Inflaci N
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Monetary Policy With A Convex Phillips Curve And Asymmetric Loss
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Author : Demosthenes N. Tambakis
language : en
Publisher: International Monetary Fund
Release Date : 1998-02-01
Monetary Policy With A Convex Phillips Curve And Asymmetric Loss written by Demosthenes N. Tambakis 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 1998-02-01 with Business & Economics categories.
Recent theoretical and empirical work has cast doubt on the hypotheses of a linear Phillips curve and a symmetric quadratic loss function underlying traditional thinking on monetary policy. This paper analyzes the Barro-Gordon optimal monetary policy problem under alternative loss functions—including an asymmetric loss function corresponding to the “opportunistic approach” to disinflation—when the Phillips curve is convex. Numerical simulations are used to compare the implications of the alternative loss functions for equilibrium levels of inflation and unemployment. For parameter estimates relevant to the United States, the symmetric loss function dominates the asymmetric alternative.
Countercyclical Macro Prudential Policies In A Supporting Role To Monetary Policy
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Author : Papa M'B. P. N'Diaye
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-01
Countercyclical Macro Prudential Policies In A Supporting Role To Monetary Policy written by Papa M'B. P. N'Diaye 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 2009-11-01 with Business & Economics categories.
This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities. The results suggest that binding countercyclical prudential regulations can help reduce output fluctuations and lessen the risk of financial instability. More specifically, countercyclical rules such as countercyclical capital adequacy rules, can allow monetary authorities to achieve the same output and inflation objectives but with smaller adjustments in interest rates. The countercyclical rules can help stem swings in asset prices, lean against a financial accelerator process, and thereby help to lower risks of macroeconomic and financial instability. In economies with fixed exchange rates, where countercyclical monetary policy is not possible, prudential regulations can provide a useful mechanism for mitigating a run-up in asset prices and for promoting output stability.
Inflation Fiscal Policy And Central Banks
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Author : Leo N. Bartolotti
language : en
Publisher: Nova Publishers
Release Date : 2006
Inflation Fiscal Policy And Central Banks written by Leo N. Bartolotti and has been published by Nova Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
This book brings together new research on three areas of ongoing interest in the area of international finance such as: Inflation, Fiscal Policy and Central Policy. Several of the papers deal with the G-8 countries.
Fiscal Revenue Inflationary Finance And Growth
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Author : Mr.Nurun N. Choudhry
language : en
Publisher: International Monetary Fund
Release Date : 1992-03-01
Fiscal Revenue Inflationary Finance And Growth written by Mr.Nurun N. Choudhry 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 1992-03-01 with Business & Economics categories.
This paper analyzes the optimal rate of monetary expansion when government resorts to inflationary finance to generate additional investment for enhancing growth. If there are lags in tax collection, an increase in inflation erodes real fiscal revenue, thereby worsening the current balance while reducing government investment. This impedes capital accumulation as well as increases the welfare cost of inflation. As such, the optimal rate of monetary expansion, equilibrium capital-labor ratio and output are lower while the marginal cost of inflationary finance is higher than they would be without collection lags. Simulations are performed to highlight empirical implications.
Macroeconomic Implications For Hong Kong Sar Of Accommodative U S Monetary Policy
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Author : Papa M'B. P. N'Diaye
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-01
Macroeconomic Implications For Hong Kong Sar Of Accommodative U S Monetary Policy written by Papa M'B. P. N'Diaye 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 2009-11-01 with Business & Economics categories.
This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle.
An Index For Transparency For Inflation Targeting Central Banks Application To The Czech National Bank
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Author : Rania A. Al-Mashat
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-01
An Index For Transparency For Inflation Targeting Central Banks Application To The Czech National Bank written by Rania A. Al-Mashat 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 2018-10-01 with Business & Economics categories.
This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
Unbearable Costs When Is Inflation Impeding Job Creation Evidence From Sub Saharan Africa
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Author : Ibrahima Camara
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-03
Unbearable Costs When Is Inflation Impeding Job Creation Evidence From Sub Saharan Africa written by Ibrahima Camara 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 2023-03-03 with Business & Economics categories.
Covid-19 and war-induced commodity price fluctuations, and broadening price pressures have led to a surge in inflation in many sub-Saharan Africa (SSA) countries. To adjust to increasing costs, firms have resorted to several measures including shuttering offices, reducing businesses, laying off, and freezing hiring, thus putting at risk job creation and raising concerns of youth unemployment. This paper explores the effects of inflation on private employment growth in SSA using a large firm -level dataset from the World Bank’s Enterprise Surveys. We find a non-linear relationship between inflation and job creation in SSA, with job creation being negatively correlated with inflation rate when the latter is above 14 percent. This finding holds regardless of the sector of activities of firms and the exchange rate regime. In addition, the paper finds some differential effects based on the type of products. An increase in fuel prices tends to be more detrimental to job creation than food prices. The study also provides evidence that the state of implementation of structural reforms matters. The results show that inflation reduces job opportunities mostly in countries with bad or no structural reforms.
Effect Of Exchange Rate Movements On Inflation In Sub Saharan Africa
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Author : Laurent Kemoe
language : en
Publisher: International Monetary Fund
Release Date : 2024-03-15
Effect Of Exchange Rate Movements On Inflation In Sub Saharan Africa written by Laurent Kemoe 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 2024-03-15 with Business & Economics categories.
This paper provides new evidence on the exchange rate passthrough to domestic inflation in Sub-Saharan Africa (SSA) using both bilateral US dollar exchange rate and the nominal effective exchange rate (NEER), and monthly data. We find that depreciations cause sizable increases in domestic inflation. The passthrough in SSA is higher than in other regions and its magnitude depends on the exchange rate regime, type of exchange rate (bilateral versus NEER), natural resource endowment and domestic market competitiveness. The passthrough is found to be disproportionately larger and more persistent for large depreciation shocks, and for exchange rate changes that are more persistent. We also find evidence of asymmetry, with passthrough eight times stronger during depreciations than appreciations. Additional findings suggest that improved monetary policy effectiveness is an important driver of our observed declining estimates of exchange rate passthrough over time, supporting the long-standing view that strengthening monetary policy frameworks and credibility helps mitigate the impact of depreciations on inflation.
What Triggers Inflation In Emerging Market Economies
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Author : Ilker Domaç
language : en
Publisher: World Bank Publications
Release Date : 2004
What Triggers Inflation In Emerging Market Economies written by Ilker Domaç 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 2004 with Inflation (Finance) categories.
"Emerging market economies (EMEs) have experienced a noticeable decline in inflation since the mid-1990s. Whether this stable price environment in EMEs is likely to endure and what kind of policies need to be followed to ensure price stability, however, still continue to be questions of considerable policy relevance. Doma ̇and Ycel investigate the factors associated with the start of 24 inflation episodes in 15 EMEs between 1980 and 2001. They use pooled probit analysis to estimate the contribution of the key factors to inflation starts. Their empirical results suggest that increases in the output gap, agricultural shocks, and expansionary fiscal policy raise the probability of inflation starts in EMEs. Their findings also indicate that a more democratic environment and an increase in capital flows relative to GDP reduce the probability of inflation starts. This papera product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Regionis part of a larger effort in the region to enhance knowledge on the inflationary process and its policy implications"-- World Bank web site.
The Fearsome Dilemma
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Author : Alex N. McLeod
language : en
Publisher: Lanham, MD : University Press of America
Release Date : 1984
The Fearsome Dilemma written by Alex N. McLeod and has been published by Lanham, MD : University Press of America this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.