Statistical Implications of Inflation Targeting
Back Matter

Back Matter

Author(s):
Carol Carson, Claudia Dziobek, and Charles Enoch
Published Date:
September 2002
    Share
    • ShareShare
    Show Summary Details
    Seminar Participants and Authors

    Paul Armknecht, Senior Economist, Real Sector Division, Statistics Department, IMF

    Edgar Ay ales, Assistant Director, Financial Institutions Division I, Statistics Department, IMF

    Adriaan M. Bloem, Division Chief, Real Sector, Statistics Department, IMF

    Gustavo Bussinger, Director of Research, Research Department, Banco Central do Brasil

    Carol S. Carson, Director, Statistics Department, IMF

    Paul Cheung, Chief Statistician, Department of Statistics, Singapore

    Roger Clews, Head of Monetary Instruments and Markets Division, Bank of England

    Oldrich Dedek, Vice-Governor of the Czech National Bank

    Claudia Dziobek, Assistant to the Director, Statistics Department, IMF

    Charles Enoch, Deputy Director, Statistics Department, IMF

    Robert Fay, Assistant Chief, Research Department, Bank of Canada

    Pablo Garcia, Acting Chief Economist, Central Bank of Chile

    Vitor Gaspar, Research Director General, European Central Bank

    Mohsin Khan, Director, IMF Institute

    Malcolm Knight, Senior Deputy Governor, Bank of Canada

    Horst Köhler, Managing Director, IMF

    Pali J. Lehohla, Statistician General, Statistics South Africa

    Hans Lindblom, Deputy Director General, Statistics Sweden

    Claudio Loser, Director, Western Hemisphere Department, IMF

    Randall Merris, Deputy Division Chief, Financial Institutions Division I, Statistics Department, IMF

    Annette Myburgh, Chief Director, Economic Statistics, Statistics South Africa

    Svante Öberg, Director General, Statistics Sweden

    Edward (Akiva) Offenbacher, Deputy Director, Monetary Department, Bank of Israel

    Brian O’Reilly, Deputy Chief, Research Department, Bank of Canada

    Vincent Reinhart, Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

    Amanda Rowlatt, Chief Economist, Competition Commission (U.K.)

    Armida San José, Division Chief, Financial Institutions Division II, Statistics Department, IMF

    Cedric Scholtes, Fixed Income Quantitative Analyst, Reserves Management, Bank of England

    Graham Slack, Economist, Financial Institutions Division II, Statistics Department, IMF

    Meir Sokoler, Deputy Governor, Bank of Israel

    Subramanian Sriram, Economist, Financial Institutions Division II, Statistics Department, IMF

    Glenn Stevens, Deputy Governor, Reserve Bank of Australia

    Masahiko Takeda, Assistant Director, European I Department, IMF

    Amanda M. Tetangco, Jr., Deputy Governor, Banking Services Sector, Research and Treasury, Bangko Sentral ng Pilipinas

    Alfredo Torrez, Senior Economist, Financial Institutions Division I, Statistics Department, IMF

    Ma. Cyd N. Tuano-Amador, Director of Research, Economic and Research Department, Bangko Sentral ng Pilipinas

    Kimberly Zieschang, Deputy Division Chief, Real Sector, Statistics Department, IMF

    References

      Aba, S.,2001, “Don’t Mess with Mr. In-Between: Why the Bank of Canada Should Stick to Fixed Announcement Dates,”Backgrounder (Toronto: C.D. Howe Institute).

      Agénor, P. R.,2002, “Monetary Policy Under Flexible Exchange Rates: An Introduction to Inflation Targeting,”in Inflation Targeting: Design, Performance, Challenges,ed. by NormanLoayza andRaimundoSoto, (ed)Series on Central Banking, Analysis, and Economic Policies, Vol. 5 (Santiago: Central Bank of Chile).

      Åkerholm, J., andA.Brunila,1995, “Inflation Targeting: The Finnish Experience,”in Inflation Targets, ed. by LeonardoLeiderman andLars E.O.Svensson (ed) (London: Centre for Economic Policy Research).

      Alchian,Armen, andBenjaminKlein,1973, “On a Correct Measure of Inflation,”Journal of Money, Credit, and Banking, Vol. 5 (February), pp. 17391.

      Amirault,David, andL.Lafleur,2000, “Recent Performance of the Canadian Economy: A Regional View,”Bank of Canada Review (Autumn), pp. 1323.

      Amirault,David, andBrianO’Reilly,2001, “The Zero Bound on Nominal Interest Rates: How Important Is It?”Bank of Canada Working Paper No. 2001-6 (Ottawa: Bank of Canada).

      Anderson,Nicola, andJohnSleath,1999, “New Estimates of the U.K. Real and Nominal Yield Curves,”Bank of England Quarterly Bulletin (November), pp. 38492.

      Anderson,Nicola, andJohnSleath,2001, “New Estimates of the U.K. Real and Nominal Yield Curves,”Bank of England Working Paper No. 126 (London: Bank of England).

      Anderson, Nicola, andJ.Talbot,2000, “The Inflation Risk Premium and Decomposition of the Real and Nominal Yield Curves” (unpublished; London: Bank of England).

      Andersson, K., andC.Berg,1995, “The Inflation Target in Sweden,”in Targeting Inflation, ed. by AndrewHaldane (ed) (London: Bank of England).

      Armour, J.,J.Atta-Mensah,W.Engert, andS.Hendry,1996, “A Distant-Early-Warning Model of Inflation Based on M1 Disequilibria,”Bank of Canada Working Paper No. 1996-5 (Ottawa: Bank of Canada).

      Armstrong, J. Scott,1989, “Combining Forecasts: The End of the Beginning or the Beginning of the End?”International Journal of Forecasting, Vol. 5, pp. 58588.

      Astin,John,1999, “The European Union Harmonised Indices of Consumer Prices (HICP),”Statistical Journal of the United Nations, Economic Commission for Europe, Vol. 16, No. 2-3, pp. 12335.

      Australian Bureau of Statistics, 1997, An Analytical Framework for Price Indexes in Australia, Information Paper, Catalogue 6421.0.

      Australian Bureau of Statistics2000, Price Indexes and the New Tax System, Information Paper, Catalogue 6425.0.

      Bangko Sentral ng Pilipinas, 2000, “Enhancing the BSP’s Capacity to Forecast Inflation,”Annual Report (Manila).

      Bank for International Settlements (BIS), Commonwealth Secretariat, Commission of the European Communities/Eurostat, IMF, OECD, Paris Club Secretariat, United Nations Conference on Trade and Development (UNCTAD), and World Bank, 2002, External Debt Statistics: Guide for Compilers and Users (Washington: International Monetary Fund, forthcoming).

      Bank of Canada, 1991a, “Background Note on the Targets,”Bank of Canada Review (March), pp. 915.

      Bank of Canada, 1991b, “Targets for Reducing Inflation: Further Operational and Measurement Considerations,”Bank of Canada Review (September), pp. 323.

      Bank of Canada, 2001a, Renewal of the Inflation-Control Target: Background Information (Ottawa: Bank of Canada).

      Bank of Canada, 2001b, Price Stability and the Long-Run Target for Monetary Policy, proceedings of a seminar held at the Bank of Canada, Ottawa, June 2000.

      Bank of Canada, Monetary Policy Report, semiannual (May and November) since May 1995 (Ottawa: Bank of Canada).

      Baxter,Michael,1997, “Implications of the U.S. Boskin Report for the U.K. Retail Prices Index,”ONS Economic Trends No. 527 (London: Office for National Statistics).

      Baxter,Michael,ed., 1998, The Retail Prices Index Technical Manual. Available via the Internet:http://www.statistics.gov.uk/products/p2328.asp.

      Baxter,Michael, andDawnCamus,1999, “Three Year Research Programme on RPI Methodology,” ONS Economic Trends No. 543 (London: Office for National Statistics).

      Berg,Claes,2000, “Inflation Forecast Targeting: The Swedish Experience,”Svergise Riksbank Working Paper No. 100 (Stockholm: Sveriges Riksbank).

      Berglund, A.,1999, “New Inflation Measure Used as Main Indicator in the ECB/ESCB Monetary Policy for the Euro Zone,”in Proceedings of the Measurement of Inflation Conference, ed. by M.Silver andD.Fenwick (ed) (Cardiff, Wales: Cardiff Business School, Cardiff University), pp. 6779.

      Bernanke,BenS., andFrederic S.Mishkin,1997, “Inflation Targeting: A New Framework for Monetary Policy?”Journal of Economic Perspectives, Vol. 11 (Spring), pp. 97116.

      Bernanke,BenS., andMichaelWoodford,1997, “Inflation Forecasts and Monetary Policy,”Journal of Money, Credit and Banking, Vol. 29 (November), pp.65386.

      Bernanke,BenS., andMarkGertler,1999, “Monetary Policy and Asset Price Volatility,”in New Challenges for Monetary Policy: A Symposium (Kansas City: Federal Reserve Bank of Kansas City).Available via the Internet: http://www.kc.frb.org/PUBLICAT/SYMPOS/1999/sym99prg.htm.

      Bernanke,BenS.,ThomasLaubach,FredericS. Mishkin, andAdamS. Posen,1999, Inflation Targeting: Lessons From the international Experience (Princeton, New Jersey: Princeton University Press).

      Blejer,MarioI.,AlainIze,AlfredoM. Leone, andSergioWerlang,2000, Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economics (Washington: International Monetary Fund).

      Blejer,MarioI.,AlfredoM. Leone,PauRabanal, andGerdSchwartz,2001, “Inflation Targeting in the Context of IMF-Supported Adjustment Programs,”IMF Working Paper 01/31 (Washington: International Monetary Fund).

      Bogdanski, J.,AlexandreAntonio Tombini, andSérgio Ribeiroda Costa Werlang,2000, “Implementing Inflation Targeting in Brazil,”Working Paper No. 1 (Sao Paolo: Banco Central do Brasil).

      Boschen,JohnF.,1988, “Monetary Policy and the Information Content of Indexed Bonds,”Journal of Macroeconomics, Vol. 10 (Spring), pp. 16382.

      Boskin,Michael J.,E.Dulberger,R.Gordon,Z.Griliches, andD.Jorgenson,1996, Toward a More Accurate Measure of the Cost of Living, Final Report to the U.S. Senate Finance Committee, December 4 (Washington: Government Printing Office).

      Brash,Donald,1998, “Inflation Targeting in New Zealand: Experience and Practice,”International Institute for Economic Studies Seminar Papers, No. 641 (Stockholm: University of Stockholm).

      Breedon,Francis J., andJagjitS. Chadha,1997, “The Information Content of the Inflation Term Structure,”Bank of England Working Paper No. 75 (London: Bank of England).

      Brown, B., andS.Maital,1981, “What Do Economists Know? An Empirical Study of Experts’ Expectations,”Econometrica, Vol. 49 (March).

      Bryan,Michael, andStephenCecchetti,1994, “Measuring Core Inflation,”in Monetary Policy, National Bureau of Economic Research Studies in Business Cycles, Vol. 29, ed. by N. GregoryMankiew (ed) (Chicago: The University of Chicago Press).

      Bryan,Michael, andStephenCecchetti,1999, “The Monthly Measurement of Core Inflation in Japan,”Bank of Japan Monetary and Economic Studies, Vol. 17 (May), pp. 77101.

      Bureau of Labor Statistics, 1984, BLS Handbook of Methods, Volume 2; The Consumer Price Index, Bulletin 2134-2 (Washington: U.S. Government Printing Office).

      Bureau of Labor Statistics, 1993, “Anatomy of Price Change”special issue of the Monthly Labor Review, Vol. 116, No. 12 (December).

      Campbell,JohnY.,AndrewW. Lo, andA. CraigMacKinlay,1997, The Econometrics of Financial Markets (Princeton, New Jersey: Princeton University Press).

      Campbell,JohnY., andRobertJ. Shiller,1996, “A Scorecard for Indexed Government Debt,”NBER Working Paper No. 5587 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Campbell,JohnY., andLuisM. Viceira,2001, “Who Should Buy Long-Term Bonds?”American Economic Review, Vol. 91 (March), pp. 99127.

      Carson, Carol S.,2001, “Toward a Framework for Assessing Data Quality,”IMF Working Paper 01/25 (Washington: International Monetary Fund).

      Carson, Carol S.,LucieLaliberté,2001, “Manuals on Macroeconomic Statistics; A Stocktaking to Guide Future Work,”IMF Working Paper 01/183 (Washington: International Monetary Fund).

      Casteleijn, A. J. H.,1999, “The Viability of Implementing an Inflation Targeting Monetary Policy Framework in South Africa,”South African Reserve Bank Quarterly Bulletin (June), pp. 6273.

      Cecchetti,Stephen,HansGenberg,JohnLipsky, andSushilWadhwani,2000, Asset Prices and Central Bank Policy (Geneva: International Centre for Monetary and Banking Studies).

      Chan, Louis,1994, “Consumption, Inflation Risk, and Real Interest Rates: An Empirical Analysis,”Journal of Business, Vol. 67 (January), pp. 6996.

      Chile, Central Bank of Chile, 2000, “Constitutional Organic Act.”Available via the Internet: www.bcentral.cl.

      Chortareas,Georgios,DavidStasavage, andGabrielSterne,2001, “Does It Pay to Be Transparent? International Evidence from Central Bank Forecasts,”Bank of England Working Paper No. 143 (London: Bank of England).

      Clarida,Richard,JordiGalí, andMarkGertler,1998, “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory,”NBER Working Paper No. 6442 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Clark,Todd,2001, “Comparing Measures of Core Inflation,”Federal Reserve Bank of Kansas City Quarterly Review (Second Quarter), pp. 531.

      Clinton, K., andD.Howard,1994, “From Monetary Policy Instruments to Administered Interest Rates: The Transmission Mechanism in Canada,”Bank of Canada Review (Autumn).

      Cochrane,JohnH.,2001, Asset Pricing (Princeton, New Jersey: Princeton University Press).

      Coletti, D.,B.Hunt,D.Rose, andR.Tetlow,1996, “The Dynamic Model; QPM, The Bank of Canada’s New Quarterly Projection Model, Part 3,”Technical Report No. 75 (Ottawa: Bank of Canada).

      Commission of the European Communities, International Monetary Fund, Organization for Economic Cooperation and Development, United Nations, and World Bank, 1993, System of National Accounts 1993 (1993 SNA) (Brussels: Commission of the European Communities).

      Commission of the European Communities, 1998, “On the Harmonisation of Consumer Price Indices in the European Union,”Report from the Commission to the Council (Brussels).

      Commission of the European Communities, 2000, “On the Harmonisation of Consumer Price Indices in the European Union,”Report from the Commission to the Council (Brussels).

      Cox,JohnC.,JonathanE. Ingersoll, andS.A.Ross,1981, “A Reexamination of Traditional Hypotheses about the Term Structure of Interest Rates,”Journal of Finance, Vol. 36, pp. 76999.

      Cox,JohnC, andJonathanE. Ingersoll,1985, “A Theory of the Term Structure of Interest Rates,”Econometrica, Vol. 53 (March), pp. 385407.

      Crawford,Allan,1998, “Measurement Biases in the Canadian CPI: An Update,”Bank of Canada Review (Spring), pp. 3955.

      Crawford,Allan,2001a, “How Rigid Are Nominal-Wage Rates?”Bank of Canada Working Paper No. 2001-8 (Ottawa: Bank of Canada).

      Crawford,Allan,2001b, “Predictability of Average Inflation over Long Time Horizons,”Bank of Canada Review (Autumn), pp. 1320.

      Crawford,Allan, andGeoffWright,2001, “Downward Nominal-Wage Rigidity: Micro Evidence from Tobit Models,”Bank of Canada Working Paper No. 2001–7 (Ottawa: Bank of Canada).

      Cunningham, Alistir W.,1996, “Measurement Bias in Price Indices: an Application to the U.K.’s RPI,”Bank of England Working Paper No. 47 (London: Bank of England).

      Deacon, Mark, andAndrewDerry,1994, “Deriving Estimates of Inflation Expectations from the Prices of U.K. Government Bonds,”Bank of England Working Paper No. 23 (London: Bank of England).

      Deacon, Mark, andAndrewDerry,1998, Inflation-Indexed Securities (London: Prentice Hall Europe).

      Debelle,Guy,PaulMasson,MiguelSavastano, andSunilSharma,1998, Inflation Targeting as a Framework for Monetary Policy, Economic Issues No. 15 (Washington: International Monetary Fund).

      Debt Management Office, 2001, “Index-Linked Gilt Re-design: Consultation Document,”United Kingdom Debt Management Office (September 7).

      Debt Management Office, 2002, “Index-Linked Gilt Re-design: Response to Consultation,”United Kingdom Debt Management Office (January 15).

      Diewert,Erwin,1978, “Superlative Index Numbers and Consistency in Aggregation,”Econometrica, Vol. 46, pp. 883900.

      Diewert,Erwin,2000, “The Consumer Price Index and Index Number Purpose,”Department of Economics of the University of British Columbia Discussion Paper No. 00-02 (Vancouver: University of British Columbia).

      Diewert,Erwin,forthcoming, “Harmonised Indexes of Consumer Prices: Their Conceptual Foundations,”forthcoming in the European Central Bank Working Paper Series.

      Domingo-Solans,Eugenio,2001, “Issues Concerning the Use and Measurement of the HICP,”speech at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, November 16. Available via the Internet:http://www.ecb.int.

      Duguay,Pierre, andDavidLongworth,1998, “Macroeconomic Models and Policymaking at the Bank of Canada,”Economic Modelling, Vol. 15 (July), pp. 35775.

      European Central Bank, 1998, “A Stability-Oriented Monetary Policy Strategy for the European System of Central Banks,”October 13, 1998. Available via the Internet:http://www.ecb.int.

      European Central Bank, 1999, “The Stability-Oriented Monetary Policy Strategy of the Eurosystem,”ECB Monthly Bulletin (January), p. 39. Available via the Internet:http://www.ecb.int.

      European Central Bank, 2000, “The Two Pillars of ECB’s Monetary Policy Strategy,”ECB Monthly Bulletin (November), p. 37. Available via the Internet:http://www.ecb.ini.

      European Central Bank, 2001, The Monetary Policy of the ECB.Available via the Internet:http://www.ecb.int.

      Eurostat,2001, Compendium of HICP Reference Documents, December.

      Evans, Martin D.,1998, “Real Rates, Expected Inflation and Inflation Risk Premia,”Journal of Finance, Vol. 53 (February), pp. 187218.

      Fisher,Irving,1911, The Purchasing Power of Money (New York: Macmillan).

      Freedman,Charles,1995, “The Canadian Experience with Inflation Targets,”in Inflation Targets, ed. by LeonardoLeiderman andLarsE.O. Svensson (ed) (New York: Centre for Economic Policy Research).

      Freedman,Charles,1996, “What Operating Procedures Should Be Adopted to Maintain Price Stability?—Practical Issues,”in Achieving Price Stability, symposium sponsored by theFederal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August.

      Freedman,Charles,2001a, “The Value of Transparency in Conducting Monetary Policy,”remarks prepared for the Goodhard festschrift at theBank of England, London,November.

      Freedman,Charles,2001b, “Recent Developments in the Framework for the Conduct of Monetary Policy,”Canadian Business Economics, Vol. 8, No. 3, pp. 36.

      Friedman,Milton,1992, Monetary Mischief: Episodes in Monetary History (New York: Harcourt, Brace, Jovanovich).

      García, C., andJ.Restrepo,2001, “Price Inflation and Exchange Rate through in Chile,”Central Bank of Chile Working Paper No. 128 (Santiago: Central Bank of Chile).

      García,Pablo,L. O.Herrera, andR.Valdés,2002, “New Frontiers for Monetary Policy in Chile,”in Inflation Targeting: Design, Performance, Challenges, ed. by NormanLoayza andRaimundoSoto, (ed)Series on Central Banking, Analysis, and Economic Policies, Vol. 5 (Santiago: Central Bank of Chile).

      Gaspar,Vítor,KlausMasuch, andHuwPill,2001, “The ECB’s Monetary Policy Strategy: Responding to the Challenges of the Early Years of EMU,”paper presented at the conference of the Directorate General Economic and Financial Affairs of the European Commission, “The Functioning of EMU: the Challenge of the Early Years.”

      Gong,Frank F.,EliRemolona, andMichaelWickens,1998, “What Was the Market’s View of U.K. Monetary Policy? Estimating Inflation Risk and Expected Inflation with Indexed Bonds,”CEPR Discussion Paper No. 2022 (London: Centre for Economic Policy Research).

      Goodhart,Charles,2001, “What Weight Should Be Given to Asset Prices in the Measurement of Inflation?”Economic Journal, Vol. 111, No. 472 (June), pp. 33556.

      Goodhart,Charles,BorisHofmann,2000, “Financial Variables and the Conduct of Monetary Policy,”Sveriges Riksbank Working Paper No. 112 (Stockholm: Sveriges Riksbank).

      Green,JohnH.,1996, “Inflation Targeting: Theory and Policy Implications,”IMF Working Paper 96/65 (Washington: International Monetary Fund).

      Greenspan,Alan,1996, “The Challenge of Central Banking in a Democratic Society,”remarks at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research in Washington, December 5. Available via the Internet:http://www.federalreserve.gov/boarddocs/speeches/1996/

      Greenspan,Alan,2001, Speech to Economic Club of New York, May 24. Available via the Internet:http://www.federalreserve.gov/boarddocs/speeches/2001/200105242/default.htm.

      Guinigundo, D.,1999, “Problems and Issues on Inflation Targeting: The Case of the Philippines,”paper presented at the conference“Framework for Monetary Policy in Post-Crisis Asia: Policy Options and Inflation Targeting,”Cebu, Philippines,December.

      Haglund, M.,2000, “The South African CPI: The Reliability of Present Practices and Some Potentials for Improvements,”Report from Statistics Sweden on a Mission to Statistics South Africa, Pretoria, February (Stockholm: Statistics Sweden).

      Haldane,Andrew,ed., 1995, Targeting Inflation (London: Bank of England).

      Hendry, S.,1995, “Long-Run Demand for Ml,”Bank of Canada Working Paper 95-11 (Ottawa: Bank of Canada).

      Hicks,John,1946, Value and Capital, 2nd ed. (Oxford, England: Clarendon Press).

      Hill,Peter,1996, Inflation Accounting: A Manual on National Accounting Under Conditions of High Inflation (Paris: Organization for Economic Cooperation and Development).

      Hogan, S.,M.Johnson, andT.Laflèche,2001, “Core Inflation,”Technical Report No. 89 (Ottawa: Bank of Canada).

      Howitt,Peter,1997, “Low Inflation and the Canadian Economy,”in Where We Co from Here: Inflation Targets in Canada’s Monetary Policy Regime, ed. by DavidLaidler (ed) (Toronto: C.D. Howe Institute).

      International Monetary Fund, 1993, Balance of Payments Manual, fifth edition (Washington).

      International Monetary Fund, 1996,Guide to the Data Dissemination Standards—Module 1: The Special Data Dissemination Standard (Washington).

      International Monetary Fund, 2000a, Monetary and Financial Statistics Manual (Washington).

      International Monetary Fund, 2000b, The New International Standards for the Statistical Measurement of Financial Derivatives (Changes to the Text of the 1993 SNA) (Washington).

      International Monetary Fund, 2000c,Financial Derivatives: A Supplement to the Fifth Edition of the Balance of Payments Manual (Washington).

      International Monetary Fund, 2001a, Annual Report on Exchange Arrangements and Exchange Restrictions (Washington).

      International Monetary Fund, 2001b, Chile: 2001 Article IV Consultation—Staff Report, Public Information Notice, IMF Staff Statement, and Statement by the Executive Director for Chile, IMF Country Report No. 01/116 (Washington).

      International Monetary Fund, 2001c, Colombia: Selected Issues and Statistical Appendix, IMF Country Report 01/68 (Washington).

      International Monetary Fund, 2001d, Colombia: 2001 Article IV Consultation and Second Review Under the Extended Arrangement—Staff Report, Staff Supplement, Public Information Notice and News Brief on the Executive Board Discussion, and Statement by the Authorities of Colombia, IMF Country Report No. 01/64 (Washington).

      International Monetary Fund, 2001e, Czech Republic, Selected Issues and Statistical Appendix, IMF Country Report 01/112 (Washington).

      International Monetary Fund, 2001f, Government Finance Statistics Manual (Washington).

      International Monetary Fund, 2001g, “IMF Concludes 2001 Article IV Consultation and Post-Program Monitoring Discussion with Thailand,”Public Information Notice 01/90, August16 (Washington).

      International Monetary Fund, 2001h, Mexico: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes, IMF Country Report No. 01/192 (Washington).

      International Monetary Fund, 2001i, Mexico: 2001 Article IV Consultation—Staff Report, Staff Statement, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for Mexico, IMF Country Report No. 01/190 (Washington).

      International Monetary Fund, 2001j, Quarterly National Accounts Manual: Concepts, Data Sources, and Compilation (Washington).

      International Monetary Fund, 2002a, Coordinated Portfolio Investment Survey Guide, 2nd ed. (Washington).

      International Monetary Fund, 2002b, “IMF Concludes 2001 Article IV Consultation with Brazil,”Public Information Notice 02/08, February7 (Washington).

      International Monetary Fund, International Financial Statistics (Washington, various issues).

      Issing,Otmar,1997, “Monetary Targeting in Germany: The Stability of Monetary Policy and of the Monetary System,”Journal of Monetary Economics, Vol. 39 (June), pp. 67–79.

      International Monetary Fund, 2001, “The Relevance of Reliable Statistical Systems for Monetary Policymaking in the Euro Area,”speech at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, Frankfurt, November16. Available via the Internet:http://www.ecb.int.

      International Monetary Fund, V.Gaspar,I.Angeloni, andO.Tristani,2001, Monetary Policy in the Euro Area: Strategy and Decision Making at the European Central Bank (Cambridge, England: Cambridge University Press).

      Jenkins, P., andB.O’Reilly,2001, “Monetary Policy and the Economic Well-Being of Canadians,”in The Review of Economic and Social Progress, The Longest Decade: Canada in the 1990s, ed. by F.St-Hilaire,A.Sharpe, andK. G.Banting (ed) (Montreal: Institute for Research on Public Policy).

      Jevons, William Stanley,1898, Money and the Mechanism of Exchange (New York: D. Appleton and Co.).

      Johnson,David,1998, “On the Credibility of Monetary Policy: International Evidence Based on Surveys of Expected Inflation,”in Price Stability, Inflation Targets, and Monetary Policy: Proceedings of a Conference Held by the Bank of Canada (Ottawa: Bank of Canada).

      Jonsson, Gunnar,1999, “The Relative Merits and Implications of Inflation Targeting for South Africa,”IMF Working Paper 99/116 (Washington: International Monetary Fund).

      Judd,John, andGlennRudebusch,1998, “Taylor’s Rule and the Fed: 1970–1997,”Federal Reserve Bank of San Francisco Economic Review, Vol. 3, pp. 3–16.

      Kester,Anne Y.,2001,International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template (Washington, International Monetary Fund).

      King,Mervyn,1995, “Credibility and Monetary Policy: Theory and Evidence,”Scottish Journal of Political Economy, Vol. 42 (February), pp. 1–19.

      Kozicki,Sharon,2001, “Why Do Central Banks Monitor So Many Inflation Indicators,”Federal Reserve Bank of Kansas City Economic Review, Vol. 86, No. 3, pp. 5–42.

      Levin, Andrew,VolkerWieland, andJohn C.Williams,2001, “The Performance of Forecast-Based Monetary Policy Rules Under Model Uncertainty,”Federal Reserve Board Working Paper (Washington: Federal Reserve Board).

      Leiderman,Leonardo, andLars E. O.Svensson,eds., 1995, Inflation Targets (London: Centre for Economic Policy Research).

      Longworth, D.,1999, “The Canadian Monetary Transmission Mechanism and Inflation Projections,”paper prepared for an IMF-Central Bank of Brazil seminar, Rio de Janeiro, May.

      Longworth, D.,2002, “Money in the Bank of Canada,”paper prepared for the annual meeting of the American Economic Association, January.

      Longworth, D.,C.Freedman,2000, “Models, Projections, and the Implementation of Policy at the Bank of Canada,”paper prepared for the conference organized by Banco de México, to celebrate its seventy-fifth anniversary, “Stabilization and Monetary Policy: The International Experience,”Mexico City, November.

      MacFarlane, I. J.,1999, “Australian Monetary Policy in the Last Quarter of the Twentieth Century,”Economic Record (Australia), Vol. 75 (September), pp. 213–240.

      Macklem, T.,2001, “A New Measure of Core Inflation,”Bank of Canada Review (Autumn), pp. 3–12.

      Maclean, D.,2001, “Analyzing the Monetary Aggregates,”Bank of Canada Review (Summer), pp. 31–43.

      Medina, J.P., andR.Valdés,2002a, “Optimal Monetary Policy Rules When the Current Account Matters,”in Monetary Policy: Rules and Transmission Mechanisms, ed. by NormanLoayza andKlausSchmidt-Hebbel, (ed)Series on Central Banking, Analysis, and Economic Policies,Vol. 4 (Santiago: Central Bank of Chile).

      Medina, J.P., andR.Valdés,2002b, “Optimal Monetary Policy Rules Under Inflation Range Targeting,”in Monetary Policy: Rules and Transmission Mechanisms, ed. by NormanLoayza andKlausSchmidt-Hebbel, (ed)Series on Central Banking, Analysis, and Economic Policies, Vol. 4 (Santiago: Central Bank of Chile).

      Meyer,Laurence,2001, “Inflation Targets and Inflation Targeting,”remarks delivered at the University of California at San Diego Economics Round-table, San Diego, California, July17. Available via the Internet:http://www.federalreserve.gov/boa rddocs/speeches/2001/.

      Mishkin,Frederic, andM.Savastano,2000, “Monetary Policy Strategies for Latin America,”NBER Working Paper No. 7617 (Cambridge, Massachusetts: National Bureau of Economic Research, March).

      Mishkin,Frederic, andKlausSchmidt-Hebbel,2002, “A Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?”in Inflation Targeting: Design, Performance, Challenges, ed. by NormanLoayza andRaimundoSoto, (ed)Series on Central Banking, Analysis, and Economic Policies,Vol, 5 (Santiago: Central Bank of Chile).

      Montplaisir, M.-C.,1996-97, “The Maturity Structure of Household Financial Assets and Liabilities,”Bank of Canada Review (Winter), pp. 33–46.

      Muller, P., andM.Zelmer,1999, “Greater Transparency in Monetary Policy: Impact on Financial Markets,”Technical Report No. 86 (Ottawa: Bank of Canada).

      Nelson, Charles R., andAndrew F.Siegel,1987, “Parsimonious Modeling of Yield Curves,”Journal of Business, Vol. 60 (October), pp. 473–89.

      Nessén, M., andUlfSöderström,2000, “Core Inflation and Monetary Policy,”Sveriges Riksbank Working Paper No. 110 (Stockholm: Sveriges Riksbank).

      Office for National Statistics, 1999, “Three Year Research Programme on RPI Methodology,”Economic Trends, No. 543 (February), pp. 25–29.

      O’Reilly, B.,1998, “The Benefits of Low Inflation: Taking Stock,”Technical Report No. 83 (Ottawa: Bank of Canada).

      Organization for Economic Cooperation and Development (OECD), 1996, OECD Benchmark Definition of Foreign Direct Investment, 3rd ed. (Paris)

      Organization for Economic Cooperation and Development (OECD), 2001, Measuring Capital: A Manual on the Measurement of Capital Stocks, Consumption of Fixed Capital and Capital Services (Paris)

      Organization for Economic Cooperation and Development (OECD), 2002, Measuring the Non-Observed Economy: A Handbook (Paris).

      Organization for Economic Cooperation and Development (OECD), Commission of the European Communities/Eurostat, IMF, United Nations Department of Economic and Social Affairs/Statistics Division, United Nations Conference on Trade and Development (UNCTAD), and the World Trade Organization (WTO), 2002, Manual on Statistics of International Trade in Services (TIS) (Paris, forthcoming).

      Palmqvist,Stefan,1999, “Why Central Banks Announce Their Objectives: Monetary Policy with Discretionary Signaling,”Sveriges Riksbank Working Paper No. 78 (Stockholm: Sveriges Riksbank).

      Panigirtzoglou, N.,2001, “Using Affine Models of the Term Structure to Estimate Risk Premia” (unpublished; London: Bank of England).

      Perrier, P.,1998, “Un examen de la crédibilité de la politique monétaire au Canada,”Bank of Canada Working Paper No. 98-12 (Ottawa: Bank of Canada).

      Perrier, P.,R.Amano,2000, “Credibility and Monetary Policy,”Bank of Canada Review (Spring), pp. 11–17.

      Pollak, Robert A.,1975, “The Intertemporal Cost-of-Living Index,”Annals of Economic and Social Measurement, Vol. 4, No. 1 (Winter), pp. 179–95.

      Pollak, Robert A.,1989, The Theory of the Cost-of-living index (Oxford, England: Oxford University Press).

      Price, Robert,1997, “The Rationale and Design of Inflation-Indexed Bonds,”IMF Working Paper No. 97/12 (Washington: International Monetary Fund).

      Ragan, C.,1998, “On the Believable Benefits of Low Inflation,”Bank of Canada Working Paper No. 98-15 (Ottawa: Bank of Canada).

      Reserve Bank of Australia, 1992, “Recent Trends in Inflation,”Reserve Bank of Australia Bulletin (May).

      Reserve Bank of Australia, 1994, “Measuring ‘Underlying’ Inflation,”Reserve Bank of Australia Bulletin (August), pp. 1–61.

      Reserve Bank of Australia, 1995, Attachment to “Quarterly Report on the Economy and Financial Markets,”Reserve Bank of Australia Bulletin (July).

      Roger,Scott,1991, “Terms of Trade Movements in Major Industrial Countries, 1969–1989,”Bank of Canada Working Paper No. 91-2 (Ottawa: Bank of Canada).

      Roger,Scott,1997, “A Robust Measure of Core Inflation in New Zealand, 1949–96,”Reserve Bank of New Zealand Discussion Paper No. G97/7 (Wellington: Reserve Bank of New Zealand).

      Roger,Scott,1998, “Core Inflation: Concepts, Uses and Measurement,”Reserve Bank of New Zealand Discussion Paper No. G98/9 (Wellington: Reserve Bank of New Zealand).

      Samuelson,Paul,1961, “The Evaluation of ‘Social Income’: Capital Formation and Wealth,”in The Theory of Capital, ed. by Friedrich A.Lutz andDouglas C.Hague (ed) (London: Macmillan).

      Schaechter, Andrea,MarkStone, andMarkZelmer,2000, Adopting Inflation Targeting: Practical Issues for Emerging Market Countries, IMF Occasional Paper No. 202 (Washington: International Monetary Fund).

      Shapiro, Matthew D., andDavid W.Wilcox,1996, “Mismeasurement in the Consumer Price Index: An Evaluation,”NBER Working Paper No. 5590 (Cambridge, Massachusetts: National Bureau of Economic Research). Available via the Internet: http://www.nber.org/papers/tv5590.

      Shapiro, Matthew D., andDavid W.Wilcox,1997, “Alternative Strategies for Aggregating Prices in the CPI,”NBER Working Paper No. 5980 (Cambridge, Massachusetts: National Bureau of Economic Research). Available via the Internet: http://www.nber.org/ papers/w5980.

      Sherwin, M.,2000, “Strategic Choices in Inflation Targeting: The New Zealand Experience,”in Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies, ed. by Mario I.Blejer,AlainIze,Alfredo M.Leone, andSergioWerlang (ed) (Washington: International Monetary Fund).

      Shibuya,Hiroshi,1992, “Dynamic Equilibrium Price Index: Asset Price and Inflation,”Bank of Japan Monetary and Economic Studies, Vol. 10 (February), pp. 95109.

      Shiratsuka,Shigenori,1999,“Asset Price Fluctuation and Price Indices,”Bank of Japan Monetary and Economic Studies, Vol. 17, No. 3 (December), pp. 103–28.

      Silver,Mick, andSaeedHeravi,2001, “Why the CPI Matched Models Method May Fail Us: Results from an Hedonic and Matched Experiment Using Scanner Data,”paper presented at the CEPR/ECB Workshop on Issues in the Measurement of Price Indices, Frankfort, November16. Available via the Internet: http://www.ecb.int.

      Spiegel,Mark,1998, “Central Bank Independence and Inflation Expectations: Evidence from British Index-Linked Gilts,”Federal Reserve Bank of San Francisco Economic Review, No. 1, pp. 314.

      Statens Offentliga utredningar, 1999, “Konsumentprisindextal,”Special Committee Report on the Consumer Price Index.

      Statistics South Africa, 2000, “Consumer Price Index (CPI), January 2000,”Statistical Release P0141.1, February15, 2000.

      Statistics South Africa, 2001, “Consumer Price Index (CPI), July 2001,”Statistical Release P0141.1, August21, 2001.

      Statistics Sweden, 2001, The Swedish Consumer Price Index: A Handbook of Methods (Stockholm: Statistics Sweden).

      Stein,Roy,2001, “The Risk Premium Included in Expectations of Inflation and of Exchange Rate Changes in Israel” (M.A. thesis; Tel Aviv: Faculty of Management, Tel Aviv University).

      Stevens, G.,1999, “Six Years of Inflation Targeting,”Reserve Bank of Australia Bulletin (May), pp. 4661.

      Stuber,Gerald,2001,“Implications of Uncertainty About Long-Run Inflation and the Price Level,”Bank of Canada Working Paper No. 2001-16 (Ottawa: Bank of Canada).

      Sundararajan, V.,Charles A.Enoch,Armida SanJose,Paul L.Hilbers,Russell C.Krueger,MarinaMoretti, andGraham L.Slack,2002, Financial Soundness Indicators: Analytical Aspects and Country Practices, IMF Occasional Paper No. 212 (Washington: International Monetary Fund).

      Svensson, Lars E. O.,1994, “Estimating and Interpreting Forward Interest Rates: Sweden 1992-94,”IMF Working Paper 94/114 (Washington: International Monetary Fund).

      Svensson, Lars E. O.,1995, “Estimating Forward Interest Rates with the Extended Nelson & Siegel Method,”Sveriges Riksbank Quarterly Review, No. 3, pp. 1326.

      Svensson, Lars E. O.,1997, “Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets,”European Economic Review, Vol. 41, No. 6 (June), pp. 111146.

      Svensson, Lars E. O.,1999, “Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability,”Sveriges Riksbank Working Paper No. 91 (Stockholm: Sveriges Riksbank).

      Svensson, Lars E. O.,2000, “Open-Economy Inflation Targeting,”Journal of International Economics, Vol. 50 (February), pp. 15583.

      Takeda,Masahiko,2002, “Private Inflation Forecasts in Inflation Targeting” (unpublished; Washington: International Monetary Fund).

      Tarkka,Juha, andDavidMayes,1999, “The Value of Publishing Official Central Bank Forecasts,”Bank of Finland Discussion Paper No. 22/99 (Helsinki: Bank of Finland).

      Taylor,JohnB.,1993, “Discretion versus Policy Rules in Practice,”Carnegie-Rochester Conferences Series on Public Policy, Vol. 39 (December), pp. 195220.

      Taylor,JohnB.,ed., 1999, Monetary Policy Rules (Chicago: The University of Chicago Press).

      Thiessen,Gordon G.,1995, “Uncertainty and the Transmission of Monetary Policy in Canada,”Bank of Canada Review (Summer), pp. 4158.

      Thiessen,Gordon G.,1998, “The Canadian Experience with Targets for Inflation Control,”Gibson Lecture, Queen’s University, October, reprinted inBank of Canada Review (Spring), pp. 1922.

      Thiessen,Gordon G.,2000a, “Can the Bank Change? The Evolution of Monetary Policy at the Bank of Canada 1935-2000,”speech delivered at the Faculty of Social Science, University of Western Ontario, London, Ontario, October.

      Thiessen,Gordon G.,2000b, “The Outlook for the Canadian Economy and the Conduct of Monetary Policy,”remarks to the Calgary Chamber of Commerce, Calgary, Alberta, September.

      Tkacz, Greg, andSarahHu,1999, “Forecasting GDP Growth Using Artificial Neural Networks,”Bank of Canada Working Paper No. 1999-3 (Ottawa: Bank of Canada).

      Triplett,Jack E.,2001, “Should the Cost-of-Living Index Provide the Conceptual Framework for a Consumer Price Index?”Economic Journal, Vol. 111, No. 472 (June), pp. 31134.

      Tuano-Amador, M.C., andM.D.Paraso,2002, “Operational Issues in Inflation Targeting for the Philippines,”Bangko Sentral Review, Vol. 6, No. 1 (January).

      United Nations, 1993, Integrated Environmental and Economic Accounting, Studies in Methods, Handbook of National Accounting, Series F, No. 61 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, 1996, Use of the System of National Accounts in Economies in Transition, Studies in Methods, Handbook of National Accounting, Series F, No. 66 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, 1998, International Merchandise Trade Statistics: Concepts and Definitions; Studies in Methods, Series M, No. 52, rev. 2 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, 1999, Input-Output Table Compilation and Analysis, Studies in Methods, Handbook of National Accounting, Series F, No. 74 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, 2000a, Household Accounting: Experience in Concepts and Compilation,Vol. 1, Household Sector Accounts, Studies in Methods, Handbook of National Accounting, Series F, No. 75/Vol. 1 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, 2000b, Links Between Business Accounting and National Accounting, Studies in Methods, Handbook of National Accounting, Series F, No. 76 (New York: Department of Economic and Social Affairs, Statistics Division).

      United Nations, and Johns Hopkins University Center for Civil Society Studies, 2002, Handbook on Non-Profit Institutions in the System of National Accounts, Series F, No. 91 (New York: Department of Economic and Social Affairs, Statistics Division, forthcoming).

      Van denHeever,J.P.,2001, “A Note on Inflation Targeting in South Africa,”South African Journal of Economics, Vol. 69, No. 1 (March), pp. 16877.

      Vasicek,Oldrich,1977, “An Equilibrium Characterization of the Term Structure,”Journal of Financial Economics, Vol. 5 (November), pp. 17788.

      Waggoner, Daniel F.,1997, “Spline Methods for Extracting Interest Rate Curves from Coupon Bond Prices,”Federal Reserve Bank of Atlanta Working Paper No. 97-10 (Atlanta: Federal Reserve Bank).

      Woolford,Keith,1999, “Measuring Inflation: A Framework Based on Domestic Final Purchases,”in Proceedings of the Measurement of Inflation Conference, ed. by MichaelSilver andDavidFenwick (ed) (Cardiff, Wales: Eurostat, Cardiff University, and U.K. Office for National Statistics).

      Wynne,Mark, andDiegoRodriguez-Palenzuela,forthcoming, “Measurement Bias in the HICP; What Do We Know, and What Do We Need to Know?”forthcoming in theEuropean Central Bank Working Paper Series.

      Yates,Anthony,1995, “On the Design of Inflation Targets,”in Targeting Inflation, ed. by AndrewHaidane (ed) (London: Bank of England).

      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication