Similar Search Results

Credibility and Nominal Debt : Exploring the Role of Maturity in Managing Inflation

International Monetary Fund - 1989

This paper focuses on the role of debt maturity in managing the government’s incentives to use opportunistic inflation to reduce the ex post real value of its nominal liabilities. The maturity structure of government debt is shown to be a powerful instrument to affect the time profile of the...

Persistent link: https://www.econbiz.de/10014395780

Robust Versus Optimal Rules in Monetary Policy: A Note

International Monetary Fund - 2004

We provide a framework for analyzing the choice between optimal and robust monetary policy rules in the presence of paradigm uncertainty. We first discuss the conditions on uncertainty that render a robust rule preferable to an optimal rule. Second, we show how the degree of risk aversion of the...

Persistent link: https://www.econbiz.de/10014401324

Inflation Targeting As a Framework for Monetary Policy

International Monetary Fund - 1998

Inflation distorts prices, erodes savings, discourages investment,stimulates capital flight, inhibits growth, and makes economic planning anightmare. During the past decade, several advanced economies have takena new approach to the age-old problem of controlling inflation throughmonetary policy...

Persistent link: https://www.econbiz.de/10014397664

Monetary Policy Strategies

International Monetary Fund - 1988

paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of …

Persistent link: https://www.econbiz.de/10014395820

Inflation Targeting Under Imperfect Policy Credibility

International Monetary Fund - 2009

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function …

Persistent link: https://www.econbiz.de/10014402503

Contacts, Credibility and Common Knowledge : Their Influenceon Inflation Convergence

International Monetary Fund - 1989

This paper explains why sovereign issuers of reserve currencies do not use unexpected inflation to repudiate their foreign liabilities. Monetary restraint is exercised because of the fear that reserve users will switch to other currencies if an attempt is made to raise “excessive” revenue....

Persistent link: https://www.econbiz.de/10014396294

Credibility. Capital Controls, and the EMS

International Monetary Fund - 1989

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable … exchange rate bands and the prevalence of capital controls. In our model, capital controls themselves affect credibility … to reconcile the non-zero width of the bands with the credibility-based interpretation of the EMS …

Persistent link: https://www.econbiz.de/10014396035

Fiscal Monitor, October 2021 : Strengthening the Credibility of Public Finances

International Monetary Fund - 2021

Chapter 1 argues that fiscal policy should remain nimble and strengthen its medium-term frameworks, as countries face highly uncertain and differentiated prospects. Vaccination has saved lives and is helping fuel a nascent recovery, but risks are elevated amidst new virus variants, high debt,...

Persistent link: https://www.econbiz.de/10015060635

Controlling Inflation : The Problem of Non-Indexed Debt

International Monetary Fund - 1988

We show that the presence of nominal non-indexed government debt could give rise to more than one equilibrium inflation rate. Conditions for this to occur are discussed in terms of ad hoc and micro-founded models. Solutions to the indeterminacy problem are examined; one solution is shown to be...

Persistent link: https://www.econbiz.de/10014396297

Latin American Central Bank Reform : Progress and Challenges

International Monetary Fund - 2005

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...

Persistent link: https://www.econbiz.de/10014400741

1
2
3
4
5
6
7
8
9
10
Next
Last