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Inflation Targeting Monetary Transparency And Volatility In The Norwegian Money Market Government Bond Market And Foreign Exchange Market
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Book Synopsis Inflation Targeting, Monetary Transparency and Volatility in the Norwegian Money Market, Government Bond Market and Foreign Exchange Market by : Gisle Andre Unum
Download or read book Inflation Targeting, Monetary Transparency and Volatility in the Norwegian Money Market, Government Bond Market and Foreign Exchange Market written by Gisle Andre Unum and published by . This book was released on 2008 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation targeting was fIrst introduced by New Zealand in the early 1990s. Then several other developed countries like Australia, Great Britain and Sweden followed up the policy of New Zealand. Parallel with the introduction of inflation targeting in different countries, the amount of research grew as well. Several papers support inflation targeting in the sense that they claim inflation targeting lowers and stabilize the inflation. To conduct inflation targeting policy, the central bank has to be transparent. Thereby, there is reason to believe that interest rates could be more stable as well, because the market should have more information about the central bank's policy. Kia (2005) constructs a market based transparency index to measure the level of transparency in the United States. This index is then used for measuring how the transparency can influence the volatility in the money market. Norway introduced inflation targeting in 2001. This research fIrst measures whether the transparency has increased after the introduction of inflation targeting in 2001. Then it uses the index to measure whether the introduction of inflation targeting and an increasing transparency influence the volatility in the money market, Government bond market and the foreign exchange market. The results show that the transparency has increased after the introduction of the inflation targeting. There is also empirical evidence of lower volatility in the money market and the Government bond market. However, it is diffIcult to draw any conclusions from the foreign exchange market.
Book Synopsis The Inflation Targeting Framework in Norway by : Jarkko Soikkeli
Download or read book The Inflation Targeting Framework in Norway written by Jarkko Soikkeli and published by International Monetary Fund. This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Norwegian Monetary Policy and Financial Markets by : Norges Bank (Oslo).
Download or read book Norwegian Monetary Policy and Financial Markets written by Norges Bank (Oslo). and published by Information Division. This book was released on 1995 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781451829730 Total Pages :29 pages Book Rating :4.8/5 (297 download)
Book Synopsis Norway: Selected Issues by : International Monetary Fund
Download or read book Norway: Selected Issues written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2002-03-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper presents an assessment of Norway's inflation targeting framework. It describes the institutional framework, and reviews accountability and transparency of the central bank as well as its communication with the public. The paper discusses the design of the framework, and the monetary transmission. It concludes that the institutional framework is appropriate for successful implementation of monetary policy. The new framework provides a more flexible monetary regime that is consistent with Norway's overall economic policy framework.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498345700 Total Pages :52 pages Book Rating :4.4/5 (983 download)
Book Synopsis Norway by : International Monetary Fund. European Dept.
Download or read book Norway written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-07-05 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the oil economy, outlook, and risk for Norway. Growth has continued to slow in the mainland economy. At the start of this year, oil prices had dropped by roughly 60 percent from their peak in June 2014 to less than US$40 a barrel. The labor market is feeling the sting of the oil price crash. The krone has weakened substantially along with the decline in oil prices. However, a modest recovery should take root next year. Mainland economy growth should be about 1 percent this year and pick up to close to 13⁄4 percent in 2017.
Book Synopsis Inflation Targeting Pillars - Transparency and Accountability by : Charles Freedman
Download or read book Inflation Targeting Pillars - Transparency and Accountability written by Charles Freedman and published by International Monetary Fund. This book was released on 2009-12-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the fourth 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 issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether there should be limits on what is made public. It concludes with a short discussion of accountability.
Book Synopsis An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank by : Rania A. Al-Mashat
Download or read book An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank written by Rania A. Al-Mashat and published by International Monetary Fund. This book was released on 2018-10-01 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
Book Synopsis Why Inflation Targeting? by : Charles Freedman
Download or read book Why Inflation Targeting? written by Charles Freedman and published by International Monetary Fund. This book was released on 2009-04-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targeting works.
Download or read book The ASEAN Way written by Ms.Ana Corbacho and published by International Monetary Fund. This book was released on 2018-10-02 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.
Book Synopsis Global Waves of Debt by : M. Ayhan Kose
Download or read book Global Waves of Debt written by M. Ayhan Kose and published by World Bank Publications. This book was released on 2021-03-03 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Book Synopsis Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework by : Romain Lafarguette
Download or read book Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework written by Romain Lafarguette and published by International Monetary Fund. This book was released on 2021-02-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.
Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Book Synopsis Asset Prices and Monetary Policy by : John Y. Campbell
Download or read book Asset Prices and Monetary Policy written by John Y. Campbell and published by University of Chicago Press. This book was released on 2008-11-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Book Synopsis Inflation Targeting and Financial Stability by : Pierre-Richard Agénor
Download or read book Inflation Targeting and Financial Stability written by Pierre-Richard Agénor and published by . This book was released on 2013 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1484366808 Total Pages :105 pages Book Rating :4.4/5 (843 download)
Book Synopsis Annual Report on Exchange Arrangements and Exchange Restrictions 2013 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Annual Report on Exchange Arrangements and Exchange Restrictions 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-12-15 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 64th issue of the AREAER. It provides a description of the foreign exchange arrangements, exchange and trade systems, and capital controls of all IMF member countries. It also provides information on the operation of foreign exchange markets and controls on international trade. It describes controls on capital transactions and measures implemented in the financial sector, including prudential measures. In addition, it reports on exchange measures imposed by member countries for security reasons. A single table provides a snapshot of the exchange and trade systems of all IMF member countries. The Overview describes in detail how the general trend toward foreign exchange liberalization continued during 2012, alongside a strengthening of the financial sector regulatory framework. The AREAER is available in several formats. The Overview in print and online, and the detailed information for each of the 191 member countries and territories is included on a CD that accompanies the printed Overview and in an online database, AREAER Online. In addition to the information on the exchange and trade system of IMF member countries in 2012, AREAER Online contains historical data published in previous issues of the AREAER. It is searchable by year, country, and category of measure and allows cross country comparisons for time series.
Book Synopsis China’s Evolving Exchange Rate Regime by : Mr.Sonali Das
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Book Synopsis Inflation Targeting in the World Economy by : Edwin M Truman
Download or read book Inflation Targeting in the World Economy written by Edwin M Truman and published by Columbia University Press. This book was released on 2003-10-27 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study reviews the literature on the contribution of low inflation to economic growth and the subsequent widespread adoption of inflation targeting as a monetary policy framework. Edwin Truman addresses the challenges and risks associated with such a framework. Building on these foundations, the study focuses on two major international economic policy issues: (1) the implications of differing national regimes of inflation targeting for international economic policy cooperation; and (2) the adoption of inflation targeting by emerging-market economies which often lack stable monetary policy environments and credible policy authorities—a situation which, among other things, can complicate the use of the inflation targeting framework as the basis for IMF-supported stabilization programs.
