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volatility is different in countries with an inflation targeting regime than in countries with alternative monetary policy …
Persistent link: https://www.econbiz.de/10012466531
exchange rate volatility that they entail. We also discuss a special case for which domestic inflation targeting constitutes …
Persistent link: https://www.econbiz.de/10012469809
nominal exchange rate volatility bins, we find that the high nominal exchange rate volatility group of Emerging Market …
Persistent link: https://www.econbiz.de/10012479945
Emerging economies experience sudden stops in capital inflows. As we have argued in Caballero and Krishnamurthy (2002), having access to monetary policy during these sudden stops is useful, but mostly for insurance' rather than for aggregate demand reasons. In this environment, a central bank...
Persistent link: https://www.econbiz.de/10012469099
This paper reviews the recent experience of a half-dozen Latin American inflation-targeting (IT) nations. We document repeated and large deviations from the standard IT framework: exchange market interventions have been lasting and widespread; the real exchange rate has often become a target of...
Persistent link: https://www.econbiz.de/10012460090
tradable goods than does a CPI target. CPI-targeters such as Brazil, Chile, and Peru respond to increases in world prices of …
Persistent link: https://www.econbiz.de/10012462294
The paper examines the robustness of Interest Rate Rules, IRRs, in the context of an imperfectly credible stabilization program, closely following the format of much of the literature in open-economy models, e.g., Calvo and Végh (1993 and 1999). A basic result is that IRRs, like Exchange Rate...
Persistent link: https://www.econbiz.de/10012465476
Persistent link: https://www.econbiz.de/10012470870
This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...
Persistent link: https://www.econbiz.de/10012471842
This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented...
Persistent link: https://www.econbiz.de/10012458120