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Inflation Nominal Interest Rates And The Variability Of Output
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Book Synopsis Inflation, Nominal Interest Rates, and the Variability of Output by : Mr.Bankim Chadha
Download or read book Inflation, Nominal Interest Rates, and the Variability of Output written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1996-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Book Synopsis Inflation, Nominal Interest Rates and the Variability of Output by : Bankim Chadha
Download or read book Inflation, Nominal Interest Rates and the Variability of Output written by Bankim Chadha and published by . This book was released on 1994 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero by : Athanasios Orphanides
Download or read book Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero written by Athanasios Orphanides and published by . This book was released on 1998 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Contribution of Inflation to the Level and the Variability of Nominal Interest Rates by : Markus Granziol
Download or read book The Contribution of Inflation to the Level and the Variability of Nominal Interest Rates written by Markus Granziol and published by . This book was released on 1988 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price Level Versus Inflation Rate Targets in an Open Economy with Overlapping Wage Contracts by : Eric Hansen
Download or read book Price Level Versus Inflation Rate Targets in an Open Economy with Overlapping Wage Contracts written by Eric Hansen and published by . This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Exchange Rate and Output Variability by : Bankim Chadha
Download or read book Real Exchange Rate and Output Variability written by Bankim Chadha and published by . This book was released on 1989 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Demand Variability, Supply Shocks and the Output-inflation Tradeoff by : Richard T. Froyen
Download or read book Demand Variability, Supply Shocks and the Output-inflation Tradeoff written by Richard T. Froyen and published by . This book was released on 1983 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the shift in the relation between the inflation rate and the rate of growth of real output which has occurred in the United States over the past three decades, and attempts to assess the relative importance of three possible lines of explanation: a) the new classical view of the output-inflation tradeoff, initially specified by Lucas;b) the effect of supply-side shocks, such as energy prices; c) the effect of inflation variability on the natural rate of real output, as hypothesized by Milton Friedman. The paper concludes that b) and c) seem to have played a significant role in the observed shift from a positive to a negative correlation between the rate of inflation and the rate of real output growth,but that a) did not.
Book Synopsis Inflation Targeting in Practice by : Mr.Mario I. Bléjer
Download or read book Inflation Targeting in Practice written by Mr.Mario I. Bléjer and published by International Monetary Fund. This book was released on 2000-08-21 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing number of countries are anchoring their monetary policy through explicit inflation targeting. This policy has already scored remarkable successes in several countries, establishing central bank credibility, and reining in inflation where it had long been stubbornly high. But implementing inflation targets raises many difficult questions. What prerequisites must an economy and its institutions meet for the strategy to work? What choices should central banks make from the menu of possible variations on the basic approach? This book summarizes the discussions in a seminar at which economists and policymakers from ten countries reviewed their experiences with inflation targeting.
Download or read book Inflation written by Robert E. Hall and published by University of Chicago Press. This book was released on 2009-05-15 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the latest thoughts of a brilliant group of young economists on one of the most persistent economic problems facing the United States and the world, inflation. Rather than attempting an encyclopedic effort or offering specific policy recommendations, the contributors have emphasized the diagnosis of problems and the description of events that economists most thoroughly understand. Reflecting a dozen diverse views—many of which challenge established orthodoxy—they illuminate the economic and political processes involved in this important issue.
Book Synopsis On the Effects of Inflation and Relative Price Variability on Output and Unemployment by : Mario I. Bléjer
Download or read book On the Effects of Inflation and Relative Price Variability on Output and Unemployment written by Mario I. Bléjer and published by . This book was released on 1979 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Simple Rules for Monetary Policy by : John Carroll Williams
Download or read book Simple Rules for Monetary Policy written by John Carroll Williams and published by . This book was released on 1999 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Effects and Inflation Targeting in a Small Open Economy by : Reserve Bank of New Zealand
Download or read book Exchange Rate Effects and Inflation Targeting in a Small Open Economy written by Reserve Bank of New Zealand and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Output and Inflation Co-movement by : Michal Andrle
Download or read book Output and Inflation Co-movement written by Michal Andrle and published by International Monetary Fund. This book was released on 2017-01-18 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The positive co-movement of real output and inflation convincingly argues for a demand story. We propose a simple statistic that can compare data and models. Based on this statistic, we show that the recent vintage of structural economic models has difficulties replicating the stylized facts we document.
Book Synopsis Flattening of the Phillips Curve by : Dora M. Iakova
Download or read book Flattening of the Phillips Curve written by Dora M. Iakova and published by International Monetary Fund. This book was released on 2007-04 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries. This development has been attributed, in part, to globalization forces. A small macroeconomic model, estimated on UK data using Bayesian estimation, is used to analyze the monetary policy implications of this structural change. The focus is on the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and output gap variability and for the efficient monetary policy response rule.
Book Synopsis A Model for Full-Fledged Inflation Targeting and Application to Ghana by : Jihad Dagher
Download or read book A Model for Full-Fledged Inflation Targeting and Application to Ghana written by Jihad Dagher and published by International Monetary Fund. This book was released on 2010-01-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.
Book Synopsis Money, Interest Rates, and Inflation by : Frederic S. Mishkin
Download or read book Money, Interest Rates, and Inflation written by Frederic S. Mishkin and published by Edward Elgar Publishing. This book was released on 1993 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Frederick Mishkin's work has been dedicated to understanding the relationship between money, interest rates and inflation. The 15 essays in this collection - unabashedly empirical and rigorous - include much of Professor Mishkin's most highly regarded work. Money, Interst Rates and Inflation offers a coherent and informative assessment of how monetary policy affects the economy. In addition, the essays in this collection illustrate how rational expectations econometrics can be used to answer basic questions in the monetary-macroeconomics and finance areas.
