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Monetary policy lag, zero lower bound, and inflation targeting
Nishiyama, Shin-Ichi (contributor) - 2009
Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively little attention has been paid to the idea. In this paper, we build on Svensson's (1997) inflation targeting framework by explicitly taking into account the lagged effect of...
Persistent link: https://www.econbiz.de/10003790614
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Central bank performance under inflation targeting
Gosselin, Marc-André (contributor) - 2007
The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks. We extend the work of Albagli and Schmidt-Hebbel...
Persistent link: https://www.econbiz.de/10003462994
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Central bank communications before, during and after the crisis : from open-market operations to open-mouth policy
Vayid, Ianthi - 2013
The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. In the wake of the 2007 - 09 global financial crisis, this...
Persistent link: https://www.econbiz.de/10010202233
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Targeting inflation from below : how do inflation expectations behave?
Ehrmann, Michael - 2014
bring inflation up to target. In this paper, the author tests to what extent inflation expectations are anchored in such … - inflation expectations are more dependent on lagged inflation; forecasters tend to disagree more; and inflation expectations get … inflation expectations in IT countries are substantially better anchored than those in the control group, policy rates in IT …
Persistent link: https://www.econbiz.de/10010437970
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A horse race of monetary policy regimes : an experimental investigation
Kostyshyna, Olena; Petersen, Luba; Yang, Jing - 2022 - Last updated: July 15, 2022
and form expectations during periods of economic stability and during a demand-driven recession that temporarily brings … forecasting in the rationally expected direction. They instead rely on trend-chasing heuristics to form their expectations. Trend …
Persistent link: https://www.econbiz.de/10013280118
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On the wedge between the PPI and CPI inflation indicators
Wei, Shang-jin; Xie, Yinxi - 2022 - Last updated: January 26, 2022
While two strands of the literature suggest that PPI inflation, in addition to or instead of CPI inflation, should be a targeting variable in a monetary policy rule, the distinction between the two is only important when they do not co-move strongly. Our first contribution is to document that...
Persistent link: https://www.econbiz.de/10012807707
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How do central bank projections and forward guidance influence private-sector forecasts?
Jain, Monica; Sutherland, Christopher S. - 2018
We construct a 23-country panel data set to consider the effect of central bank projections and forward guidance on private-sector forecast disagreement. We find that central bank projections and forward guidance matter mainly for private-sector forecast disagreement surrounding upcoming policy...
Persistent link: https://www.econbiz.de/10011777743
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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada
Champagne, Julien; Sekkel, Rodrigo - 2017
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...
Persistent link: https://www.econbiz.de/10011777945
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Understanding firms' inflation expectations using the Bank of Canada's Business Outlook Survey
Richards, Simon; Verstraete, Matthieu - 2016
Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary … policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada …'s Business Outlook Survey, spanning the 2001 to 2015 period. The data are aggregated to construct an inflation expectations index …
Persistent link: https://www.econbiz.de/10011433529
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Looking through supply shocks versus controlling inflation expectations : understanding the Central Bank dilemma
Beaudry, Paul; Carter, Thomas J.; Lahiri, Amartya - 2022 - Last updated: September 20, 2022
aiming to anchor drifting inflation expectations. Why might central banks want to look through supply-driven inflation … sometimes and pivot away at other times? When does a change in monetary policy stance help anchor expectations? When is a strong …
Persistent link: https://www.econbiz.de/10013370504