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The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy...
Persistent link: https://www.econbiz.de/10011142219
This paper examines the long-run relationship between consumer price index industrial workers (CPI-IW) inflation and …, there is a negative long-run relationship between inflation and economic growth in India. We also find statistically …-significant inflation-growth threshold effects in the case of states with persistently-elevated inflation rates of above 5.5 percent. This …
Persistent link: https://www.econbiz.de/10011142122
financial variables in the CEE countries is similar to the one in mature economies. However, inflation shocks have very little … curve are transmitted both to interest rates and inflation expectations in the CEE countries-and transmission is stronger …
Persistent link: https://www.econbiz.de/10008519480
In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members...
Persistent link: https://www.econbiz.de/10008519481
Applying commonly used vector autoregression (VAR) techniques, this paper investigates the transmission mechanism of monetary policy on output and prices for Mauritius, using data for 1999-2009. The results show that (i) an unexpected monetary policy tightening-an increase in the Bank of...
Persistent link: https://www.econbiz.de/10008519482
This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is consistent with the underlying structure of the model. The method is flexible enough that...
Persistent link: https://www.econbiz.de/10008519485
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include …: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the … variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The …
Persistent link: https://www.econbiz.de/10008519489
This paper attempts to explain short- and long-term dynamics of-and forecast-inflation in Tajikistan using the Vector … demonstrates that the exchange rate and international inflation have a strong impact on local prices. Available monetary …
Persistent link: https://www.econbiz.de/10008519491
This paper empirically estimates the main determinants of bank credit growth during the 2008 financial crisis. Using a sample covering over 80 countries, this paper finds that larger bank credit booms prior to the crisis and lower GDP growth of trading partners are among the most important...
Persistent link: https://www.econbiz.de/10008519493
This paper simulates out-of-sample inflation forecasting for Germany, the UK, and the US. In contrast to other studies … that Phillips curves based on ex post output gaps generally improve the accuracy of inflation forecasts compared to an AR(1 …) forecast but that real-time output gaps often do not help forecasting inflation. This raises the question how operationally …
Persistent link: https://www.econbiz.de/10008519495