary and fiscal--for the future. The report pays particular attention tothe role of central banks and the extent of their activities.

The Asean Way

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Author : Ms.Ana Corbacho
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-02

The Asean Way written by Ms.Ana Corbacho 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 2018-10-02 with Business & Economics categories.

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.