This paper discusses the role of inflation expectations in the inflation dynamics of the Philippines since its adoption of inflation targeting in 2002. It places a particular focus on the post-crisis period. A key finding is that agents have become more forwardlooking with the adoption of...

Since the early 2000s, inflation in Russia has never fallen below 6%, except for brief intervals following the major crisis of 2008 and the changes in 2012 to the seasonal indexation of administered prices.Persistently high inflation expectations have posed a challenge to the Bank of Russia in...

Dollarisation intensifies the challenges posed to monetary policy by the pass-through of the exchange rate to domestic prices. These challenges become even greater when real transactions are dollarised, contaminating the formation of inflation expectations. This introduces non-linearities and...

This note identifies supply factors, particularly the exchange rate, as key drivers of inflation in South Africa. Demand factors play a negligible role, with a flat Phillips curve apparent since the inception of the country's inflation targeting regime. The Phillips curve flattened further with...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

This is one of the contributions which is part of BIS Paper 68 and which was presented at the BIS-sponsored sessions at the Latin American and Caribbean Economic Association (LACEA) meetings in 2010-11, focusing on the drivers and effects of capital flows and the challenges they pose for the...

Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

The zero level of interest rates constitutes a limit of this standard monetary policy instrument. Based on the example of the Czech Republic we argue that in such a situation foreign exchange interventions represent a meaningful monetary policy tool for small open economies not facing serious...