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Inflation Targeting

Inflation Targeting »

Source: Inflation Targeting : What is the Meaning of the Bottom of the Band?

Volume/Issue: 1999/8

Series: IMF Policy Discussion Papers

Author(s): Eric Clifton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451970906

Keywords: Inflation targeting, credibility, monetary policy, inflation, price stability, inflation target

This paper investigates the meaning of the bottom of target bands in inflation targeting regimes. It is argued that the design of lower limits on target bands, if not done with care, can lead to a lack of transpare...

Inflation Targeting Under Asymmetric Preferences*

Inflation Targeting Under Asymmetric Preferences* »

Source: Inflation Targeting Under Asymmetric Preferences

Volume/Issue: 2001/161

Series: IMF Working Papers

Author(s): Francisco Ruge-Murcia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451857818

Keywords: inflation targets, asymmetric preferences, credibility, inflation, inflation deviation, inflation target, average inflation,

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target ca...

Credibility of Central Bank Independence Revisited1

Credibility of Central Bank Independence Revisited1 »

Source: Credibility of Central Bank Independence Revisited

Volume/Issue: 1999/2

Series: IMF Working Papers

Author(s): Timo Valila

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1999

ISBN: 9781451841749

Keywords: central bank independence, credibility, policy co-ordination, inflation, central bank, inflation target, inflation rate

The specific role of central bank independence in determining the overall credibility of monetary policy is addressed in this paper. It is argued that the credibility of delegating monetary policy to an independent...

Inflation Targeting and the Unemployment-Inflation Trade-off

Inflation Targeting and the Unemployment-Inflation Trade-off »

Source: Inflation Targeting and the Unemployment-Inflation Trade-off

Volume/Issue: 2001/166

Series: IMF Working Papers

Author(s): Chorng-Huey Wong , Eric Clifton , and Gene Leon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451858105

Keywords: inflation targeting, credibility, Phillips curve, smooth transition regression models, inflation, central bank, monetary fund, General Aggregative Models: Forecasting and Simulation, Inflation Targeting Credibility,

This paper examines the impact of the introduction of inflation targeting on the unemployment-inflation trade-off in OECD countries. Theoretical models suggest that the credibility-enhancing effects of the adoption...

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....

Does Money Matter for Inflation in Ghana?

Does Money Matter for Inflation in Ghana? »

Source: Does Money Matter for Inflation in Ghana?

Volume/Issue: 2011/274

Series: IMF Working Papers

Author(s): Arto Kovanen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463925291

Keywords: monetary policy credibility, inflation-targeting, inflation, monetary policy, real money, money stock,

Money has only limited information value for future inflation in Ghana over a typical monetary policy implementation horizon (four to eight quarters). On the other hand, currency depreciation and demand pressures (...

Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Endogenous Monetary Policy Credibility in a Small Macro Model of Israel »

Source: Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Volume/Issue: 2007/207

Series: IMF Working Papers

Author(s): Eyal Argov , David Rose , Philippe Karam , Natan Epstein , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867718

Keywords: monetary policy credibility, non-linearity, inflation, central bank, inflation target, monetary fund,

This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility....

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Measuring Disinflation Credibility in Emerging Markets

Measuring Disinflation Credibility in Emerging Markets »

Source: Measuring Disinflation Credibility in Emerging Markets : A Bayesian Approach with An Application to Turkey

Volume/Issue: 2004/208

Series: IMF Working Papers

Author(s): Alessandro Rebucci , and Marco Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

ISBN: 9781451874730

Keywords: Bayesian Learning, Credibility, Mixing Estimation, inflation, monetary policy, inflation process, inflation rate, inflation targeting, Bayesian Analysis, International Finance Forecasting and Simulation,

This paper presents an empirical measure of disinflation credibility and discusses its evolution in Turkey since the 2001 crisis. The results indicate that credibility has improved markedly over this period, boding...

Inflation Targeting
			: What is the Meaning of the Bottom of the Band?

Inflation Targeting : What is the Meaning of the Bottom of the Band? »

Volume/Issue: 1999/8

Series: IMF Policy Discussion Papers

Author(s): Eric Clifton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451970906.003

ISBN: 9781451970906

Keywords: Inflation targeting, credibility, monetary policy, inflation, price stability, inflation target

This paper investigates the meaning of the bottom of target bands in inflation targeting regimes. It is argued that the design of lower limits on target bands, if not done with care, can lead to a lack of transpare...