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Topic: Inflation targeting

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ECB: The ECB's monetary policy strategy and the quantitative definition of price stability In fact, some observers understand inflation targeting to imply a simple policy rule whereby changes in interest rates should feedback from the deviation between a conditional inflation forecast (normally based on interest rates remaining unchanged at their pre-decision level) and the inflation objective at a specific time horizon (typically two years). Furthermore, in practice, most inflation targeting central banks have relaxed the definition of the horizon for inflation targeting and have acknowledged that the feed-back from inflation forecasts cannot be mechanistic. Inflation targeting is generally also viewed as a strategy that places emphasis on the production and discussion of inflation forecasts within central banks. www.ecb.int /press/key/date/2001/html/sp011217.en.html

Inflation Signals and Inflation Noise - Poole Speech - St. Louis Fed Since the initial inflation targeting experiment by the Reserve Bank of New Zealand in 1990, thought at the time to be radical, inflation targeting has become the stated objective of at least 11 central banks, including those of developed and developing countries. Inflation rose a bit in the late 1980s, and reached 6.1 percent in 1990, in the face of the oil shock that accompanied Iraq’s invasion of Kuwait. Though the evidence suggests that U.S. inflation in the second half of the twentieth century was a highly persistent process, it is possible that the observed persistence may result from the way that monetary policy was implemented. www.stlouisfed.org /news/speeches/2004/04_06_04.html   (4101 words)

FRB: Speech, Gramlich-The Politics of Inflation Targeting—May 26, 2005 Brazil's adoption of inflation targeting in 1999 was preceded by a presidential decree. None of these supposed political costs of inflation targeting are certain, all could be readily handled, and it is at least possible that only vague congressional support for inflation targeting would ultimately be necessary. The main country that has not adopted inflation targeting is the United States. www.federalreserve.gov /boarddocs/speeches/2005/20050526   (4101 words)

Business & Economics > Inflation ["Inflation Targeting] should, and is intended to, appeal to historians, political scientists, international-relations students, politicians, central bankers, journalists, as well as to... Inflation and Investment Controls in China: The Political Economy of Central-Local Relations During the Reform Era Today, high inflations thwart reform and impede recovery in Russia, Ukraine, and most of the other former Soviet republics. www.libreriauniversitaria.it /BUS/r_BUS03100/p_1/Inflation.htm   (309 words)

[A-List] UK economic success story Stipulation By the time Labour came to office, the Conservatives had already = realised that using intermediate targets - the public sector borrowing = requirement, the money supply or the exchange rate - as a proxy for = inflation were a poor substitute for targeting inflation itself. Brown's symmetrical inflation target = meant the Bank was obliged to cut rates, further boosting domestic = demand. Apart = from "de-politicising" interest rates, Brown's key reform was to insist = that the MPC treat an undershoot of his 2.5% target as seriously as an = overshoot. lists.econ.utah.edu /pipermail/a-list/2002-May/019169.html   (309 words)

Current Issues in the Design and Conduct of Monetary Policy, By Mohsin S. Khan, Director, IMF Institute Even some emerging market economies that do not have in place all requirements for the adoption of a full-fledged inflation targeting framework have initiated a transition process leading toward a future implementation of this framework. Although there is some disagreement on the criteria used to classify a country as a full- fledged inflation targeter, it is clear that there is an increasing trend in targeting inflation as the main goal of monetary policy. The increasing trend in the adoption of full-fledged inflation targeting might be explained by its relative success in reducing inflation and private sector expectations, and contributing to maintain price stability, even in the presence of some international disturbances, and without a significant increase in unemployment or output loss. www.imf.org /external/np/speeches/2003/013003.htm   (309 words)

RESEARCH SUMMARY Although both the Bundesbank and the Swiss National Bank refer to their approaches as "money targeting" rather than inflation targeting, there is a widespread perception that inflation targets are central to German and Swiss monetary policymaking. For example, the Bundesbank develops its money targets by starting with an inflation objective, then working backward to determine the rate of money growth that is consistent with that objective. In particular, the public's confidence in the Bundesbank's commitment to low inflation has allowed it the flexibility to pursue short-term objectives, such as stabilization of output or the exchange rate, without increasing the inflation expectations of the public. www.nber.org /reporter/winter99/bernanke.html   (2037 words)

Business Report - Help Mboweni chase low inflation, says Democratic Alliance However, the ID disagreed with the Bank's inflation targeting, because it "leads to higher interest rates that affect mostly the poorest of the poor". DA finance spokesperson Raenette Taljaard said Mboweni's commitment to pursuing low inflation in the context of government's inflation targeting policy framework, which anchors monetary policy, should be welcomed. Help Mboweni chase low inflation, says Democratic Alliance www.busrep.co.za /index.php?fArticleId=2164060   (2037 words)

Working Paper 97-4: Lessons from the Bundesbank on the Occasion of Its 40th (and Second to Last?) Birthday The second intellectual pillar of the move to monetary targeting was a perception that medium-term inflation expectations had to be locked-in when monetary policy eased as inflation came down after the first oil shock. This phenomenon was also seen in the United Kingdom's adoption of inflation targeting in October 1992 following exit from the European ERM, which arguably limited the inflationary pass-through of the one-time shock of devaluation. This term was coined in Laubach and Posen (1997), which gives a more detailed analysis of the development of German monetary targeting and of the comparable Swiss framework. www.iie.com /publications/wp/1997/97-4.htm   (2037 words)

Bangko Sentral ng Pilipinas Home Page The BSP Inflation Report is being published as part of the BSP’s transparency mechanism under inflation targeting and to convey to the public the overall thinking and analysis behind the BSP’s decisions on monetary policy. The adoption of inflation targeting framework for monetary policy in January 2002 is aimed at achieving this objective. The latest inflation outturn is consistent with the BSP’s expectations of easing price pressures for the remaining months of 2005, based on continuing trends for easing food prices in the ongoing harvest season and also relative stability in the foreign exchange rate. www.bsp.gov.ph /home.htm   (211 words)

2005-April.txt Monetary Policy Transparency in the Inflation Targeting Mariusz Jarmuzek (CASE Center for Social & Economic Research) Lucjan T. Orlowski (Sacred Heart University) Artur Radziwill (CASE Center for Social & Economic Research) This paper quantifies transparency of monetary policy in the three EU New Member States that have adopted direct inflation targeting strategy. FORECASTING INFLATION IN THE EURO AREA USING MONTHLY TIME SERIES MODELS AND QUARTERLY ECONOMETRIC MODELS Rebeca Albacete Antoni Espasa Economic agents and financial authorities require frequent updates to a path of accurate inflation forecasts and need forecasts to include an explanation of the factors by which they are determined. This paper studies how to approach this need, developing a method for analysing inflation in the euro area, measured according to HICP. netec.wustl.edu /pipermail/nep-mon/2005-April.txt   (211 words)

Unknown (SMEALSearch) - Pal,Rangaswamy,Giles,Debnath Although the policy rules econometric work has not focused specifically on inflation targeting, further econometric work on monetary rules would benefit from a deeper understanding of the theoretical issues involved and the... this paper the proposal for indirect convertibility (henceforth, IC)] put forward by Greenfield and Yeager (1983, 1989) is reexamined and reinterpreted to show that IC can provide a practical monetary policy rule for central banks currently engaged in inflation targeting. Indirect Convertibility, Inflation Targeting, and Monetary Policy Rules1 J.... smealsearch2.psu.edu /6511.html   (222 words)

Ben Bernanke 101 - News Bernanke "subscribe[s] entirely and wholeheartedly to the dual mandate and believe[s] the Federal Reserve has an important responsibility to maintain strong and sustained employment growth." He sees inflation targeting as the best way to promote maximum employment and overall economic stability. Because Greenspan has publicly opposed inflation targeting, questions have been raised about Bernanke's claim to continue the policies of the Greenspan Fed. Bernanke's response is that the Fed has effectively practiced inflation targeting and that he wishes only to establish the practice more formally to provide more transparency and commitment in the post-Greenspan era. Bernanke is quick to refer to it as a "framework" and not a "rigid rule". www.whartonjournal.com /news/2005/12/05/News/Ben-Bernanke.101-1120318.shtml   (846 words)

FRB: Speech, Gramlich--Maintaining price stability--October 1, 2003 One is therefore tempted to conclude that the general understanding of the inflation process and a firm determination to achieve price stability, more than the inflation-targeting regime itself, has been the key element in reducing inflation. My reading of the empirical evidence is that the key ingredient in keeping inflation low and stable is that the central bank be firmly determined to achieve and maintain stable prices in the long run. To economists, on the other hand, inflation should be interpreted to mean a general rise in all wages and prices; and the costs of general inflation are the "shoe leather"-type costs of managing cash balances, which the respondents to Shiller's survey viewed as trivial. www.federalreserve.gov /boarddocs/speeches/2003/20031001   (3499 words)

FRBSF: Economic Letter - Accountability in Practice: Recent Monetary Policy in New Zealand (9/9/96) A review of New Zealand's recent experiences with inflation targeting, focusing on whether the policy reforms there have succeeded in establishing a framework with clear goals and a mechanism for accountability, offers some lessons for other countries moving towards the adoption of targets for inflation. In New Zealand, the inflation rate, as measured by the Reserve Bank of New Zealand's estimate of underlying inflation, was 2.1 percent for the year ending March 1996. In New Zealand, for example, the inclusion of interest costs in the CPI means that contractionary monetary policy--policy that boosts interest rates in the short term--increases inflation as measured by the CPI. www.frbsf.org /econrsrch/wklyltr/el96-25.html   (1933 words)

Joint Economic Committee Home Page The new JEC study, Economic Effects of Inflation Targeting, examines the empirical evidence on the impact of inflation targeting as it has been implemented in a number of countries. Today’s Commerce Department release indicates that the U.S. economy grew at a 3.8 percent rate in the third quarter of 2005, while core inflation as measured by a key index actually fell to 1.3 percent (The index referred to here is the core personal consumption expenditure deflator, which excludes food and energy). We appreciate the many times you have testified before this Committee, and recognize your outstanding stewardship of monetary policy during your tenure as Fed chairman. www.house.gov /jec   (553 words)

SSRN-The BMW Model: Simple Macroeconomics for Closed and Open Economies - A Requiem for the IS/LM-AS/AD and the Mundell-Fleming Model by Peter Bofinger, Eric Mayer, Timo Wollmershaeuser Colander [1995] has demonstrated that the framework is logically inconsistent, Romer [2000] has shown that it is unable to deal with a monetary policy that uses the interest rate as its operating target, Walsh [2001] has criticised that it is not well suited for an analysis of inflation targeting. In spite of its simplicity it can deal with issues like inflation targeting, monetary policy rules, and central bank credibility. The main advantage of the open-economy BMW model is its ability to discuss the role of inflation and the determination of flexible exchange rates while the MF model is based on fixed prices and constant exchange rates. papers.ssrn.com /sol3/papers.cfm?abstract_id=327742   (439 words)

HOMEPAGE OF HAKAN YILMAZKUDAY The main contribution of this thesis is the estimation of monetary policy rule for Central Bank of The Republic of Turkey (CBRT) via GMM mehtod and comparison of alternative inflation targeting policies for Turkey. All CBRT has to do is to determine the importance of different types of shocks and then select the proper monetary policy when conducting inflation targeting regime. It has been found that CBRT has not given importance to any of the economic variables, namely inflation, currency depreciation and output stability, compared to other countries. people.vanderbilt.edu /~hakan.yilmazkuday/thesis.html   (239 words)

AEI - Short Publications The financial world will start seeing monetary policy through the lens of inflation-targeting, even if we never see a grand announcement of a new regime. Bernanke has long advocated inflation targeting, under which a central bank sets a numerical target for the inflation rate. Ben Bernanke would do well to increase public confidence in the institution of the Federal Reserve: The institution matters more than the individual who happens to be leading it at the moment. www.aei.org /publications/filter.all,pubID.23389/pub_detail.asp   (1151 words)

S-WoPEc: The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap In particular, a foolproof way of escaping from a liquidity trap is suggested, consisting of a price-level target path, a devaluation of the currency and an exchange-rate peg, which is later abandoned in favor of price-level or inflation targeting when the price-level target is reached. The abandonment of the exchange-rate peg and shift to price-level or inflation targeting will avoid the risk of overheating. This will jump-start the economy by a real depreciation of the domestic currency, a lower long real interest rate, and increased inflation expectations. swopec.hhs.se /iiessp/abs/iiessp0687.htm   (1151 words)

Monetary Policy and Exchange Rate Volatility in a Small Open Economy We also discuss a special case for which domestic inflation targeting constitutes the optimal policy, and where a simple second order approximation to the utility of the representative consumer can be derived and used to evaluate the welfare losses associated with suboptimal regimes. We employ this framework to analyze the macroeconomic implications of three alternative monetary policy regimes for the small open economy: domestic inflation targeting, CPI targeting and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of exchange rate volatility that they entail. www.ideas.uqam.ca /ideas/data/Papers/nbrnberwo8905.html   (1151 words)

THE KOREA INTERNATIONAL ECONOMIC ASSOCIATION A small, open macroeconomic model that accounts for new financial accelerator effects (the effects of fluctuations in asset prices on bank credit and economic activity) is developed to evaluate various policy rules for inflation targeting. Simulations are used to compare various forms of inflation targeting using a model that emphasizes long-term inflation expectations, output changes, and the asset price channels. Given the conditions of asset markets and the fragility of the financial sector, monetary policy responses can potentially amplify the financial accelerator effect. www.uwm.edu /Dept/iej/Archive/vol17/no3/vol17_no3_paper7.htm   (151 words)

Monetary Policy with Incomplete Exchange Rate Pass-Through The central bank's optimal reaction to foreign and domestic shocks is analyzed in an inflation targeting model allowing for incomplete exchange rate pass-through. Keywords: Exchange rate pass-through; exchange rate volatility; inflation targeting; monetary policy; small open economy Limited pass-through is incorporated through nominal rigidities in an aggregate supply-aggregate demand model derived from some microfoundations. netec.mcc.ac.uk /WoPEc/data/Papers/hhsrbnkwp0127.html   (151 words)

Joint Economic Committee Home Page The new JEC study, Economic Effects of Inflation Targeting, examines the empirical evidence on the impact of inflation targeting as it has been implemented in a number of countries. This Committee values its long history of cooperation with the Council of Economic Advisers. Bernanke, currently Chairman of the President’s Council of Economic Advisers, is a distinguished academic economist and monetary expert. www.house.gov /jec   (466 words)

RePEc Essay 2 studies inflation targeting in the context of a monetary union. Essay 1 analyses inflation targeting in an economy with decentralised monetary and fiscal policies and centralised wage setting. Essay 3 focuses on Central Bank (CB) institutions and fiscal-monetary policy coordination under debt stabilisation programmes. www.inomics.com /cgi/repec?handle=RePEc:fth:bfsefi:E12   (125 words)

Monetary & Exchange Rate Policies The MPB had the authority to set the direction of monetary policy with price stability as the overriding objective, and also to refine the inflation targeting framework to suit the Thai economy. The Bank decided to launch inflation targeting under the existing legal framework, whereby the Monetary Policy Board (MPB) was first appointed on 5 April 2000 and vested with the power to decide monetary policy by the Governor. Therefore, although monetary policy objectives were not explicitly stipulated in the Bank of Thailand Act, in practice the Bank has always regarded as its primary goal the maintenance of monetary and financial stability, which is necessary for achieving sustainable economic growth over the long run. www.bot.or.th /bothomepage/bankatwork/monetary&fxpolicies/index_eng_i.asp   (855 words)

Choosing Exchange Regimes in the Middle East and North Africa by Abdelali Jbili and Vitali Kramarenko Although the shift away from a pegged exchange regime is one of the rationales for introducing inflation targeting, initially the exchange rate continues to be an important element for the interest rate–setting rule of the central bank under inflation targeting in open economies. Exchange rate regimes in the region currently range from a hard peg (Djibouti) to variants of float (Iran, Egypt, and Yemen), but pegged regimes are predominant (see Table 1). The higher the indicator is, the higher labor rigidity is. The indicator for Hong Kong SAR is 0.07. www.imf.org /external/pubs/ft/med/2003/eng/jbili/jbili.htm   (855 words)

BIS This allowed Svensson to discuss the role of the various exchange-rate channels in inflation targeting, the use of a monetary conditions index (MCI), the choice between CPI and domestic inflation targeting, and the appropriateness of simple instrument rules such as the closed-economy Taylor rule. Paul Söderlind (Stockholms Universitet and CEPR) observed that it was hard to compare the performance of a Taylor rule, which assumes commitment, with the discretionary rules considered in the paper. José Viñals (Banco de España and CEPR) acknowledged the authors’ fears that differences in national preferences or national structures might compromise the European Central Bank’s policy focus on price stability, and that regional differences could lead to adverse popular reactions. www.cepr.org /PUBS/Bulletin/MEETS/1370.htm   (855 words)

Product List - Books 201-210 of 533, All Categories This volume provides a comprehensive, valuable examination of diverse international experience with inflation targeting regimes. Inflation Targeting : Lessons from the International Experience money-employment.marc8.com /product-list.php/name/product_list_books/s/200   (412 words)

Alvaro Jose Riascos at IDEAS " Inflation Targeting In A Small Open Economy: The Colombian Case," Borradores de Economia 000711, Banco de la República. " Inflation Targeting in a Samll Open Economy: The Colombian Case," Borradores de Economia 308, Banco de la Republica de Colombia. " Sobre los Efectos de la Política Monetaria en Colombia," Borradores de Economia 000176, Banco de la República. ideas.repec.org /e/pri7.html   (412 words)

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