Inflation Targeting Pillars PDF Download
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Author | : Charles Freedman |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2009-12-01 |
Genre | : Business & Economics |
ISBN | : 1451874073 |
Download Inflation Targeting Pillars - Transparency and Accountability Book in PDF, ePub and Kindle
This is the fourth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether there should be limits on what is made public. It concludes with a short discussion of accountability.
Author | : Ms.Inci Ötker |
Publisher | : International Monetary Fund |
Total Pages | : 23 |
Release | : 2010-05-01 |
Genre | : Business & Economics |
ISBN | : 1455200727 |
Download Important Elements for Inflation Targeting for Emerging Economies Book in PDF, ePub and Kindle
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.
Author | : Charles Freedman |
Publisher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 2009-04-01 |
Genre | : Business & Economics |
ISBN | : 145187233X |
Download Why Inflation Targeting? Book in PDF, ePub and Kindle
This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
Author | : Frederic S. Mishkin |
Publisher | : World Bank Publications |
Total Pages | : 42 |
Release | : 2001 |
Genre | : Anti-inflationary policies |
ISBN | : |
Download From Monetary Targeting to Inflation Targeting Book in PDF, ePub and Kindle
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.
Author | : Mr.Scott Roger |
Publisher | : International Monetary Fund |
Total Pages | : 69 |
Release | : 2005-08-01 |
Genre | : Business & Economics |
ISBN | : 1451861826 |
Download On Target? the International Experience with Achieving Inflation Targets Book in PDF, ePub and Kindle
This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation targeting frameworks, a comparison of actual and targeted inflation outcomes, and case studies of large inflation target misses. Inflation targets are missed about 40 percent of the time and often by substantial amounts and for prolonged periods, yet no country has dropped inflation targeting. The resilience of the inflation targeting regime is attributable to the flexibility of the framework, its high standards of transparency and accountability, and the lack of realistic alternatives.
Author | : Marcel Peter |
Publisher | : International Monetary Fund |
Total Pages | : 64 |
Release | : 2006-12 |
Genre | : Business & Economics |
ISBN | : |
Download Implementing Inflation Targeting Book in PDF, ePub and Kindle
Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy communications. The paper is primarily aimed at providing practical advice to countries planning to develop an inflation targeting framework, but many of the issues are relevant for any credible, independent monetary policy.
Author | : Mr.Scott Roger |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2009-10-01 |
Genre | : Business & Economics |
ISBN | : 1451873832 |
Download Inflation Targeting at 20 - Achievements and Challenges Book in PDF, ePub and Kindle
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.
Author | : Mr.Albert Jaeger |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2003-04-01 |
Genre | : Business & Economics |
ISBN | : 1451850468 |
Download The ECB'S Money Pillar Book in PDF, ePub and Kindle
This paper discusses the case for a money pillar in the European Central Bank's (ECB) monetary policy strategy. Time-series evidence for industrial countries based on frequency-domain and unobserved-components analysis suggests that money can play a useful role in gauging and constraining long-run risks to price stability. Moreover, the specter of asset price bubbles and some of the area's institutional features, which may impart considerable persistence to area-wide inflation, caution against shifting to conventional inflation targeting. But the time series evidence also seems to point to a relatively loose connection between variations in nominal money growth and inflation in the short to medium run. As a consequence, effective communication of the ECB's monetary policy decisions from the point of view of the present money pillar is likely to remain a challenging task.
Author | : Christopher W. Crowe |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2006-12 |
Genre | : Business & Economics |
ISBN | : |
Download Testing the Transparency Benefits of Inflation Targeting Book in PDF, ePub and Kindle
I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using instrumental variable estimation to eliminate mean-reversion, and is absent in placebo regressions (where IT adoption is shifted by a year). This result supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not support their hypothesis that better public information could make private forecasts less accurate.
Author | : Ben Bernanke |
Publisher | : Princeton University Press |
Total Pages | : 396 |
Release | : 1999 |
Genre | : Business & Economics |
ISBN | : 9780691086897 |
Download Inflation Targeting Book in PDF, ePub and Kindle
This text 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 to understand the intent and effects of monetary policy. They examine the approach in nine countries. 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 a study of inflation targeting. Combining theoretical analysis with 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 US Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. 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.