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Monetary and Exchange Rate Dynamics During Disinflation

Monetary and Exchange Rate Dynamics During Disinflation »

Source: Monetary and Exchange Rate Dynamics During Disinflation : An Empirical Analysis

Volume/Issue: 2005/33

Series: IMF Working Papers

Author(s): Lei Zhang , A. Hamann , and Andres Arias Leiva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

ISBN: 9781451860528

Keywords: Inflation stabilization, nominal anchor, exchange rate-based stabilization, stabilization, exchange rate, exchange rate anchor, exchange rate volatility, foreign exchange, Open Economy Macroeconomics,

Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike th...

Expectations' Anchoring and Inflation Persistence*

Expectations' Anchoring and Inflation Persistence* »

Source: Expectations' Anchoring and Inflation Persistence

Volume/Issue: 2018/280

Series: IMF Working Papers

Author(s): Rudolfs Bems , Francesca Caselli , Francesco Grigoli , Bertrand Gruss , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

ISBN: 9781484388846

Keywords: Inflation expectations, Inflation persistence, Anchoring, credibility, terms of trade, Monetary Policy (Targets, Instruments, and Effects)

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation....

Exchange Rate Policy and Monetary Strategy Options in the Philippines

Exchange Rate Policy and Monetary Strategy Options in the Philippines »

Source: Exchange Rate Policy and Monetary Strategy Options in the Philippines : The Search for Stability and Sustainability

Volume/Issue: 1997/4

Series: IMF Policy Discussion Papers

Author(s): Aerdt Houben

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1997

ISBN: 9781451973341

Keywords: Exchange rate policy, Exchange rate regimes, Monetary policy, Philippines, exchange rate, central bank, nominal anchor

This paper evaluates the Philippines’ experience with different exchange regimes since 1970. It argues that the shift to a flexible regime was crucial to restoring external viability and generating an export...

Macroeconomic Challenges with EU Accession in Southeastern Europe

Macroeconomic Challenges with EU Accession in Southeastern Europe »

Source: Macroeconomic Challenges with EU Accession in Southeastern Europe : An Overview

Volume/Issue: 2006/40

Series: IMF Working Papers

Author(s): Piritta Sorsa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451863000

Keywords: exchange rate, inflation, macroeconomic stability, monetary policy, exchange rate anchor, Economywide Country Studies: Europe,

The paper reviews key macroeconomic challenges with EU accession in Southeastern Europe (SEE). Most of the countries in the region are years away from EU accession and need substantial progress to meet the key macr...

Bad Dreams Under Alternative Anchors

Bad Dreams Under Alternative Anchors »

Source: Bad Dreams Under Alternative Anchors : Are the Consequences Different?

Volume/Issue: 2000/20

Series: IMF Working Papers

Author(s): Leonardo Auernheimer , and Susan George

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2000

ISBN: 9781451843835

Keywords: anchors, credibility, rules, exchange rate, money stock, real exchange rate, exchange rate rule, nominal exchange rate

Using a simple model, this paper shows how a strict monetary rule exhibits characteristics similar to those of an exchange rate anchor, in terms of a lack of robustness in the presence of adverse expectations (&#x2...

Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice »

Source: Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice

Volume/Issue: 2008/132

Series: IMF Working Papers

Author(s): Nienke Oomes , and Christopher Meissner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

ISBN: 9781451869910

Keywords: exchange rate regime, anchor, network externalities, optimal currency area, exchange rate, exchange rate regimes, trade partners,

What determines the currency to which countries peg or "anchor" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key determinant. This implies tha...

Re-Establishing Credible Nominal Anchors After a Financial Crisis

Re-Establishing Credible Nominal Anchors After a Financial Crisis »

Source: Re-Establishing Credible Nominal Anchors After a Financial Crisis : A Review of Recent Experience

Volume/Issue: 2003/76

Series: IMF Working Papers

Author(s): Alessandro Zanello , Mark Stone , Christopher Jarvis , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451849899

Keywords: nominal anchor, inflation, foreign exchange, central bank, inflation targeting, Studies of Particular Policy Episodes,

This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (199...

Money-Based Versus Exchange-Rate-Based Stabilization

Money-Based Versus Exchange-Rate-Based Stabilization »

Source: Money-Based Versus Exchange-Rate-Based Stabilization : Is There Space for Political Opportunism?

Volume/Issue: 2004/94

Series: IMF Working Papers

Author(s): Ari Aisen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451851755

Keywords: Inflation Stabilization, Nominal Anchors, Political Opportunism, Elections, inflation, election, chronic inflation, Methodology for Collecting, Estimating, and Organizing Macroeconomic Data

In response to high and chronic inflation, countries have adopted different stabilization policies. However, the extent to which these stabilization programs were designed for political motives is not clear. Since...

Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa

Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa »

Source: Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa

Volume/Issue: 2018/177

Series: IMF Working Papers

Author(s): Ken Miyajima , and James Yetman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2018

ISBN: 9781484372043

Keywords: Inflation expectations, Central banks and their policies, South Africa, Sub-Saharan Africa, decay function, inflation anchoring, inflation targeting

Inflation forecasts are modelled as monotonically diverging from an estimated long-run anchor point, or 'implicit anchor', towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts...

Exchange Rate Regime Considerations for Jordan and Lebanon

Exchange Rate Regime Considerations for Jordan and Lebanon »

Source: Exchange Rate Regime Considerations for Jordan and Lebanon

Volume/Issue: 2003/137

Series: IMF Working Papers

Author(s): Rina Bhattacharya

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855937

Keywords: exchange rate regime, optimum currency area, nominal anchor, exchange rate, equations, statistic, equation, Financial Aspects of Economic Integration, Open Economy Macroeconomics,

This paper addresses the issue of the appropriate exchange rate regimes for Jordan and Lebanon in the context of the literature on optimum currency areas and the arguments concerning the use of the exchange rate as...