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  • Keywords: Monetary Policy (Targets x
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Inflation-Forecast Targeting for India

Inflation-Forecast Targeting for India »

Source: Inflation-Forecast Targeting for India : An Outline of the Analytical Framework

Volume/Issue: 2017/32

Series: IMF Working Papers

Author(s): Jaromir Benes , Kevin Clinton , Asish George , Joice John , Ondra Kamenik , Douglas Laxton , Pratik Mitra , G.V. Nadhanael , Hou Wang , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

ISBN: 9781475578690

Keywords: Asia and Pacific, Disinflation, India, Inflation targeting, Forecasting models, Monetary policy, Price stabilization, Central banks and their policies, inflation targeting; Reserve Bank of India; inflation episodes in India; forecasting models; monetary policy models; model calibration; monetary policy rules; monetary policy simulations, Reserve Bank of India

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper d...

Inflation News and Euro Area Inflation Expectations

Inflation News and Euro Area Inflation Expectations »

Source: Inflation News and Euro Area Inflation Expectations

Volume/Issue: 2018/167

Series: IMF Working Papers

Author(s): Juan Angel Garcia , and Sebastian Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2018

ISBN: 9781484363010

Keywords: Inflation, Monetary policy, Central banks and their policies, market-based inflation expectations, macroeconomic news, Monetary Policy (Targets, Instruments, and Effects)

Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sens...

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors »

Source: Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Volume/Issue: 2018/176

Series: IMF Working Papers

Author(s): Ashraf Khan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2018

ISBN: 9781484372272

Keywords: Central banking, Central banks and their policies, financial supervision, financial regulation, law, liability, immunity, technical assistance, General, Monetary Policy (Targets

This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor's independence, especially for conducting monetary and financial stability policy. Howeve...

The Long-Run Trend of Residential Investment in China

The Long-Run Trend of Residential Investment in China »

Source: The Long-Run Trend of Residential Investment in China

Volume/Issue: 2018/251

Series: IMF Working Papers

Author(s): Ding Ding , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484385371

Keywords: Asia and Pacific, China, People's Republic of, Central banks and their policies, China housing market, residential investment, rebalancing, Bayesian Analysis, Time-Series Models, Monetary Policy (Targets, Instruments

In this paper we analyze the fundamental drivers of China's residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were...

The Macroeconomic Effects of Trade Tariffs

The Macroeconomic Effects of Trade Tariffs »

Source: The Macroeconomic Effects of Trade Tariffs : Revisiting the Lerner Symmetry Result

Volume/Issue: 2017/151

Series: IMF Working Papers

Author(s): Jesper Lindé , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2017

ISBN: 9781484306116

Keywords: Central banks and their policies, Import Tariffs; Export Subsidies; Lerner Condition, Incomplete Markets; Complete Markets, Border Adjustment Tax, Trade War, New Keynesian open-economy model, Import Tariffs, Export Subsidies, Lerner Condition, Incomplete Markets

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy...

Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa

Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa »

Source: Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa

Volume/Issue: 2018/173

Series: IMF Working Papers

Author(s): Alain Kabundi , and Montfort Mlachila

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2018

ISBN: 9781484371671

Keywords: South Africa, Sub-Saharan Africa, Central banks and their policies, Exchange rate pass-through, monetary policy credibility, Monetary Policy (Targets, Instruments, and Effects)

This paper investigates the key factors that explain the documented decline in the exchange rate pass-through in South Africa over the past two decades, which coincides with the adoption of the inflation-targeting...

Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money1

Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money1 »

Source: Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money

Volume/Issue: 2018/191

Series: IMF Working Papers

Author(s): Katrin Assenmacher , and Signe Krogstrup

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 August 2018

ISBN: 9781484370025

Keywords: Central banks and their policies, Zero lower bound; Monetary policy framework, Dual local currency regime, Legal tender, Zero lower bound, Monetary policy framework, Monetary Policy (Targets, Instruments, and Effects)

Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting...

Policy Conflicts and Inflation Targeting: The Role of Credit Markets*

Policy Conflicts and Inflation Targeting: The Role of Credit Markets* »

Source: Policy Conflicts and Inflation Targeting: The Role of Credit Markets

Volume/Issue: 2018/72

Series: IMF Working Papers

Author(s): Woon Choi , and David Cook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

ISBN: 9781484350515

Keywords: Inflation targeting, Central banks and their policies, Policy Conflicts, Taylor rule, and Macroprudential Policy, Credit Growth, Macroprudential Policy, Monetary Policy (Targets, Instruments, and Effects)

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when...

Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates

Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates »

Source: Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates

Volume/Issue: 2018/131

Series: IMF Working Papers

Author(s): Gee Hee Hong , and John Kandrac

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2018

ISBN: 9781484361610

Keywords: Bank lending rates, Central banks and their policies, Monetary transmission mechanism, Negative interest rates, Asia and Pacific, Economic conditions, Japan, monetary transmission, bank risk taking, lending channel

In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an...

Quantitative Easing and Long-Term Yields in Small Open Economies*

Quantitative Easing and Long-Term Yields in Small Open Economies* »

Source: Quantitative Easing and Long-Term Yields in Small Open Economies

Volume/Issue: 2017/212

Series: IMF Working Papers

Author(s): Antonio Diez de los Rios , and Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320730

Keywords: Europe, Sweden, Switzerland, Central banks and their policies, United Kingdom, United States, Western Hemisphere, Unconventional monetary policy, event study, signaling

We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National B...