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 : 2019-03-28
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.
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.
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.
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.
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.
Inflation Expectations And How It Explains The Inflationary Impact Of Oil Price Shocks
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Author : Benjamin Wong
language : en
Publisher:
Release Date : 2016
Inflation Expectations And How It Explains The Inflationary Impact Of Oil Price Shocks written by Benjamin Wong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Analysis of the Michigan Survey data confirms U.S. inflation expectations are not perfectly anchored in the event of an oil price shock. Two key results emerge through counterfactual analysis. First, better anchoring of inflation expectations can ameliorate the mild inflation impact which occurs 10 to 12 months after an oil price shock. Second, an initial large burst of inflation from an oil price shock always occurs regardless whether inflation expectations are anchored or not. Therefore, while better anchoring of inflation expectations can lead to better inflation outcomes, these gains can be limited.
Expectations Anchoring And Inflation Persistence
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Author : Rudolfs Bems
language : en
Publisher:
Release Date : 2021
Expectations Anchoring And Inflation Persistence written by Rudolfs Bems and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Inflation (Finance) categories.
Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct an index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies since 1989. We then study the response of consumer prices to terms-of-trade shocks and find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.
Does Inflation Targeting Anchor Long Run Inflation Expectations
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Author : Refet S. Gürkaynak
language : en
Publisher:
Release Date : 2006
Does Inflation Targeting Anchor Long Run Inflation Expectations written by Refet S. Gürkaynak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Anti-inflationary policies categories.
Inflation Targeting And The Anchoring Of Inflation Expectations
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Author : J. Scott Davis
language : en
Publisher:
Release Date : 2014
Inflation Targeting And The Anchoring Of Inflation Expectations written by J. Scott Davis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.