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Flexible Inflation Forecast Targeting
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Book Synopsis Inflation-Forecast Targeting by : Kevin Clinton
Download or read book Inflation-Forecast Targeting written by Kevin Clinton and published by International Monetary Fund. This book was released on 2015-06-24 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and policy analysis appropriate to its needs. A common component is a model-based forecast with an endogenous policy interest rate path. The approach is characterized, among other things, by transparent communications—some IFT central banks go so far as to publish their policy interest rate projection. Some elements of this regime, although a work still in progress, are worthy of consideration by central banks that have not yet officially adopted full-fledged inflation targeting.
Book Synopsis Monetary Policy Under Flexible Exchange Rates by : Pierre-Richard Agénor
Download or read book Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2000 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.
Book Synopsis Inflation-Forecast Targeting for India by : Mr.Jaromir Benes
Download or read book Inflation-Forecast Targeting for India written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2017-03-03 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 draws on Indian macroeconomic developments since 2000 and the experience of other countries that adopted FIT to bring out insights on how credible policy with an emphasis on a strong nominal anchor can reduce the impact of supply shocks and improve macroeconomic stability. For illustrating the key issues given the unique structural characteristics of India and the policy options under an FIT framework, the paper describes an analytical framework using the core quarterly projection model (QPM). Simulations of the QPM are carried out to illustrate the monetary policy responses under different types of uncertainty and to bring out the importance of gaining credibility for improving monetary policy efficacy.
Book Synopsis Inflation Targeting at 20 - Achievements and Challenges by : Mr.Scott Roger
Download or read book Inflation Targeting at 20 - Achievements and Challenges written by Mr.Scott Roger and published by International Monetary Fund. This book was released on 2009-10-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of inflation targeting frameworks and macroeconomic performance under inflation targeting. Inflation targeting frameworks are generally quite similar across countries, and a broad consensus has developed in favor of "flexible" inflation targeting. The evidence shows that, although inflation target ranges are missed frequently in most countries, the inflation and growth performance under inflation targeting compares very favorably with performance under alternative frameworks. Inflation targeters also tentatively appear to be coping better with the commodity price and financial shocks in 2007-2009 than non-inflation targeters. Key issues going forward include adapting inflation targeting to emerging market and developing countries, and incorporating financial stability issues into the framework.
Book Synopsis Monetary Policy Rules by : John B. Taylor
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Book Synopsis Inflation Targeting by : Lars E. O. Svensson
Download or read book Inflation Targeting written by Lars E. O. Svensson and published by . This book was released on 1997 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Journey to Inflation Targeting by : Mr.Bernard Laurens
Download or read book The Journey to Inflation Targeting written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 2015-06-25 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries with evolving monetary regimes that decide to embark on “the Journey to inflation targeting” may not be able to adopt a full-fledged inflation targeting regime immediately. Those countries would be better off adopting transitional arrangements that take advantage of the informational content of monetary aggregates, developing an economic analysis capacity, and concentrating on monetay operations aimed at steering money market interest rates. This approach would allow the central bank to buy time for developing the building blocks for effective monetary policy, support transparent central bank communication, and limit the potential for undesirable outcomes along the road.
Book Synopsis Flexible Inflation Forecast Targeting by : Glenn D. Otto
Download or read book Flexible Inflation Forecast Targeting written by Glenn D. Otto and published by . This book was released on 2011 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Targeting by : John E. Baiden
Download or read book Inflation Targeting written by John E. Baiden and published by Xlibris Corporation. This book was released on 2012-03-02 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book happens to be the authors treatise on inflation and his thesis on Inflation Targeting. The book discusses the remedies for inflation in general and inflation targeting in particular.
Book Synopsis Flexible Inflation Targeting Under a Non-linear Phillips Curve by : Sylvester C. W. Eijffinger
Download or read book Flexible Inflation Targeting Under a Non-linear Phillips Curve written by Sylvester C. W. Eijffinger and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Book Synopsis On Target? the International Experience with Achieving Inflation Targets by : Mr.Scott Roger
Download or read book On Target? the International Experience with Achieving Inflation Targets written by Mr.Scott Roger and published by International Monetary Fund. This book was released on 2005-08-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation targeting frameworks, a comparison of actual and targeted inflation outcomes, and case studies of large inflation target misses. Inflation targets are missed about 40 percent of the time and often by substantial amounts and for prolonged periods, yet no country has dropped inflation targeting. The resilience of the inflation targeting regime is attributable to the flexibility of the framework, its high standards of transparency and accountability, and the lack of realistic alternatives.
Book Synopsis Inflation Targeting and Exchange Rate Management In Less Developed Countries by : Mr.Marco Airaudo
Download or read book Inflation Targeting and Exchange Rate Management In Less Developed Countries written by Mr.Marco Airaudo and published by International Monetary Fund. This book was released on 2016-03-08 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Book Synopsis Testing the Transparency Benefits of Inflation Targeting by : Christopher W. Crowe
Download or read book Testing the Transparency Benefits of Inflation Targeting written by Christopher W. Crowe and published by International Monetary Fund. This book was released on 2006-12 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using instrumental variable estimation to eliminate mean-reversion, and is absent in placebo regressions (where IT adoption is shifted by a year). This result supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not support their hypothesis that better public information could make private forecasts less accurate.
Book Synopsis Inflation Targeting in an Open Economy by : Lars E. O. Svensson
Download or read book Inflation Targeting in an Open Economy written by Lars E. O. Svensson and published by . This book was released on 1997 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Under Flexible Exchange Rates by : Pierre-Richard Agenor
Download or read book Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agenor and published by . This book was released on 2016 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion without putting in jeopardy its main objective of maintaining stable prices.In the past few years a number of central banks have adopted inflation targeting for monetary policy. Ageacute;nor provides an introduction to inflation targeting, with an emphasis on analytical issues and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with and reasonably well-functioning financial markets).After presenting a formal analytical framework, Ageacute;nor discusses the basic requirements for inflation targeting and how such a regime differs from money and exchange rate targeting regimes.After discussing the operational framework for inflation targeting (including the price index to monitor, the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries.His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design and performance of monetary policy compared with other policy approaches that central banks may follow.Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment.More important, and often more difficult, is the task of designing or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation while maintaining the ability to stabilize fluctuations in output.This paper - a product of the Economic Policy and Poverty Reduction Division, World Bank Institute - is part of a larger effort in the institute to understand the dynamics of monetary policy in developing countries. The author may be contacted at [email protected].
Book Synopsis Inflation Targeting as a Framework for Monetary Policy by : Guy Debelle
Download or read book Inflation Targeting as a Framework for Monetary Policy written by Guy Debelle and published by International Monetary Fund. This book was released on 1998-10-02 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Copyright: International Monetary Fund.
