Do Actions Speak Louder Than Words Assessing The Effects Of Inflation Targeting Track Records On Macroeconomic Performance

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Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance

Author : Mr. Zhongxia Zhang
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance by : Mr. Zhongxia Zhang

Download or read book Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance written by Mr. Zhongxia Zhang and published by International Monetary Fund. This book was released on 2022-11-11 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation Targeting (IT) has become a prevalent monetary policy framework in the past three decades, as more central banks adopted and maintained price stability as their primary monetary policy mandate. Using a dataset of 68 major advanced countries and emerging markets economies, this paper evaluates the effects of inflation targeting countries’ track records on their macroeconomic performance, measured by real GDP growth and CPI inflation. This paper constructs three novel inflation targeting track record measures and establishes new stylized facts on the heterogeneity of inflation targeting countries’ tendency in managing inflation with respect to their stated objectives. This paper finds evidence that most targeters conduct dynamic inflation targeting by frequently updating inflation target bands, and their band sizes are wide-ranging across IT countries. We empirically study the contemporaneous and future effects of inflation targeting track records on countries’ macroeconomic performance. Results from the dynamic panel and local projection regressions suggest that better IT track records do not lead to superior growth and inflation rates in the short term.

It’s Never Different: Fiscal Policy Shocks and Inflation

Author : Mr. Serhan Cevik
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis It’s Never Different: Fiscal Policy Shocks and Inflation by : Mr. Serhan Cevik

Download or read book It’s Never Different: Fiscal Policy Shocks and Inflation written by Mr. Serhan Cevik and published by International Monetary Fund. This book was released on 2023-05-12 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the impact of fiscal shocks on inflation, using a large panel of 139 countries over the period 1970–2021. First, both headline and core measures of inflation increase in response to expansionary shifts in the fiscal policy stance. Second, we split the sample and observe an intriguing pattern that fiscal policy shocks are primarily significant in developing countries. Third, the inflationary impact of fiscal policy shocks is dependent on fiscal space and economic conditions, as well as monetary policy type, exchange rate regimes and fiscal rules, at the time of the shock. We confirm these results by using the narrative approach and forecast errors, as well as cyclically- adjusted data on government revenues and non-interest expenditures, to identify exogenous changes in fiscal policy. The analysis has several important policy implications: (i) fiscal policy is a critical anchor of macroeconomic stability; (ii) fiscal policy should be used with care in aggregate demand management as it has significant effects on inflation, which are highly dependent on fiscal space and economic conditions; and (iii) flexible exchange rates and rule-based policymaking provide greater resilience to inflationary shocks.

Republic of Armenia

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Republic of Armenia by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-14 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Republic of Armenia: Selected Issues

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Guidelines for Public Expenditure Management

Author : Mr.Jack Diamond
Publisher : International Monetary Fund
ISBN 13 : 9781557757876
Total Pages : 84 pages
Book Rating : 4.7/5 (578 download)

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Book Synopsis Guidelines for Public Expenditure Management by : Mr.Jack Diamond

Download or read book Guidelines for Public Expenditure Management written by Mr.Jack Diamond and published by International Monetary Fund. This book was released on 1999-07-01 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.

The Financial Crisis Inquiry Report

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
ISBN 13 : 1616405414
Total Pages : 692 pages
Book Rating : 4.6/5 (164 download)

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Book Synopsis The Financial Crisis Inquiry Report by : Financial Crisis Inquiry Commission

Download or read book The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and published by Cosimo, Inc.. This book was released on 2011-05-01 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Why Inflation Targeting?

Author : Charles Freedman
Publisher : International Monetary Fund
ISBN 13 : 145187233X
Total Pages : 27 pages
Book Rating : 4.4/5 (518 download)

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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.

Global Financial Stability Report, April 2013

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
ISBN 13 : 1475589581
Total Pages : 160 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Global Financial Stability Report, April 2013 by : International Monetary Fund. Monetary and Capital Markets Department

Download or read book Global Financial Stability Report, April 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-04-17 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets. Chapter 2 takes a closer look at whether sovereign credit default swaps markets are good indicators of sovereign credit risk. Chapter 3 examines unconventional monetary policy in some depth, including the policies pursued by the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve.

Inflation-Forecast Targeting

Author : Kevin Clinton
Publisher : International Monetary Fund
ISBN 13 : 1513557653
Total Pages : 56 pages
Book Rating : 4.5/5 (135 download)

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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.

And Yet it Moves

Author : David Miles
Publisher : Geneva Reports on the World Ec
ISBN 13 : 9781912179053
Total Pages : 128 pages
Book Rating : 4.1/5 (79 download)

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Book Synopsis And Yet it Moves by : David Miles

Download or read book And Yet it Moves written by David Miles and published by Geneva Reports on the World Ec. This book was released on 2018-10-30 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and fairly stable. A rule of thumb that inflation is always near 2%, though more often than not just a bit below, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who speak of inflation as a major economic problem. But, like Galileo Galilei told his contemporaries who thought the Earth was immovable, "Eppur si muove" ("and yet it moves"). Since most societies regard stable inflation as a goal, it is tempting to describe this solid anchoring of inflation as a great achievement of monetary policy. But what if it was just luck? Will the great anchoring soon lead a great bout of inflation, just as the Great Moderation was followed by the Great Recession? Do we need to change the way in which policy is set to better handle changed circumstances since the financial crash? The 19th Geneva Report on the World Economy starts by analysing outcomes across countries for the last ten years. Inflation is compared with its behaviour in the period before the financial crash to assess the extent to which it really has been stable, what the proximate causes are, and whether it will stay low in future. The report then assesses theories of inflation in light of these facts, and tries to make sense of them. Next, the report turns to the question we posed at the start: was it good policy or good luck that prevented severe deflation and kept inflation relatively steady? A description of what policies were adopted and how they interacted with economic shocks informs the conclusions on appropriate policies--both monetary and fiscal--for the future. The report pays particular attention tothe role of central banks and the extent of their activities.

Revitalizing the Jamaican Economy

Author : Inter-American Development Bank
Publisher : IDB
ISBN 13 : 193100384X
Total Pages : 309 pages
Book Rating : 4.9/5 (31 download)

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Book Synopsis Revitalizing the Jamaican Economy by : Inter-American Development Bank

Download or read book Revitalizing the Jamaican Economy written by Inter-American Development Bank and published by IDB. This book was released on 2004 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inflation Expectations

Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)

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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.

Global Monitoring Report 2014/2015

Author : World Bank;International Monetary Fund
Publisher : World Bank Publications
ISBN 13 : 9781464803369
Total Pages : 0 pages
Book Rating : 4.8/5 (33 download)

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Book Synopsis Global Monitoring Report 2014/2015 by : World Bank;International Monetary Fund

Download or read book Global Monitoring Report 2014/2015 written by World Bank;International Monetary Fund and published by World Bank Publications. This book was released on 2014-10-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Monitoring Report 2014/2015: Ending Poverty and Sharing Prosperity was written jointly by the World Bank Group (WBG) and the International Monetary Fund, with substantive inputs from the Organisation for Economic Co-operation and Development. This year's report details, for the first time, progress toward the WBG's twin goals of ending extreme poverty by 2030 and promoting shared prosperity and assesses the state of policies and institutions that are important for achieving them. The report continues to monitor progress on the Millennium Development Goals (MDGs). Also for the first time, the report includes information about high-income countries. It finds that while gaps in living standards have been closing in many countries, the well-being of households in the bottom 40 percent, as measured by the non-income MDGs such as access to education and health services, remains below that of households in the top 60 percent. The focus of this year's report is on three elements needed to make growth more inclusive and sustainable: investment in human capital that favors the poor, the best use of safety nets, and steps to ensure the environmental sustainability of economic growth. These three elements are imperative to all countries' development strategies, and are also fundamental to global efforts to achieve the twin goals, the MDGs, and the Sustainable Development Goals that will succeed the MDGs. Global Monitoring Report 2014/2015 was prepared in collaboration with regional development banks and other multilateral partners.

World Development Report 2009

Author : World Bank
Publisher : World Bank Publications
ISBN 13 : 082137608X
Total Pages : 410 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis World Development Report 2009 by : World Bank

Download or read book World Development Report 2009 written by World Bank and published by World Bank Publications. This book was released on 2008-11-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising densities of human settlements, migration and transport to reduce distances to market, and specialization and trade facilitated by fewer international divisions are central to economic development. The transformations along these three dimensions density, distance, and division are most noticeable in North America, Western Europe, and Japan, but countries in Asia and Eastern Europe are changing in ways similar in scope and speed. 'World Development Report 2009: Reshaping Economic Geography' concludes that these spatial transformations are essential, and should be encouraged. The conclusion is not without controversy. Slum-dwellers now number a billion, but the rush to cities continues. Globalization is believed to benefit many, but not the billion people living in lagging areas of developing nations. High poverty and mortality persist among the world's 'bottom billion', while others grow wealthier and live longer lives. Concern for these three billion often comes with the prescription that growth must be made spatially balanced. The WDR has a different message: economic growth is seldom balanced, and efforts to spread it out prematurely will jeopardize progress. The Report: documents how production becomes more concentrated spatially as economies grow. proposes economic integration as the principle for promoting successful spatial transformations. revisits the debates on urbanization, territorial development, and regional integration and shows how today's developers can reshape economic geography.

The Birth of the Euro

Author : Otmar Issing
Publisher : Cambridge University Press
ISBN 13 : 1139473573
Total Pages : 260 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Birth of the Euro by : Otmar Issing

Download or read book The Birth of the Euro written by Otmar Issing and published by Cambridge University Press. This book was released on 2008-09-18 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.

Closing the Gap in a Generation

Author : WHO Commission on Social Determinants of Health
Publisher : World Health Organization
ISBN 13 : 9241563702
Total Pages : 257 pages
Book Rating : 4.2/5 (415 download)

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Book Synopsis Closing the Gap in a Generation by : WHO Commission on Social Determinants of Health

Download or read book Closing the Gap in a Generation written by WHO Commission on Social Determinants of Health and published by World Health Organization. This book was released on 2008 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social justice is a matter of life and death. It affects the way people live, their consequent chance of illness, and their risk of premature death. We watch in wonder as life expectancy and good health continue to increase in parts of the world and in alarm as they fail to improve in others.

Attacking Poverty

Author :
Publisher : World Bank Publications
ISBN 13 : 9780195211290
Total Pages : 356 pages
Book Rating : 4.2/5 (112 download)

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Book Synopsis Attacking Poverty by :

Download or read book Attacking Poverty written by and published by World Bank Publications. This book was released on 2000 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the start of each decade the World Development Report focuses on poverty reduction. The World Development Report, now in its twenty-third edition, proposes an empowerment-security-opportunity framework of action to reduce poverty in the first decades of the twenty-first century. It views poverty as a multidimensional phenonmenon arising out of complex interactions between assets, markets, and institutions. This Report shows how the experience of poverty reduction in the last fifteen years has been remarkably diverse and how this experience has provided useful lessons as well as warnings against simplistic universal policies and interventions. It shows how current global trends present extraordinary opportunities for poverty reduction but also cause extraordinary risks, including growing inequality, marginalization, and social explosions. The World Development Report 2000/2001 explores the challenge of managing these risks in order to make the most of the opportunities for poverty reduction.