Author : T. C. Y. Kam,Guay C. Lim
Publisher : Unknown
Page : 25 pages
File Size : 52,6 Mb
Release : 2001
Category : Inflation (Finance)
ISBN : 073402472X
Interest Rate Smoothing And Inflation Output Variability In A Small Open Ended Economy
Interest Rate Smoothing And Inflation Output Variability In A Small Open Ended Economy Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of Interest Rate Smoothing And Inflation Output Variability In A Small Open Ended Economy book. This book definitely worth reading, it is an incredibly well-written.
Hybrid Inflation Targeting Regimes
Author : Scott Roger
Publisher : Unknown
Page : 60 pages
File Size : 49,8 Mb
Release : 2009
Category : Anti-inflationary policies
ISBN : IND:30000111454132
Hybrid Inflation Targeting Regimes by Scott Roger Pdf
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, Nominal Interest Rates, and the Variability of Output
Author : Mr.Bankim Chadha,Daniel Tsiddon
Publisher : International Monetary Fund
Page : 42 pages
File Size : 55,6 Mb
Release : 1996-10
Category : Business & Economics
ISBN : UCSD:31822023649494
Inflation, Nominal Interest Rates, and the Variability of Output by Mr.Bankim Chadha,Daniel Tsiddon Pdf
This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania
Author : Nikolay Gueorguiev,Pelin Berkmen
Publisher : International Monetary Fund
Page : 38 pages
File Size : 45,7 Mb
Release : 2004-12-01
Category : Business & Economics
ISBN : 9781451920192
Macroeconomic Implications of the Transition to Inflation Targeting and Capital Account Liberalization in Romania by Nikolay Gueorguiev,Pelin Berkmen Pdf
In the near future, Romania will introduce inflation targeting and fully liberalize its capital account. This paper aims to analyze, in a dynamic general-equilibrium model with sticky prices and monopolistic competition, how these two profound changes will affect the ability of monetary policy to pursue its objective of price stability. In particular, the resilience of the current and future monetary policy regimes to shocks is evaluated against two welfare criteria: a standard central bank loss function containing the deviations of inflation, output, and the real exchange rate from their equilibrium values, and the compensating variation measure of Lucas (1987).
Britische Europaideen, 1940-1970: Bücher und Broschüren
Author : Winfried Böttcher,Jürgen Jansen,Friedrich Welsch
Publisher : Unknown
Page : 948 pages
File Size : 52,9 Mb
Release : 2003
Category : European cooperation
ISBN : CHI:14456183
Britische Europaideen, 1940-1970: Bücher und Broschüren by Winfried Böttcher,Jürgen Jansen,Friedrich Welsch Pdf
Reaction Functions in a Small Open Economy
Author : Ana Maria Santacreu
Publisher : Unknown
Page : 60 pages
File Size : 51,9 Mb
Release : 2005
Category : Bayesian statistical decision theory
ISBN : UCSD:31822030972533
Reaction Functions in a Small Open Economy by Ana Maria Santacreu Pdf
International Dimensions of Monetary Policy
Author : Jordi Galí,Mark Gertler
Publisher : University of Chicago Press
Page : 663 pages
File Size : 52,6 Mb
Release : 2010-03-15
Category : Business & Economics
ISBN : 9780226278872
International Dimensions of Monetary Policy by Jordi Galí,Mark Gertler Pdf
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Monetary Policy
Author : Norman Loayza
Publisher : Unknown
Page : 494 pages
File Size : 46,9 Mb
Release : 2002
Category : Monetary policy
ISBN : UCSD:31822032072027
Monetary Policy by Norman Loayza Pdf
Why Inflation Targeting?
Author : Charles Freedman,Mr.Douglas Laxton
Publisher : International Monetary Fund
Page : 27 pages
File Size : 48,7 Mb
Release : 2009-04-01
Category : Business & Economics
ISBN : 9781451872330
Why Inflation Targeting? by Charles Freedman,Mr.Douglas Laxton Pdf
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.
Issues in Global Business and Management Research: Proceedings of the 2008 International Online Conference on Business and Management (IOCBM 2008)
Author : Mehran Nejati,Mostafa Nejati,Azadeh Shafaei
Publisher : Universal-Publishers
Page : 568 pages
File Size : 54,5 Mb
Release : 2008-10-10
Category : Electronic
ISBN : 9781599429441
Issues in Global Business and Management Research: Proceedings of the 2008 International Online Conference on Business and Management (IOCBM 2008) by Mehran Nejati,Mostafa Nejati,Azadeh Shafaei Pdf
IOCBM 2008 is the second International Online Conference on Business and Management at a global scale, attracting business and management practitioners, students, professors, researchers, and activists from around the world to submit their research findings to the conference. It is an annual conference in the field of business and management which is held by ALA Excellence Consulting Group annually. More information about this conference can be found at http://www.ala.ir/iocbm2008.
Monetary Policy Rules for an Open Economy
Author : Nicoletta Batini,Richard Harrison,Stephen Millard
Publisher : Unknown
Page : 0 pages
File Size : 52,8 Mb
Release : 2005
Category : Electronic
ISBN : OCLC:1375592678
Monetary Policy Rules for an Open Economy by Nicoletta Batini,Richard Harrison,Stephen Millard Pdf
The most popular simple rule for the interest rate, due to Taylor, is meant to inform monetary policy in closed economies. On the other hand, its main open-economy alternative, Ball's rule based on a monetary conditions index (MCI), may perform poorly in the face of specific types of exchange rate shocks, and thus cannot offer guidance for the day-to-day conduct of monetary policy. In this paper, a comprehensive set of simple monetary policy rules (including the MCI-based and Taylor versions) is specified and evaluated, all suitable for small open economies in general, and for the United Kingdom in particular. The asymptotic properties of a two-sector open-economy dynamic stochastic general equilibrium model calibrated on UK data are compared under the different rules. It is found that an inflation-forecast-based rule (IFB), i.e., one that reacts to deviations of expected inflation from target, performs well. Adding a separate response to the level of the real exchange rate (contemporaneous and lagged) appears to reduce the difference in adjustment between output gaps in the two sectors of the economy, but the improvement is only marginal. Importantly, an IFB rule, with or without exchange rate adjustment, appears robust to different shocks, in contrast to naive or Ball's MCI-based rules.
Working Paper Series
Author : Anonim
Publisher : Unknown
Page : 606 pages
File Size : 46,9 Mb
Release : 2003
Category : Economics
ISBN : STANFORD:36105112952309
Working Paper Series by Anonim Pdf
Inflation Targeting
Author : Norman Loayza,Raimundo Soto
Publisher : Unknown
Page : 668 pages
File Size : 41,8 Mb
Release : 2002
Category : Inflation (Finance)
ISBN : UCSD:31822032071961
Inflation Targeting by Norman Loayza,Raimundo Soto Pdf
Inflation Targeting and the Liquidity Trap
Author : Bennett T. McCallum
Publisher : Unknown
Page : 58 pages
File Size : 43,5 Mb
Release : 2001
Category : Anti-inflationary policies
ISBN : UCSD:31822033072364
Inflation Targeting and the Liquidity Trap by Bennett T. McCallum Pdf
This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting as a strategy for monetary policy. From a theoretical perspective, it has been suggested that 'expectation trap' and 'indeterminacy' dangers are created by variants of inflation targeting, the latter when forecasts of future inflation enter the policy rule. This paper argues that these alleged dangers are probably not of practical importance. From an empirical perspective, a quantitative open-economy model is developed and the likelihood of encountering a liquidity trap is explored for several policy rules. Also, it is emphasized that, if the usual interest rate instrument is immobilized by a liquidity trap, there is still an exchange-rate channel by means of which monetary policy can exert stabilizing effects. The relevant target variable can still be the inflation rate.
Measuring Output Gap: Is It Worth Your Time?
Author : Mr.Jiaqian Chen,Lucyna Gornicka
Publisher : International Monetary Fund
Page : 28 pages
File Size : 41,6 Mb
Release : 2020-02-07
Category : Business & Economics
ISBN : 9781513527864
Measuring Output Gap: Is It Worth Your Time? by Mr.Jiaqian Chen,Lucyna Gornicka Pdf
We apply a range of models to the U.K. data to obtain estimates of the output gap. A structural VAR with an appropriate identification strategy provides improved estimates of output gap with better real time properties and lower sensitivity to temporary shocks than the usual filtering techniques. It also produces smaller out-of-sample forecast errors for inflation. At the same time, however, our results suggest caution in basing policy decisions on output gap estimates.