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Monetary policy frameworks : an index and new evidence
Unsal, D. Filiz; Papageorgiou, Chris; Garbers, Hendre - 2022
We provide a multidimensional characterization of monetary policy frameworks across three pillars: Independence and Accountability, Policy and Operational Strategy, and Communications (IAPOC). We construct the IAPOC index by analyzing central banks' laws and websites for 50 advanced economies,...
Persistent link: https://www.econbiz.de/10013170321
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Tunisia monetary policy since the Arab Spring : the fall of the exchange rate anchor and rise of inflation targeting
El Hamiani Khatat, Mariam; End, Nicolas; Kolsi, Rym - 2020
In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting … reserves, current account deficit, and inflation differentials with main trading partners. The Central Bank of Tunisia has … already made important progress toward inflation targeting. The paper evidences the existence of increasingly effective …
Persistent link: https://www.econbiz.de/10012301899
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Fixed or Floating Exchange Regimes : Does it Matter for Inflation?
Quirk, Peter J. - 1994
regime with macroeconomic performance, inflation in particular. Stability of the exchange rate has generally been a by …-product of other policy choices. Even announcement effects of the regime on inflation-fighting credibility depend on the country …
Persistent link: https://www.econbiz.de/10014398350
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Fiscal dominance in Sub-Saharan Africa revisited
Hooley, John; Nguyen, Lam; Saito, Mika; Towfighian, … - 2021
). Fiscal dominance has always been a pressing problem as it can contribute to inflation and macroeconomic instability, and … and inflation …
Persistent link: https://www.econbiz.de/10012517915
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Financial Dollarization in Latin America
Rennhack, Robert - 2006
provide evidence that FD is a rational response to inflation uncertainty. The paper builds on previous research by finding …
Persistent link: https://www.econbiz.de/10014404249
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Destabilizing stability? : exchange rate arrangements and foreign currency debt
Csonto, Balazs; Gudmundsson, Tryggvi - 2020
Emerging markets (EMs) often respond to shocks by intervening in foreign exchange (FX) markets and thus preventing full exchange rate adjustment. This response can serve to dampen the effect of shocks and increase monetary policy space but may also incentivize economic participants to increase...
Persistent link: https://www.econbiz.de/10012301949
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Exchange Rate Unification, the Equilibrium Real Exchange Rate, and Choice of Exchange Rate Regime : The Case of the Islamic Republic of Iran
International Monetary Fund - 1999
of inflation, balance of payments, and productivity growth …
Persistent link: https://www.econbiz.de/10014401804
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The macroeconomic impact of foreign exchange intervention : some cross-country empirical findings
Jin, Zhongxia; Wang, Haobin; Zhao, Yue - 2021
Based on VAR analyses across 26 countries, we show that, although foreign exchange intervention (FXI) is effective in stabilizing the nominal exchange rate in the short run, its impacts on the real exchange rate are less significant: Limitations on nominal exchange rate flexibility may induce...
Persistent link: https://www.econbiz.de/10012613705
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Monetary policy transmission in emerging markets and developing economies
Brandao Marques, Luis; Gelos, Gaston; Harjes, Thomas; … - 2020
, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from … interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jorda's (2005 … output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary …
Persistent link: https://www.econbiz.de/10012177610
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Monetary and Exchange Rate Arrangements for Nafta
Eichengreen, Barry J. - 1993
This paper considers the extent to which the North American Free Trade Area (NAFTA) meets the criteria for a common currency area. NAFTA is compared with the EC, a regional grouping for which initial plans for a monetary union are already in place. Most of the anticipated benefits from a...
Persistent link: https://www.econbiz.de/10014396278