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Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

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

The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal...

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

Negative Euro Area Interest Rates and Spillovers on Western Balkan Central Bank Policies and Instruments

International Monetary Fund - 2017

Persistent link: https://www.econbiz.de/10014408258

Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Advancing the frontiers of monetary policy

Adrian, Tobias (ed.); Laxton, Douglas (ed.); … - 2018

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including …Part I. The frontiers of monetary policymaking. 1. An overview of inflation-forecast targeting -- Part II. Principles … and practices of inflation-forecast targeting. 2. First principles -- 3. Managing expectations -- 4. Nuts and bolts of a …

Persistent link: https://www.econbiz.de/10011874333

Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank

International Monetary Fund - 1998

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...

Persistent link: https://www.econbiz.de/10014400820

The SDR Interest Rate Basket : Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

International Monetary Fund - 2014

The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of the end of 2014. The three-month Eurepo rate, administered by the European Money Market Institute (EMMI), has been the representative interest rate instrument of the euro area in...

Persistent link: https://www.econbiz.de/10014410559

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

Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy Rules

International Monetary Fund - 1989

Effects of different policy rules are simulated: uncoordinated targeting of the money supply or nominal income, use of monetary policy to achieve coordinated targets for nominal or real exchange rates, and the use of monetary and fiscal policies to hit targets for internal and external balance....

Persistent link: https://www.econbiz.de/10014396458

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