The United Kingdom S Experience With Inflation Targeting
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The United Kingdom S Experience With Inflation Targeting
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-06-01
The United Kingdom S Experience With Inflation Targeting 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 1998-06-01 with Business & Economics categories.
This paper reviews the first five years’ experience with inflation targeting in the United Kingdom. It concludes that inflation performance was not significantly different under inflation targeting than predicted by a VAR model estimated in the period prior to participation in the exchange rate mechanism (ERM). Both short- and long-term interest rates were lower than predicted, however, which is consistent with the interpretation that some gains in credibility were achieved under the inflation targeting regime.
The United Kingdom S Experience With Inflation Targeting
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Author : Timothy David Lane
language : en
Publisher:
Release Date : 1998
The United Kingdom S Experience With Inflation Targeting written by Timothy David Lane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Inflation (Finance) categories.
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.
Inflation Targeting In The United Kingdom
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Author : Benjamin Viertel
language : en
Publisher: Diplomica Verlag
Release Date : 2009-08
Inflation Targeting In The United Kingdom written by Benjamin Viertel and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08 with Business & Economics categories.
Especially since the operational introduction as central bank monetary policy framework in the early 1990s in New Zealand, the United Kingdom (UK), Canada and Sweden, inflation targeting has gained both empirical and theoretical relevance as a monetary policy strategy. In this paper I relate to inflation targeting theory and its framework in the UK. For that purpose the author first regards the development of inflation targeting in respect to other monetary policy strategies. He answers the question what the actual target variable is and why one would want to have inflation being low and stable. Then there is some complexity because the development of inflation targeting has to be viewed in relation to paradigmatic debates between Monetarist and New-Keynesian insights. He present the two fundamental views of how an inflation targeting framework should be modelled. By stating some equations from basic theoretical literature, he gives an overview about the different characteristics of that monetary policy strategy and how there is still controversy about the way of modelling. One chapter is concerned with the operational framework in the UK, including statements to historical developments at the Bank of England. The present monetary policy framework will be reviewed in detail relating to the Bank's publication policy and the inflation forecasting process. The Bank of England's model of the transmission mechanism is reviewed. This includes the interest rate setting process, the role of money and the relationship between inflation and inflation expectations. Finally, he discusses some economic effects that changed the British economy since the introduction of inflation targeting.
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
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Author : Ben S. Bernanke
language : en
Publisher: Princeton University Press
Release Date : 2018-06-05
Inflation Targeting written by Ben S. Bernanke and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-05 with Business & Economics categories.
How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made.
The United Kingdom S Experiencewith Inflation Targeting
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Author : Timothy Lane
language : en
Publisher:
Release Date : 1998
The United Kingdom S Experiencewith Inflation Targeting written by Timothy Lane and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with 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.
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
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Author : Charles Richard Bean
language : en
Publisher:
Release Date : 2005
Inflation Targeting written by Charles Richard Bean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
In this speech, Charles Bean, Chief Economist and member of the Monetary Policy Committee, reviews the background to the adoption of an inflation target in 1992 and the subsequent development of the regime, in particular the delegation of operational responsibility for monetary policy to the Bank of England in 1997 and the associated institutional framework. He goes on to explain some aspects of the way policy is formulated and conducted at the Bank, relating it to some of the burgeoning literature on inflation targeting. He next reviews some aspects of performance since the Bank's independence and concludes with a discussion of the question of how monetary policy should respond to asset price booms and high rates of debt accumulation.
