Inflation Targeting At 20 Achievements And Challenges
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Inflation Targeting At 20 Achievements And Challenges
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Author : Mr.Scott Roger
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01
Inflation Targeting At 20 Achievements And Challenges written by Mr.Scott Roger 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 2009-10-01 with Business & Economics categories.
This paper provides an overview of inflation targeting frameworks and macroeconomic performance under inflation targeting. Inflation targeting frameworks are generally quite similar across countries, and a broad consensus has developed in favor of "flexible" inflation targeting. The evidence shows that, although inflation target ranges are missed frequently in most countries, the inflation and growth performance under inflation targeting compares very favorably with performance under alternative frameworks. Inflation targeters also tentatively appear to be coping better with the commodity price and financial shocks in 2007-2009 than non-inflation targeters. Key issues going forward include adapting inflation targeting to emerging market and developing countries, and incorporating financial stability issues into the framework.
Twenty Years Of Inflation Targeting
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Author : David Cobham
language : en
Publisher: Cambridge University Press
Release Date : 2010-09-16
Twenty Years Of Inflation Targeting written by David Cobham and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-16 with Business & Economics categories.
There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
Inflation Targeting And The Crisis
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Author : Mr.Irineu E. de Carvalho Filho
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01
Inflation Targeting And The Crisis written by Mr.Irineu E. de Carvalho Filho 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 2010-02-01 with Business & Economics categories.
This paper appraises how countries with inflation targeting fared during the current crisis, with the goal of establishing the stylized facts that will guide and motivate future research. We find that since August 2008, IT countries lowered nominal policy rates by more and this loosening translated into an even larger differential in real interest rates relative to other countries; were less likely to face deflation scares; and saw sharp real depreciations not associated with a greater perception of risk by markets. We also find some weak evidence that IT countries did better on unemployment rates and advanced IT countries have had relatively stronger industrial production performance. Finally, we find that advanced IT countries had higher GDP growth rates than their non-IT peers, but find no such difference for emerging countries or the full sample.
Inflation Targeting In Mena Countries
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Author : Mongi Boughzala
language : en
Publisher: Springer
Release Date : 2011-07-26
Inflation Targeting In Mena Countries written by Mongi Boughzala and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-26 with Business & Economics categories.
This volume assesses the current state of play for Middle East and North African countries, in the light of wider work on inflation targeting, and provides lessons from the evolution of monetary policy in Europe.
Inflation Targeting And Fiscal Rules
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Author : Jean-Louis Combes
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-28
Inflation Targeting And Fiscal Rules written by Jean-Louis Combes 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 2014-05-28 with Business & Economics categories.
The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contribution of the paper is to show that, as suggested by the theoretical literature, interactions between FR and IT matter a great deal for policy outcomes. Specifically, the combination of FR and IT appears to deliver more disciplined macroeconomic policies than each of these institutions in isolation. In addition, the sequencing of the monetary and fiscal reforms plays a role: adopting FR before IT delivers stronger results than the reverse sequence.
Important Elements For Inflation Targeting For Emerging Economies
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Author : Ms.Inci Ötker
language : en
Publisher: International Monetary Fund
Release Date : 2010-05-01
Important Elements For Inflation Targeting For Emerging Economies written by Ms.Inci Ötker 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 2010-05-01 with Business & Economics categories.
This is the fifth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines whether certain conditions have to be met before emerging economies can adopt an inflation-targeting regime and provides some empirical evidence on the matter. The issues analyzed are the priority of inflation targeting over other goals, the absence of fiscal dominance, central bank independence, the degree of control over the policy interest rate, a sound methodology for forecasting, and the soundness of financial institutions and markets, and resilience to changes in exchange rates and interest rates.
Macro Effects Of Formal Adoption Of Inflation Targeting
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Author : Surjit Bhalla
language : en
Publisher: International Monetary Fund
Release Date : 2023-01-13
Macro Effects Of Formal Adoption Of Inflation Targeting written by Surjit Bhalla 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 2023-01-13 with Business & Economics categories.
We examine the impact of formal adoption of inflation targeting (IT) on inflation, growth and anchoring of inflation expectations in advanced economies and emerging markets and developing economies (EMDEs). Our paper reports several findings relevant to assessing the success of IT regimes. We find that while the early adopters of IT (pre-2000) all saw declines in inflation rates following adoption, IT adopters since then have enjoyed such success in only about half the cases. Since there is not much difference, on average, between IT and non-IT countries in mean inflation, inflation volatility and the extent of inflation anchoring, it is not easy to sort out what role IT has played in ensuring good outcomes; in particular, we cannot rule out the possibility that the success of IT may be due to ‘regression to the mean’. Our country-level analysis—using the Synthetic Control Method (SCM) to compare outcomes in IT countries to a synthetic cohort—shows that IT adoption delivers significant inflation gains in about a third of the cases. At the same time, we also find limited support for the concern that adoption of IT systematically leads to poorer growth outcomes. At a time when central banks are struggling to keep inflation in check, our results suggest that the belief that IT adoption will be sufficient to achieve this goal cannot be taken for granted.
Twenty Years Of Inflation Targeting
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Author : David Cobham
language : en
Publisher: Cambridge University Press
Release Date : 2014-02-20
Twenty Years Of Inflation Targeting written by David Cobham and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-20 with Business & Economics categories.
There is now a remarkably strong consensus among academics and professional economists that central banks should adopt explicit inflation targets and that all key monetary policy decisions, especially those concerning interest rates, should be made with a view to ensuring that these targets are achieved. This book provides a comprehensive review of the experience of inflation targeting since its introduction in New Zealand in 1989 and looks in detail at what we can learn from the past twenty years and what challenges we may face in the future. Written by a distinguished team of academics and professional economists from central banks around the world, the book covers a wide range of issues including many that have arisen as a result of the recent financial crisis. It should be read by anyone concerned with better understanding inflation targeting and its past, present and future role within monetary policy.
Inflation Targeting And Country Risk
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Author : Mr.Armand Fouejieu
language : en
Publisher: International Monetary Fund
Release Date : 2013-01-23
Inflation Targeting And Country Risk written by Mr.Armand Fouejieu 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 2013-01-23 with Business & Economics categories.
The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countries’ fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption of inflation targeting (IT) affects spreads. It is hypothesized that country risk premia for IT countries (especially among emerging market economies) may be lower than for other countries owing to greater policy predictability and more stable long-term inflation. The findings suggest that IT reduces the risk premium, both through adoption of the IT regime, and through the observed track record in stabilizing inflation.
Uzbekistan S Transition To Inflation Targeting
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Author : Moayad Al Rasasi
language : en
Publisher: International Monetary Fund
Release Date : 2022-11-18
Uzbekistan S Transition To Inflation Targeting written by Moayad Al Rasasi 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 2022-11-18 with Business & Economics categories.
Uzbekistan has significantly improved its monetary policy framework during 2017-21. Nevertheless, the transition to inflation targeting is challenging as the country is going through a period of deep structural reforms. Therefore, the Central Bank of Uzbekistan (CBU) will have to monitor structural reforms and calibrate monetary policy accordingly. This paper identifies institutional and structural gaps, and assesses the effectiveness of monetary policy transmission. Institutional gaps are assessed using institutional indexes while transmission is assessed using VARs. It concludes that in the coming years, reforms will need to continue, to further improve the CBU’s governance and independence, develop financial markets, but most of all to reduce the still large footprint of the state in the financial sector as well as in the overall economy.