Inflation Targeting Lite In Small Open Economies

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Inflation Targeting Lite In Small Open Economies

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2005-09-01

Inflation Targeting Lite In Small Open Economies 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 2005-09-01 with Business & Economics categories.

This paper develops a new macrofinance model for small open economies, allowing the investigation of Mauritius's experience with 'inflation targeting lite' as described in Stone (2003). It finds that this monetary policy regime has been associated with a general reduction in inflation, principally through a reduction in inflation expectations. The credibility the Bank of Mauritius has established with its 'inflation targeting lite' regime has allowed it to shift from an emphasis on exchange rate targeting towards inflation targeting. By estimating a model in which the yield curve is modeled explicitly we are able to obtain estimates of inflation expectations.

Inflation Targeting Lite In Small Open Economies

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Author : Nathan Porter
language : en
Publisher:
Release Date : 2005

Inflation Targeting Lite In Small Open Economies written by Nathan Porter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Anti-inflationary policies categories.

This paper develops a new macrofinance model for small open economies, allowing the investigation of Mauritius's experience with 'inflation targeting lite' as described in Stone (2003). It finds that this monetary policy regime has been associated with a general reduction in inflation, principally through a reduction in inflation expectations. The credibility the Bank of Mauritius has established with its 'inflation targeting lite' regime has allowed it to shift from an emphasis on exchange rate targeting towards inflation targeting. By estimating a model in which the yield curve is modeled explicitly we are able to obtain estimates of inflation expectations.

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.

Hybrid Inflation Targeting Regimes

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Author : Jorge Restrepo
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01

Hybrid Inflation Targeting Regimes written by Jorge Restrepo 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 uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for financially robust advanced economies and for financially vulnerable emerging economies in handling risk premium shocks. As long as the weight placed on exchange rate smoothing is relatively small, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially vulnerable emerging economies are especially likely to benefit from some exhange rate smoothing because of the perverse impact of exchange rate movements on activity.

Inflation Targeting Lite

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Author : Mark Stone
language : en
Publisher:
Release Date : 2006

Inflation Targeting Lite written by Mark Stone and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with 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.

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.

Inflation Targeting In A Small Open Economy

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Author : Alan Sutherland
language : en
Publisher:
Release Date : 2001

Inflation Targeting In A Small Open Economy written by Alan Sutherland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Anti-inflationary policies categories.

Inflation Targeting And Capital Openness In The Small Open Economy

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Author : Sanchita Mukherjee
language : en
Publisher:
Release Date : 2011

Inflation Targeting And Capital Openness In The Small Open Economy written by Sanchita Mukherjee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.

Inflation Targeting And Exchange Rate Rules In An Open Economy

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Author : Mr.Eric Parrado
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-02-01

Inflation Targeting And Exchange Rate Rules In An Open Economy written by Mr.Eric Parrado 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 2004-02-01 with Business & Economics categories.

This paper provides a simple dynamic neo-Keynesian model that can be used to analyze the impact of monetary policy that considers inflation targeting in a small open economy. This economy is characterized by imperfect competition and short-run price rigidity. The main findings of the paper are that, depending on what shocks affect the economy, the effects of inflation targeting on output and inflation volatility depend crucially on the exchange rate regime and the inflation index being targeted. First, in the presence of real shocks, flexible exchange rates dominate managed exchange rates, while for nominal shocks the reverse is true. Second, domestically generated inflation targeting is preferable to CPI inflation targeting, because the former is more stabilizing not only in relation to both measures of inflation, but also to the output gap and the real exchange rate. Finally, flexible inflation targeting outperforms strict inflation targeting in terms of welfare.

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.