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Turkey at the Crossroads; From Crisis Resolution to EU Accession

McGettigan, Donal; Debrun, Xavier; Griffiths, Mark E. L.; … - International Monetary Fund (IMF) - 2005

The key policy challenge for Turkey in the years ahead will be to enhance and consolidate the advances made since the nationâ€™s 2000-01 economic crisis. Higher growth could reduce unemployment and raise living standards toward European Union levels. This paper reviews Turkeyâ€™s...

Persistent link: https://www.econbiz.de/10005767368

Striving to Be "Clearly Open" and "Crystal Clear"; Monetary Policy Communication of the CNB

Bulir, Ales; Smídková, Katerina - International Monetary Fund (IMF) - 2008

The Czech National Bank has a respectable track record in terms of its policy actions and the corresponding inflation outturns. Using a simple forward-looking policy rule, we find that its main communication tools-inflation targets, inflation forecasts, verbal assessments of the inflation risks...

Persistent link: https://www.econbiz.de/10005826161

Evolution and Performance of Exchange Rate Regimes

Brooks, Robin; Rogoff, Kenneth; Mody, Ashoka; Oomes, Nienke - International Monetary Fund (IMF) - 2004

The issue of the appropriate exchange rate regime for individual countries has been perennially lively, and the role played by international capital flows and domestic financial systems in determining the performance of these regimes has gained prominence in the policy debate. Using recent...

Persistent link: https://www.econbiz.de/10005590922

Evolution and Performance of Exchange Rate Regimes

Husain, Aasim M.; Mody, Ashoka; Oomes, Nienke; Brooks, Robin - International Monetary Fund (IMF) - 2003

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis...

Persistent link: https://www.econbiz.de/10005599274

Taylor Rule Under Financial Instability

Cihák, Martin; Bulir, Ales; Bauducco, Sofía - International Monetary Fund (IMF) - 2008

This paper contributes to the analysis of monetary policy in the face of financial instability. In particular, we extend the standard new Keynesian dynamic stochastic general equilibrium (DSGE) model with sticky prices to include a financial system. Our simulations suggest that if financial...

Persistent link: https://www.econbiz.de/10005599299

Inflation Targeting and Communication; It Pays off to Read Inflation Reports

Smídková, Katerina; Kotlán, Viktor; Navrátil, David; … - International Monetary Fund (IMF) - 2008

Inflation-targeting central banks have a respectable track record at explaining their policy actions and corresponding inflation outturns. Using a simple forward-looking policy rule and an assessment of inflation reports, we provide a new methodology for the empirical evaluation of consistency...

Persistent link: https://www.econbiz.de/10005604899

Can Domestic Policies Influence Inflation?

Mody, Ashoka; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2007

trends, we find this to be especially the case in the countries of the eurozone, with their longer histories of product … eurozone economies, there may be limits on the use of fiscal and labor market policies to contain inflation. The new member … states may not have policy leverage to meet the Maastricht inflation limit necessary for entering the eurozone. Casestudies …

Persistent link: https://www.econbiz.de/10005605087

The Maastricht Inflation Criterion; How Unpleasant is Purgatory?

Bulir, Ales; Hurník, Jaromír - International Monetary Fund (IMF) - 2006

-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also …

Persistent link: https://www.econbiz.de/10005605112

Writing Clearly; ECBâ€™s Monetary Policy Communication

Cihák, Martin; Smídková, Katerina; Bulir, Ales - International Monetary Fund (IMF) - 2008

The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about 95 percent of instances, which is comparable to, or even...

Persistent link: https://www.econbiz.de/10005605366