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The Case for a Long-Run Inflation Target of Four Percent

The Case for a Long-Run Inflation Target of Four Percent »

Source: The Case for a Long-Run Inflation Target of Four Percent

Volume/Issue: 2014/92

Series: IMF Working Papers

Author(s): Laurence Ball

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2014

ISBN: 9781498395601

Keywords: Inflation Target, percent inflation, central bank, Monetary Policy (Targets, Instruments, and Effects),

Many central banks target an inflation rate near two percent. This essay argues that policymakers would do better to target four percent inflation. A four percent target would ease the constraints on monetary polic...

Central Bank Independence

Central Bank Independence »

Source: Central Bank Independence : Issues and Experience

Volume/Issue: 1991/58

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1991

ISBN: 9781451966428

Keywords: central bank, inflation, price stability, monetary policy independence

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence aga...

The Cost Channel of Monetary Policy

The Cost Channel of Monetary Policy »

Source: The Cost Channel of Monetary Policy : Further Evidence for the United States and the Euro Area

Volume/Issue: 2003/149

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

ISBN: 9781451856910

Keywords: Price Puzzle, New Keynesian Models, Bayesian Methods, nominal interest rate, central bank, monetary economics, Bayesian Analysis, Simulation Methods, Price-Puzzle,

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to bo...

The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

Goal-Independent Central Banks

Goal-Independent Central Banks »

Source: Goal-Independent Central Banks : Why Politicians Decide to Delegate

Volume/Issue: 2006/256

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

ISBN: 9781451865165

Keywords: coalition formation, treatment effects, monetary policy, central bank, inflation aversion, independent central bank, Noncooperative Games, Models of Political Processes: Rent-seeking, Elections, Legislatures

A motivation for central bank independence (CBI) is that policy delegation helps politicians manage diverse coalitions. This paper develops a model of coalition formation that predicts when delegation will occur. A...

A Practical Model-Based Approach to Monetary Policy Analysis-Overview

A Practical Model-Based Approach to Monetary Policy Analysis-Overview »

Volume/Issue: 2006/80

Series: IMF Working Papers

Author(s): Douglas Laxton , Andrew Berg , and Philippe Karam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

DOI: http://dx.doi.org/10.5089/9781451863406.001

ISBN: 9781451863406

Keywords: forecasting and simulation, model construction, and estimation, inflation, monetary fund, aggregate demand, central bank,

This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks....

Central Bank Independence
			: Issues and Experience

Central Bank Independence : Issues and Experience »

Volume/Issue: 1991/58

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1991

DOI: http://dx.doi.org/10.5089/9781451966428.001

ISBN: 9781451966428

Keywords: central bank, inflation, price stability, monetary policy independence

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence aga...

Goal-Independent Central Banks
			: Why Politicians Decide to Delegate

Goal-Independent Central Banks : Why Politicians Decide to Delegate »

Volume/Issue: 2006/256

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

DOI: http://dx.doi.org/10.5089/9781451865165.001

ISBN: 9781451865165

Keywords: coalition formation, treatment effects, monetary policy, central bank, inflation aversion, independent central bank, Noncooperative Games, Models of Political Processes: Rent-seeking, Elections, Legislatures

A motivation for central bank independence (CBI) is that policy delegation helps politicians manage diverse coalitions. This paper develops a model of coalition formation that predicts when delegation will occur. A...

In Search of a Monetary Anchor
			: A "New" Monetary Standard

In Search of a Monetary Anchor : A "New" Monetary Standard »

Volume/Issue: 1989/82

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 1989

DOI: http://dx.doi.org/10.5089/9781451954616.001

ISBN: 9781451954616

Keywords: real value, inflation, central bank, value of money, monetary fund

This paper explores recent versions of older ideas for stabilizing the value of money based on an independently defined unit of account. The gold standard was such a system, but suffered from gold’s fluctuat...

It Framework Design Parameters

It Framework Design Parameters »

Volume/Issue: 2009/87

Series: IMF Working Papers

Author(s): Douglas Laxton , and Charles Freedman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

DOI: http://dx.doi.org/10.5089/9781451872347.001

ISBN: 9781451872347

Keywords: central bank, inflation rate

This is the third chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of elements in the design of...