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Inflation Targeting and Communication
Smídková, Katerina - 2008
methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …
Persistent link: https://www.econbiz.de/10012677665
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Alternative monetary policy rules for India
Patra, Michael Debabrata; Kapur, Muneesh - 2012
This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of...
Persistent link: https://www.econbiz.de/10009614983
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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 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 … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …
Persistent link: https://www.econbiz.de/10014409073
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China; Strengthening Monetary Policy Implementation
Laurens, Bernard; Maino, Rodolfo - International Monetary Fund (IMF) - 2007
The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the...
Persistent link: https://www.econbiz.de/10005769272
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On the Optimal Adherence to Money Targets in a New-Keynesian Framework; An Application to Low-Income Countries
Berg, Andrew; Unsal, D. Filiz; Portillo, Rafael - International Monetary Fund (IMF) - 2010
Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This contrasts with most modern discussions of monetary policy, and with most practice. We extend the new-Keynesian model to provide a role for “M†in the conduct...
Persistent link: https://www.econbiz.de/10008542989
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The Scope for Inflation Targeting in Developing Countries
Savastano, Miguel A.; Masson, Paul R.; Sharma, Sunil - International Monetary Fund (IMF) - 1997
Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced policy transparency and accountability. The paper considers its wider applicability to developing countries. The prerequisites for a successful IT framework are identified as an...
Persistent link: https://www.econbiz.de/10005604816
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Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya
Andrle, Michal; Berg, Andrew; Berkes, Enrico; Portillo, … - International Monetary Fund (IMF) - 2013
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money...
Persistent link: https://www.econbiz.de/10010790361
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Lessons for Monetary Policy; What Should the Consensus Be?
Issing, Otmar - International Monetary Fund (IMF) - 2011
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10009019599
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Monetary Policy Communication and Financial Markets in India
Ahmed, Faisal - 2022
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across … since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as … statistically significant. The results support an important role for monetary policy communication in guiding market expectations …
Persistent link: https://www.econbiz.de/10015060012
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Dissecting Taylor Rules in a Structural VAR
Choi, Woon Gyu - 2010
This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over...
Persistent link: https://www.econbiz.de/10012677535