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Inflation Targeting In Western Europe
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Book Synopsis Inflation Targeting in Western Europe by : Antonio Moreno
Download or read book Inflation Targeting in Western Europe written by Antonio Moreno and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several European countries adopted inflation targeting as a monetary policy strategy during the 1990s. We evaluate the impact of the establishment of this policy framework on the dynamics of inflation for three countries: United Kingdom, Spain and Finland. We find that inflation targeting was not the most important factor behind the decline of their monthly and quarterly inflation volatilities throughout the 90s. The existence of more benign macroeconomic shocks during this period was more important in such decline. We find however that, in the case of the United Kingdom, the more aggressive monetary policy stance against inflation during the inflation targeting period was the most important factor behind the decline in the volatility of trend inflation.
Book Synopsis Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU by : Mr.Paul R. Masson
Download or read book Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1999-07-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.
Author :Lucjan T. Orlowski Publisher :Center for Social & Economic Research ISBN 13 :9788371780806 Total Pages :30 pages Book Rating :4.7/5 (88 download)
Book Synopsis Monetary Policy Targeting in Central Europe's Transition Economies by : Lucjan T. Orlowski
Download or read book Monetary Policy Targeting in Central Europe's Transition Economies written by Lucjan T. Orlowski and published by Center for Social & Economic Research. This book was released on 1998-01-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis From Monetary Targeting to Inflation Targeting by : Frederic S. Mishkin
Download or read book From Monetary Targeting to Inflation Targeting written by Frederic S. Mishkin and published by World Bank Publications. This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experience with monetary targeting suggests that although it successfully controlled inflation in Switzerland and especially Germany, the special conditions that made it work reasonably well in those two countries are unlikely to be satisfied elsewhere. Inflation targeting is more likely to improve economic performance in countries that choose to have an independent domestic monetary policy, but there are subtleties in how inflation targeting is done. Lessons from industrial countries should be useful to central banks designing a framework for monetary policy.
Book Synopsis Inflation targeting and the European Central Bank by : Michael J. Artis
Download or read book Inflation targeting and the European Central Bank written by Michael J. Artis and published by . This book was released on 1998 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Targeting and Output Growth by :
Download or read book Inflation Targeting and Output Growth written by and published by . This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513525468 Total Pages :39 pages Book Rating :4.5/5 (135 download)
Book Synopsis Cross-Country Report on Inflation by : International Monetary Fund. European Dept.
Download or read book Cross-Country Report on Inflation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2015-07-14 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estimates the effects on inflation from the output gap and external factors, including oil price changes, nominal effective exchange rate (NEER) fluctuations, and euro area inflation spillovers. It is observed that external factors have been significant drivers of low inflation recently, though their contributions to inflation and the channels through which they operate vary across countries. Policy responses and options are also discussed, taking into account country-specific circumstances.
Book Synopsis Exchange Rate-Based Stabilization in Western Europe by : Ms.Enrica Detragiache
Download or read book Exchange Rate-Based Stabilization in Western Europe written by Ms.Enrica Detragiache and published by International Monetary Fund. This book was released on 1997-06-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the experience with exchange-rate–based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables—inflation, output, demand, the real exchange rate and the current account—in the four countries examined did not correspond to the pattern observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987–92 and Greece in 1994–96. The experience with ERBS in Western Europe highlights the importance of incomes policy as an ingredient of a successful stabilization program and shows that the adoption of a looser anchor does not necessarily reduce the output cost of disinflation.
Book Synopsis Does Inflation Targeting Matter? by : Ieva Rubene
Download or read book Does Inflation Targeting Matter? written by Ieva Rubene and published by . This book was released on 2005 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Feasibility and Conditionality of Inflation Targeting Among Central European Candidates for the EU Accession by : Lucjan T. Orlowski
Download or read book Feasibility and Conditionality of Inflation Targeting Among Central European Candidates for the EU Accession written by Lucjan T. Orlowski and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policies of Poland, Hungary and the Czech Republic have undergone a significant transformation in the 1990s. The initial currency peg and the exchange-rate-based monetary policy has been gradually replaced by more flexible exchange rates and money-based policies. Preparations for accession to the European Union, and, later to the European Monetary Union call for further policy advancements including effective measures for lowering inflation, for reducing volatility of interest rates and market exchange rates, and for stabilizing domestic financial markets. Monetary authorities need to gain credibility for their policies, which should become more transparent, forward-looking and predictable. This paper argues that direct inflation targeting will be a desirable monetary policy approach for accomplishing this objective. At the initial stage of monetary policy adjustments, a stricter form of inflation targeting is proposed in order to strengthen central banks policy discipline and commitment to disinflation. When price indexes reach a more sustainable level, flexible inflation targeting is advised. After the candidates join the EU and begin preparations for accession to the EMU, direct inflation targeting will have to be gradually phased-out and replaced by the euro-peg.
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451861082 Total Pages :0 pages Book Rating :4.8/5 (61 download)
Book Synopsis Inflation Targeting and Output Growth by : International Monetary Fund
Download or read book Inflation Targeting and Output Growth written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-05-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules contribute to macroeconomic stability and monetary policy credibility, and that a positive inflation target, as opposed to zero inflation, leads to higher and less volatile output. These results are robust to changes in the specification of the model and time period. The same methodology applied to individual countries supports country-specific flexible inflation targeting.
Book Synopsis Inflation Patterns and Monetary Policy by : Johannes M. Groeneveld
Download or read book Inflation Patterns and Monetary Policy written by Johannes M. Groeneveld and published by Edward Elgar Publishing. This book was released on 1998 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the European Monetary Union, which is expected soon to charge the European Central Bank with responsibility for controlling inflation in the region, the chief economist at De Nederlandsche Bank in Amsterdam analyzes technical, empirical, and international monetary policy considerations relevant to the Bank in choosing an appropriate monetary strategy for achieving price stability. Drawing data from several industrialized countries, he finds a remarkable convergence in inflation profiles over the past few decades, but almost no convergence in other economic factors. He concludes that monetary targeting would be the most effective approach. Annotation copyrighted by Book News, Inc., Portland, OR
Book Synopsis Inflation Targeting by : Michael J. Artis
Download or read book Inflation Targeting written by Michael J. Artis and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Targeting and Output Growth by : Nicholas Apergis
Download or read book Inflation Targeting and Output Growth written by Nicholas Apergis and published by . This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules contribute to macroeconomic stability and monetary policy credibility, and that a positive inflation target, as opposed to zero inflation, leads to higher and less volatile output. These results are robust to changes in the specification of the model and time period. The same methodology applied to individual countries supports country-specific flexible inflation targeting.
Book Synopsis European Monetary Targeting by : Glenn D. Rudebusch
Download or read book European Monetary Targeting written by Glenn D. Rudebusch and published by . This book was released on 2000 with total page 48 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 Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
