Inflation Targeting In Practice
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Inflation Targeting In Practice
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Author : Guy Debelle
language : en
Publisher: International Monetary Fund
Release Date : 1997-03
Inflation Targeting In Practice written by Guy Debelle 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 1997-03 with Business & Economics categories.
In recent years, an inflation targeting framework for monetary policy has been adopted in a number of industrial countries. This paper discusses the practical issues that have arisen under the operation of the new framework, and highlights five features of the framework: the assignment of the target, the interaction with other policy goals, the definition of the target, accountability and the role of inflation forecasts. The economic performance of the inflation targeting countries thus far is summarized.
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.
Foreign Exchange Intervention As A Monetary Policy Instrument
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Author : Felix Hüfner
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Foreign Exchange Intervention As A Monetary Policy Instrument written by Felix Hüfner and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.
The Inflation Targeting Debate
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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
The Inflation Targeting Debate written by Ben S. Bernanke 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 2007-11-01 with Business & Economics categories.
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Inflation Targeting As A Framework For Monetary Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-10-02
Inflation Targeting As A Framework For Monetary Policy 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 1998-10-02 with Business & Economics categories.
Inflation distorts prices, erodes savings, discourages investment,stimulates capital flight, inhibits growth, and makes economic planning anightmare. During the past decade, several advanced economies have takena new approach to the age-old problem of controlling inflation throughmonetary policy known as "inflation targeting." This pamphlet explainsthe requirements of putting the new policy in place, the experience of the countries that have tried it, and whether it has applicability todeveloping countries.
Inflation Targeting In The United Kingdom
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Author : Mr.Ramana Ramaswamy
language : en
Publisher: International Monetary Fund
Release Date : 1996-05-01
Inflation Targeting In The United Kingdom written by Mr.Ramana Ramaswamy 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 1996-05-01 with Business & Economics categories.
The main objective of this paper is to identify a set of leading indicators of inflation for the United Kingdom, and discuss the conceptual issues pertaining to inflation targeting. The main conclusions are that narrow money has strong leading indicator properties for inflation, while broad money does not. Long yields appear to have some information for the GDP deflator, and headline inflation, and short yields for underlying inflation. Spreads between commercial paper and gilts, and the yield curve, have very little predictive information on inflation. An interesting conclusion is that while the nominal effective exchange rate is not a good predictor of inflation, the sterling-deutsche mark exchange rate appears to have weak predictive information on the targeted measure of inflation.
From Monetary Targeting To Inflation Targeting
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Author : Frederic S. Mishkin
language : en
Publisher: World Bank Publications
Release Date : 2001
From Monetary Targeting To Inflation Targeting written by Frederic S. Mishkin 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 2001 with Anti-inflationary policies categories.
Experience with monetary targeting suggests that although it successfully controlled inflation in Switzerland and especially Germany, the special conditions that made it work reasonably well in those two countries are unlikely to be satisfied elsewhere. Inflation targeting is more likely to improve economic performance in countries that choose to have an independent domestic monetary policy, but there are subtleties in how inflation targeting is done. Lessons from industrial countries should be useful to central banks designing a framework for monetary policy.
Inflation Targeting And Exchange Rate Management In Less Developed Countries
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Author : Mr.Marco Airaudo
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-08
Inflation Targeting And Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo 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 2016-03-08 with Business & Economics categories.
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
The Inflation Targeting Debate
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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2005-02
The Inflation Targeting Debate written by Ben S. Bernanke 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 2005-02 with Business & Economics categories.
Inflation targeting is now a highly popular framework for the making of monetary policy. This volume addresses the many dimensions of inflation targeting that until now have been quietly set to one side while the focus has been on macroeconomic outcomes alone.
Inflation Targeting Lite
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Author : Mr.Mark R. Stone
language : en
Publisher: International Monetary Fund
Release Date : 2003-01-01
Inflation Targeting Lite written by Mr.Mark R. Stone 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 2003-01-01 with Business & Economics categories.
Inflation targeting lite (ITL) countries float their exchange rate and announce an inflation target, but are not able to maintain the inflation target as the foremost policy objective. This paper identifies 19 emerging market countries as practitioners of ITL. They seem to focus mainly on bringing inflation into the single digits and maintaining financial stability. ITL can be viewed as a transitional regime aimed at buying time for the implementation of the structural reforms needed for a single credible nominal anchor. The important policy challenges for an ITL central bank include whether or not to precommit to a single anchor.