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This paper deals with the relationship between inflation targeting and exchange rates. I address three specific issues …: first, I analyze the effectiveness of nominal exchange rates as shock absorbers in countries with inflation targeting. This … volatility is different in countries with an inflation targeting regime than in countries with alternative monetary policy …
Persistent link: https://www.econbiz.de/10013236817
Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy … implicit instrument rules, may be closer to actual operating procedures of inflation-targeting central banks. We find that … inflation forecasts are central for good policy rules under inflation targeting. Some simple instrument and targeting rules do …
Persistent link: https://www.econbiz.de/10013324002
optimal policy is a output and inflation. In an open economy, the optimal rule changes in two ways. First, the policy … instrument is a Conditions Index the exchange rate. Second, on the right side of the rule, inflation is replaced by filters out … the transitory effects of exchange-rate movements. The model also implies that pure inflation targeting is dangerous in an …
Persistent link: https://www.econbiz.de/10012788980
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This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP...
Persistent link: https://www.econbiz.de/10013138705
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less …
Persistent link: https://www.econbiz.de/10013246397
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