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Inflation Targeting in Colombia, 2002-2012

Urrutia, Miguel; Hofstetter, Marc; Hamann, Franz - Inter-American Development Bank - 2014

After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...

Persistent link: https://www.econbiz.de/10010943921

Inflation Targeting and Quantitative Tightening: Effects of Reserve Requirements in Peru

Armas, Adrián; Castillo, Paul; Vega, Marco - Inter-American Development Bank - 2014

This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides a rationale for the use of these instruments as well as empirical evidence of their effectiveness. In general, the results show that tightening reserve requirements has the...

Persistent link: https://www.econbiz.de/10010943927

On the Credibility of Inflation Targeting Regimes in Latin America

Mariscal, Rodrigo; Powell, Andrew; Tavella, Pilar - Inter-American Development Bank - 2014

Inflation targeting has been adopted in a set of emerging economies, including eight countries in Latin America. The success of this regime may depend critically on the credibility of the target and the expectation that the authorities will take appropriate actions if the target is breached....

Persistent link: https://www.econbiz.de/10010944050

Central Bank Liquidity Management and "Unconventional" Monetary Policies

Kawamura, Enrique; García-Cicco, Javier - Inter-American Development Bank - 2014

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing … that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in … list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been …

Persistent link: https://www.econbiz.de/10010944371

Towards a "New" Inflation Targeting Framework: The Case of Uruguay

Sola, Martín; González-Rozada, Martin - Inter-American Development Bank - 2014

Using a dynamic stochastic general equilibrium model with financial frictions, this paper evaluates the effects of a rule that incorporates not only the interest rate but also the legal reserve requirements as instruments of monetary policy. It is found that reserve requirements can be used to...

Persistent link: https://www.econbiz.de/10010944440

(Post) Keynesian alternative to inflation targeting*

Asensio, Angel - HAL - 2008

While the mainstream policies can not be surpassed in the enchanted ‘optimizable'world, (Post) Keynesians have to resign themselves to manage without magic wand inthe uncertain real world. The paper discusses the monetary rules proposed in the recentPost Keynesian literature. It argues that...

Persistent link: https://www.econbiz.de/10008792683

Does Inflation Targeting Matter ? An Experimental Investigation

Cornand, Camille; M'Baye, Cheick Kader - HAL - 2013

We use laboratory experiments with human subjects to test the relevance of di-fferent inflation targeting regimes. In particular and within the standard New Keynesian model, we evaluate to what extent communication of the inflation target is relevant to the success of inflation targeting. We...

Persistent link: https://www.econbiz.de/10010899555

Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries ?

Coulibaly, Dramane; Kempf, Hubert - HAL - 2010

In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use the larger data set on twenty-seven emerging countries (fifteen inflation targeters and twelve inflation...

Persistent link: https://www.econbiz.de/10010603682

Inflation Targeters Do Not Care (Enough) about Financial Stability: A Myth?

Azangue, Armand Fouejieu - HAL - 2014

The 2008/2009 financial crisis raised issues related to the monetary policy doctrine of the last two decades. Inflation targeting has been criticized as its main objective of inflation stabilisation might have diverted central banks from other concerns such as financial stability. As a first...

Persistent link: https://www.econbiz.de/10010821227

Inflation Targeting under Heterogeneous Information and Sticky Prices

M'Baye, Cheick Kader - HAL - 2012

Under what conditions should a central bank adopt an inflation targeting regime ? This is the main question we address in this paper. A large part of the literature puts forward that these regimes should have to be adopted, as they yield higher macroeconomic performances. We analyze the issue of...

Persistent link: https://www.econbiz.de/10010821354