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Author : Eric Schaling
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (247 download)
Download or read book The Non-linear Phillips Curve and Inflation Forecast Targeting written by Eric Schaling and published by . This book was released on 1999 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric Schaling
Publisher :
ISBN 13 : 9780869705421
Total Pages : 50 pages
Book Rating : 4.7/5 (54 download)
Download or read book The Nonlinear Phillips Curve and Inflation Forecast Targeting written by Eric Schaling and published by . This book was released on 2002 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sylvester C. W. Eijffinger
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)
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:
Author : Bank of England
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (562 download)
Download or read book The Non-linear Phillips Curve and Inflation Forecasting Targeting written by Bank of England and published by . This book was released on 1999 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Method, data, inflation, results.
Author : Eric Schaling
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (641 download)
Download or read book The Non-linear Phillips Curve and Inlation Forecast Targeting written by Eric Schaling and published by . This book was released on 1999 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eric Schaling
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (111 download)
Download or read book The Non-linear Phillips Curve and Inflation Forecast Targetting written by Eric Schaling and published by . This book was released on 1998 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan José Dolado
Publisher : Centre interuniversitaire de recherche en économie quantitative
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.X/5 (4 download)
Download or read book Non-linear Monetary Policy Rules written by Juan José Dolado and published by Centre interuniversitaire de recherche en économie quantitative. This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Peter B. Clark
Publisher : International Monetary Fund
ISBN 13 : 145184350X
Total Pages : 51 pages
Book Rating : 4.4/5 (518 download)
Download or read book Phillips Curves, Phillips Lines and the Unemplyment Costs of Overheating written by Mr.Peter B. Clark and published by International Monetary Fund. This book was released on 1997-02-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips curve and the basis for convexity, we derive it explicitly using standard models of wage and price determination. We provide some empirical estimates of Phillips curves and Phillips lines for the United States and use some illustrative simulations to contrast the policy implications of the two models.
Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)
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.
Author : Benjamin Viertel
Publisher : Diplomica Verlag
ISBN 13 : 3836677903
Total Pages : 89 pages
Book Rating : 4.8/5 (366 download)
Download or read book Inflation Targeting in the United Kingdom written by Benjamin Viertel and published by Diplomica Verlag. This book was released on 2009-08 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Especially since the operational introduction as central bank monetary policy framework in the early 1990s in New Zealand, the United Kingdom (UK), Canada and Sweden, inflation targeting has gained both empirical and theoretical relevance as a monetary policy strategy. In this paper I relate to inflation targeting theory and its framework in the UK. For that purpose the author first regards the development of inflation targeting in respect to other monetary policy strategies. He answers the question what the actual target variable is and why one would want to have inflation being low and stable. Then there is some complexity because the development of inflation targeting has to be viewed in relation to paradigmatic debates between Monetarist and New-Keynesian insights. He present the two fundamental views of how an inflation targeting framework should be modelled. By stating some equations from basic theoretical literature, he gives an overview about the different characteristics of that monetary policy strategy and how there is still controversy about the way of modelling. One chapter is concerned with the operational framework in the UK, including statements to historical developments at the Bank of England. The present monetary policy framework will be reviewed in detail relating to the Bank's publication policy and the inflation forecasting process. The Bank of England's model of the transmission mechanism is reviewed. This includes the interest rate setting process, the role of money and the relationship between inflation and inflation expectations. Finally, he discusses some economic effects that changed the British economy since the introduction of inflation targeting.
Author : Mr.Douglas Laxton
Publisher : International Monetary Fund
ISBN 13 : 1451853424
Total Pages : 38 pages
Book Rating : 4.4/5 (518 download)
Download or read book Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1996-10-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.
Author : Francisco Javier Ruge-Murcia
Publisher : Madrid : Banco de Espana
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Inflation Targeting Under Asymmetric Preferences written by Francisco Javier Ruge-Murcia and published by Madrid : Banco de Espana. This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: El autor desarrolla y estima un modelo de teoria de juegos sobre objetivos de inflacion en el que las preferencias de los bancos centrales son asimetricas en torno a la tasa que se ha establecido como objetivo. En concreto, en la funcion de perdida de los bancos centrales, las desviaciones positivas del objetivo pueden ponderarse con mayor o menor severidad que las desviaciones negativas. Se muestra que algunos de los resultados anteriores derivados del supuesto de simetria no varian con la generalizacion de las preferencias. Las estimaciones de los parametros de preferencia de los bancos centrales para Canada, Suecia y el Reino Unido son estadisticamente diferentes de las implicitas en la funcion de perdida cuadratica utilizada habitualment. Los resultados econometricos no varian cuando se consideran distintos modelos de prediccion de la tasa de desempleo, pero si para la utilizacion de medidas de inflacion mas amplias que la establecida como objetivo. (fjrm) (ad).
Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 : 1498321070
Total Pages : 36 pages
Book Rating : 4.4/5 (983 download)
Download or read book A Phillips Curve with Anchored Expectations and Short-Term Unemployment written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2015-02-25 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good when we measure core inflation with the Cleveland Fed’s series on weighted median inflation. We also propose a more general Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the Survey of Professional Forecasters. This specification fits U.S. inflation since 1985, including both the anchored-expectations period of the 2000s and the preceding period when expectations were determined by past levels of inflation.
Author : John B. Taylor
Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.2/5 (267 download)
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.
Author : Mr.Jens R. Clausen
Publisher : International Monetary Fund
ISBN 13 : 1451963386
Total Pages : 23 pages
Book Rating : 4.4/5 (519 download)
Download or read book Simulating Inflation Forecasting in Real-Time written by Mr.Jens R. Clausen and published by International Monetary Fund. This book was released on 2010-02-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper simulates out-of-sample inflation forecasting for Germany, the UK, and the US. In contrast to other studies, we use output gaps estimated with unrevised real-time GDP data. This exercise assumes an information set similar to that available to a policymaker at a given point in time since GDP data is subject to sometimes substantial revisions. In addition to using real-time datasets for the UK and the US, we employ a dataset for real-time German GDP data not used before. We find that Phillips curves based on ex post output gaps generally improve the accuracy of inflation forecasts compared to an AR(1) forecast but that real-time output gaps often do not help forecasting inflation. This raises the question how operationally useful certain output gap estimates are for forecasting inflation.
Author : Douglas Laxton
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.3/5 ( download)
Download or read book Problems in Identifying Non-linear Phillips Curves written by Douglas Laxton and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles Freedman
Publisher : International Monetary Fund
ISBN 13 : 145187233X
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)
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.
