Inflation Nominal Interest Rates And The Variability Of Output
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Inflation Nominal Interest Rates And The Variability Of Output
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Author : Mr.Bankim Chadha
language : en
Publisher: International Monetary Fund
Release Date : 1996-10-01
Inflation Nominal Interest Rates And The Variability Of Output written by Mr.Bankim Chadha 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 1996-10-01 with Business & Economics categories.
This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Inflation Nominal Interest Rates And The Variability Of Output
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Author : Bankim Chadha
language : en
Publisher:
Release Date : 1994
Inflation Nominal Interest Rates And The Variability Of Output written by Bankim Chadha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Economics categories.
Interest Rate Smoothing And Inflation Output Variability In A Small Open Ended Economy
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Author : T. C. Y. Kam
language : en
Publisher:
Release Date : 2001
Interest Rate Smoothing And Inflation Output Variability In A Small Open Ended Economy written by T. C. Y. Kam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Inflation (Finance) categories.
Exchange Rate Effects And Inflation Targeting In A Small Open Economy
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Author : Reserve Bank of New Zealand
language : en
Publisher:
Release Date : 1999
Exchange Rate Effects And Inflation Targeting In A Small Open Economy written by Reserve Bank of New Zealand and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Foreign exchange rates categories.
Three Lessons For Monetary Policy In A Low Inflation Era
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Author : David Reifschneider
language : en
Publisher:
Release Date : 1999
Three Lessons For Monetary Policy In A Low Inflation Era written by David Reifschneider and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Equilibrium (Economics) categories.
Inflation Targeting In Practice
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Author : Mr.Mario I. Bléjer
language : en
Publisher: International Monetary Fund
Release Date : 2000-08-21
Inflation Targeting In Practice written by Mr.Mario I. Bléjer 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 2000-08-21 with Business & Economics categories.
A growing number of countries are anchoring their monetary policy through explicit inflation targeting. This policy has already scored remarkable successes in several countries, establishing central bank credibility, and reining in inflation where it had long been stubbornly high. But implementing inflation targets raises many difficult questions. What prerequisites must an economy and its institutions meet for the strategy to work? What choices should central banks make from the menu of possible variations on the basic approach? This book summarizes the discussions in a seminar at which economists and policymakers from ten countries reviewed their experiences with inflation targeting.
Optimal Monetary Policy In A Model With Habit Formation
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Author : Jeffrey C. Fuhrer
language : en
Publisher:
Release Date : 2000
Optimal Monetary Policy In A Model With Habit Formation written by Jeffrey C. Fuhrer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Consumption (Economics) categories.
A Model For Full Fledged Inflation Targeting And Application To Ghana
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Author : Jihad Dagher
language : en
Publisher: International Monetary Fund
Release Date : 2010-01-01
A Model For Full Fledged Inflation Targeting And Application To Ghana written by Jihad Dagher 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 2010-01-01 with Business & Economics categories.
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.
A Macro Model Approach To Monetary Policy Analysis And Forecasting For Vietnam
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Author : Allan Dizioli
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-23
A Macro Model Approach To Monetary Policy Analysis And Forecasting For Vietnam written by Allan Dizioli 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 2015-12-23 with Business & Economics categories.
The paper develops a small New-Keynesian FPAS model for Vietnam. The model closely matches actual data from 2000-2014. We derive an optimal monetary policy rule that minimizes variability of output, inflation, and the exchange rate. Compared to the baseline model, the optimal rule places a larger weight on output stabilization as the intermediate target to achieve inflation stability, while allowing greater exchange rate flexibility. We analyze the dynamics of key macro variables under various shocks including external and domestic demand shocks and a lift-off of U.S. interest rates. We find that the optimal monetary policy rule delivers greater macroeconomic stability for Vietnam under the shock scenarios.
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.