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Estimating Sarb´s Policy Reaction Rule
Ortiz, Alberto - 2012
This paper uses a Dynamic Stochastic General Equilibrium (DSGE) model to estimate the South African Reserve Bank's (SARB) policy reaction rule. We find that the SARB has a stable rule very much in line with those estimated for Canada, UK, Australia and New Zealand. Relative to other emerging...
Persistent link: https://www.econbiz.de/10013104753
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Rational expectations and inflation targeting: An analysis for ten countries
Fromlet, Pia - 2010
In this paper I evaluate inflation targeting for ten countries. The evaluation is based on unconditional as well as conditional measures of the variance of inflation around target. With strict inflation targeting, expectations of the future deviation from target given information about the...
Persistent link: https://www.econbiz.de/10010321410
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Hitting the elusive inflation target
Bianchi, Francesco; Melosi, Leonardo; Rottner, Matthias - 2019
Since the 2001 recession, average core inflation has been below the Federal Reserve's 2% target. This deflationary bias is a predictable consequence of a low nominal interest rates environment. When monetary policy faces the risk of encountering the zero lower bound, in.ation tends to remain...
Persistent link: https://www.econbiz.de/10012429401
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Monetary policy under alternative exchange rate regimes in Central and Eastern Europe
Ziegler, Christina - 2012
Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...
Persistent link: https://www.econbiz.de/10010308235
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Open mouth operations
Campbell, Jeffrey R.; Weber, Jacob P. - 2018
We examine the standard New Keynesian economy's Ramsey problem written in terms of instrument settings instead of allocations. Its standard formulation makes two instruments available: the path of current and future interest rates, and an "open mouth operation" which selects one of the many...
Persistent link: https://www.econbiz.de/10012030346
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Dangerous liaisons? An empirical assessment of inflation targeting and exchange rate regimes
Aguirre, Horacio; Burdisso, Tamara - 2008
The role of the exchange rate under inflation targeting (IT) remains an unresolved issue in literature and policy discussions -and a challenge for central banks implementing IT, especially in developing countries. This paper aims at assessing whether there is a relation between the nominal...
Persistent link: https://www.econbiz.de/10010325099
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Leading Indicators of Real Activity and Inflation for Turkey, 2001-2010
Altug, Sumru; Uluceviz, Erhan - 2011
This paper develops a set of leading indicators of industrial production growth and consumer price inflation for the period 2001-2010. The choice of indicators is based on pseudo out-of-sample forecasting exercise implemented by Stock and Watson (2003), amongst others. We find that asset prices...
Persistent link: https://www.econbiz.de/10010500195
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The Mechanics of a successful Exchange-Rate Peg: Lessons from Emerging Markets
Dueker, Michael; Fischer, Andreas - 2001
To the surprise of many market watchers, Thailand's exchange-rate peg to the dollar collapsed in July 1997, leading to … identifiable contrasts in implementation between Thailand's peg and a perennially successful peg. Austria's peg to the Deutsche … mark.that would have hinted at problems for Thailand prior to July 1997. The comparison suggests that Thailand was not …
Persistent link: https://www.econbiz.de/10011430027
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Inflation targeting in Brazil
Arestis, Philip; de Paula, Luiz Fernando Rodrigues; … - 2008
The purpose of this paper is to examine inflation targeting (IT) in emerging countries by concentrating essentially on the case of Brazil. The IT monetary policy regime has been adopted by a significant number of countries. While the focus of this paper is on Brazil, which began inflation...
Persistent link: https://www.econbiz.de/10010276235