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The Case for a Long-Run Inflation Target of Four Percent
Ball, Laurence M. - International Monetary Fund (IMF) - 2014
Many central banks target an inflation rate near two percent. This essay argues that policymakers would do better to … target four percent inflation. A four percent target would ease the constraints on monetary policy arising from the zero … cost, because four percent inflation does not harm an economy significantly. …
Persistent link: https://www.econbiz.de/10010790372
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Inflation Performance and Constitutional Central Bank Independence; Evidence From Latin America and the Caribbean
Gutierrez, Eva - International Monetary Fund (IMF) - 2003
This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation … by the "de jure" independence established in the central bank law, and inflation. We argue that the constitution is … constitution have a better inflation performance. …
Persistent link: https://www.econbiz.de/10005248207
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Imperfect Central Bank Communication; Information Versus Distraction.
Orphanides, Athanasios; Dale, Spencer; Österholm, Pär - International Monetary Fund (IMF) - 2008
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....
Persistent link: https://www.econbiz.de/10005248250
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Legal Central Bank Independence and Inflation in Latin America During the 1990's
Jácome, Luis Ignacio - International Monetary Fund (IMF) - 2001
between increased central bank independence and inflation during 1999–2001 in 14 Latin American countries. Dissagregating the … between legal central bank independence and inflation. …
Persistent link: https://www.econbiz.de/10005263781
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Central Bank Autonomy; Lessons From Global Trends
Laurens, Bernard; Sommer, Martin; Arnone, Marco; … - International Monetary Fund (IMF) - 2007
inflation levels. The paper identifies four broad principles of central bank autonomy that have been shared by the majority of …
Persistent link: https://www.econbiz.de/10005263819
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Government Debt in Emerging Market Countries; A New Data Set
Guscina, Anastasia; Jeanne, Olivier - International Monetary Fund (IMF) - 2006
This paper presents a new database on government debt in 19 emerging market countries since 1980. The data set focuses on the structure of debt in terms of jurisdiction of insurance, maturity, currency composition and indexation. The paper presents stylized facts on debt structures and...
Persistent link: https://www.econbiz.de/10005264184
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Central Bank Credit to the Government; What Can We Learn From International Practices?
Matamoros-Indorf, Marcela; Sharma, Mrinalini; Townsend, … - International Monetary Fund (IMF) - 2012
Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are: (i) in most advanced countries, central banks do not finance government...
Persistent link: https://www.econbiz.de/10009650634
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Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity; The Main Considerations
Nyawata, Obert - International Monetary Fund (IMF) - 2012
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are...
Persistent link: https://www.econbiz.de/10009654145
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Towards Effective Macroprudential Policy Frameworks; An Assessment of Stylized Institutional Models
Nier, Erlend; Jácome, Luis Ignacio; Osinski, Jacek; … - International Monetary Fund (IMF) - 2011
A number of countries are reviewing their institutional arrangements for financial stability to support the development of a macroprudential policy function. In some cases, this involves a rethink of the appropriate institutional boundaries between central banks and financial regulatory...
Persistent link: https://www.econbiz.de/10009369436
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Measures of Central Bank Autonomy; Empirical Evidence for OECD, Developing, and Emerging Market Economies
Segalotto, Jean-François; Arnone, Marco; Laurens, Bernard - International Monetary Fund (IMF) - 2006
This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a...
Persistent link: https://www.econbiz.de/10005826057