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Monetary Policy Under an Exchange Rate Anchor

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Monetary Policy Under an Exchange Rate Anchor »

Volume/Issue: 2020/180

Series: IMF Working Papers

Author(s): Mariam El Hamiani Khatat , Mark Buessings-Loercks , and Vincent Fleuriet

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2020

DOI: http://dx.doi.org/10.5089/9781513556383.001

ISBN: 9781513556383

Keywords: monetary policy framework, exchange rate regime, interest rate parity, monetary policy rules, monetary operations, foreign exchange interventions

This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main...

Monetary Policy Under an Exchange Rate Anchor

New
Monetary Policy Under an Exchange Rate Anchor »

Source: Monetary Policy Under an Exchange Rate Anchor

Volume/Issue: 2020/180

Series: IMF Working Papers

Author(s): Mariam El Hamiani Khatat , Mark Buessings-Loercks , and Vincent Fleuriet

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2020

ISBN: 9781513556383

Keywords: monetary policy framework, exchange rate regime, interest rate parity, monetary policy rules, monetary operations, foreign exchange interventions

This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main...

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt »

Source: Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Volume/Issue: 2020/173

Series: IMF Working Papers

Author(s): Balazs Csonto , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2020

ISBN: 9781513555928

Keywords: Exchange Rate, FX Debt, External Debt, Monetary Policy, FX Intervention

Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase...

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt

Destabilizing Stability? Exchange Rate Arrangements and Foreign Currency Debt »

Volume/Issue: 2020/173

Series: IMF Working Papers

Author(s): Balazs Csonto , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2020

DOI: http://dx.doi.org/10.5089/9781513555928.001

ISBN: 9781513555928

Keywords: Exchange Rate, FX Debt, External Debt, Monetary Policy, FX Intervention

Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase...

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting »

Volume/Issue: 2020/167

Series: IMF Working Papers

Author(s): Nicolas End , Mariam El Hamiani Khatat , and Rym Kolsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 August 2020

DOI: http://dx.doi.org/10.5089/9781513555027.001

ISBN: 9781513555027

Keywords: monetary policy framework, inflation targeting, monetary transmission, monetary operations, foreign exchange interventions, exchange rate passthrough, external shocks.

In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting has proven to be ineffective due to the composition of reserve money, structural liquidity defic...

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting

Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting »

Source: Tunisia Monetary Policy Since the Arab Spring: The Fall of the Exchange Rate Anchor and Rise of Inflation Targeting

Volume/Issue: 2020/167

Series: IMF Working Papers

Author(s): Nicolas End , Mariam El Hamiani Khatat , and Rym Kolsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 August 2020

ISBN: 9781513555027

Keywords: monetary policy framework, inflation targeting, monetary transmission, monetary operations, foreign exchange interventions, exchange rate passthrough, external shocks.

In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting has proven to be ineffective due to the composition of reserve money, structural liquidity defic...

Exchange Rate Pass-Through in the Caucasus and Central Asia

Exchange Rate Pass-Through in the Caucasus and Central Asia »

Source: Exchange Rate Pass-Through in the Caucasus and Central Asia

Volume/Issue: 2020/154

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2020

ISBN: 9781513552958

Keywords: exchange rate pass-through, inflation, exchange rate regime, local projections

This paper estimates the extent and speed of exchange rate pass-through (ERPT) in seven Caucasus and Central Asia (CCA) countries using monthly data over the January 1995-May 2020 period. The estimations are perfor...

Exchange Rate Pass-Through in the Caucasus and Central Asia

Exchange Rate Pass-Through in the Caucasus and Central Asia »

Volume/Issue: 2020/154

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2020

DOI: http://dx.doi.org/10.5089/9781513552958.001

ISBN: 9781513552958

Keywords: exchange rate pass-through, inflation, exchange rate regime, local projections

This paper estimates the extent and speed of exchange rate pass-through (ERPT) in seven Caucasus and Central Asia (CCA) countries using monthly data over the January 1995-May 2020 period. The estimations are perfor...

Chapter 1 External Positions and Policies

Chapter 1 External Positions and Policies »

Source: External Sector Report, 2020 : Global Imbalances and the COVID-19 Crisis

Series: External Sector Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2020

ISBN: 9781513549019

Keywords: External sector, International investment position, External sector assessment, Financial crises, Nominal effective exchange rate, ESR, develop economy, euro area, emerge market, current account balance

This overview chapter discusses the evolution of and outlook for global external positions and summarizes the IMF staff’s external assessments for a globally representative set of economies in 2...

Chapter 2 External Stress and the International Investment Position

Chapter 2 External Stress and the International Investment Position »

Source: External Sector Report, 2020 : Global Imbalances and the COVID-19 Crisis

Series: External Sector Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2020

ISBN: 9781513549019

Keywords: External sector, International investment position, External sector assessment, Financial crises, Nominal effective exchange rate, ESR, develop economy, euro area, emerge market, current account balance

Countries’ external assets and liabilities reached historic highs in the years before the Great Lockdown. This chapter examines the relationship between the structure of external assets and liab...