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Policy Credibility and Sovereign Credit--The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature …)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique … experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key …

Persistent link: https://www.econbiz.de/10012677845

A New Taxonomy of Monetary Regimes

Bhundia, Ashok; Stone, Mark R. - International Monetary Fund (IMF) - 2004

This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability...

Persistent link: https://www.econbiz.de/10005248145

A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?

Cheng, Kevin C. - International Monetary Fund (IMF) - 2006

This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997â€“2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the...

Persistent link: https://www.econbiz.de/10005263733

The Inflation Targeting Framework in Norway

Soikkeli, Jarkko - International Monetary Fund (IMF) - 2002

Norway adopted an inflation targeting framework in early 2001, thus concluding its gradual but consistent move toward greater exchange rate flexibility. This paper assesses the institutional and technical design of the framework, as well as its potential implications for the practical...

Persistent link: https://www.econbiz.de/10005263764

A Post-Reflation Monetary Framework for Japan

Stone, Mark R.; Kramer, Charles Frederick - International Monetary Fund (IMF) - 2005

Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from an "anti-deflation" objective to an inflation...

Persistent link: https://www.econbiz.de/10005263789

Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries

Papa M'B. P. N'Diaye; Laxton, Douglas - International Monetary Fund (IMF) - 2002

monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the …

Persistent link: https://www.econbiz.de/10005263831

Central Bank Independence and Transparency; Evolution and Effectiveness

Crowe, Christopher W.; Meade, Ellen E. - International Monetary Fund (IMF) - 2008

This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...

Persistent link: https://www.econbiz.de/10005263935

Pass-Through of External Shocks to Inflation in Sri Lanka

Duma, Nombulelo - International Monetary Fund (IMF) - 2008

This paper investigates pass-through of external shocks (exchange rate, oil price, and import price shocks) to inflation in Sri Lanka. The analysis is based on a vector autoregression (VAR) model that incorporates a distribution chain of pricing. The paper finds low and incomplete pass-through...

Persistent link: https://www.econbiz.de/10005263963

A Simple Dge Model for Inflation Targeting

International Monetary Fund (IMF); International … - 2007

The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibrium model structure that can be amended to account for various phenomena that...

Persistent link: https://www.econbiz.de/10005264004

Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries-A Cross Regional Perspective

Ötker, Inci; Vávra, David; Vázquez, Francisco F.; … - International Monetary Fund (IMF) - 2009

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of...

Persistent link: https://www.econbiz.de/10005264056

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