Our current implementation of the Fan Chart follows the original Britton Fisher and Whitley (1998) and Blix - Sellin (1998) proposal in which the inputs enter at the fourth and ninth quarters and are distributed within the forecasting horizon according to pre established weights. This procedure...

The current implementation of the Fan Chart displays equal tail probability bands and do not take into account that the variable of interest may be subject to data revision. In this note I propose the use of Highest Probability Density, HPD, bands and include flexibility to display the risks...

A short article which motivates the use of a fan chart in the communication of forecasts, with special emphasis on inflation forecasts. A fan chart for Maltese HICP inflation projections is built, using the history of forecast errors.

Turkey, as an emerging economy, has a unique experience regarding to the relationship between the rate of inflation and the exchange rate. As opposed to developed countries, the effects of exchange rate fluctuations are felt significantly on inflation dynamics and these fluctuations also...

Después de más de una década de operación de los objetivos de inflación, resulta relevante evaluar sus alcances en relación con las metas inflacionarias establecidas por el Banco de México, y el papel que en dicho proceso han desempeñado las expectativas como ancla nominal de los...

This research was motivated by current constraints on macroeconomic policy-making in Indonesia. On the fiscal side, the government is burdened with debt and the pressure to maintain social expenditure. On the monetary side, there is a preoccupation with a lower inflation rate which conflicts...

What is the optimum quantity of money in a society? This paper answers this question both from the perspective of a utility maximizing model with real balances in the utility function, and employing an inventory theoretic model which focuses attention on the costs of transacting in different...

The globalization of the economic activity is profoundly changing long established concepts, customs and ways of doing business all around the globe. One of those concepts is the currency. The globalization and the Internet, really two facets of the same phenomenon, people hugely removed in...

El propósito de este artículo es mostrar que, en contra de lo que muchos analistas preveían hace pocos años, las finanzas públicas en Colombia obtuvieron un beneficio significativo del proceso reciente de reducción de la inflación. El menor ritmo de crecimiento de los precios estimuló la...

This paper examines the effect of monetary policy uncertainty on the relationship between inflation and its conditional variance. Uncertainty in monetary policy, defined as persistence in the shocks to the growth rate of money, produces real uncertainty in the economy which contributes to...