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Inflation targeting in India: A comparison with the multiple indicator approach

Mishra, Ankita; Mishra, Vinod - In: Journal of Asian Economics 23 (2012) 1, pp. 86-98

this study, we propose an identification scheme for a developing economy (taking India as a case study), which is able to … capture the monetary transmission mechanism for that economy without giving rise to empirical anomalies. Using a VAR approach … only. This is in contrast with the ‘multiple indicator approach’ currently followed by the Reserve Bank of India (RBI). The …

Persistent link: https://www.econbiz.de/10010576519

MPC Voting, Forecasting and Inflation

Charemza, Wojciech; Ladley, Daniel - Department of Economics, Leicester University - 2012

This paper considers the effectiveness of monetary policy committee voting when the inflation forecast signals, upon which decisions are based, may be subject to manipulation. Using a discrete time intertemporal model, we examine the distortions resulting from such manipulation under a three-way...

Persistent link: https://www.econbiz.de/10010604800

Four reflections on practising inflation targeting in the Czech Republic

Dědek, Oldřich - In: Politická ekonomie 2004 (2004) 2

The paper consists of four parts each of them devoted to a practical aspect of inflation targeting as conducted by the Czech National Bank. The first part outlines the reasons that led to the adoption of this monetary regime and summarises other advantages for effective and transparent...

Persistent link: https://www.econbiz.de/10004963570

Some Lessons from Six Years of Practical Inflation Targeting

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2013

My lessons from six years of practical policy-making include (1) being clear about and not deviating from the mandate of flexible inflation targeting (price stability and the highest sustainable employment), including keeping average inflation over a longer period on target; (2) not adding...

Persistent link: https://www.econbiz.de/10011083489

Inflation and interest rates in the presence of a cost channel, wealth effect and agent heterogeneity

Ali, Syed Zahid; Anwar, Sajid - In: Economic Modelling 31 (2013) C, pp. 286-296

As far as the control of inflation is concerned, the interest rate is the most important monetary instrument. This paper examines the effectiveness of the interest rate policy in controlling inflation. The model utilized in this paper considers both demand and supply side effects of interest...

Persistent link: https://www.econbiz.de/10010636314

Do inflation targets anchor inflation expectations?

Pierdzioch, Christian; Rülke, Jan-Christoph - In: Economic Modelling 35 (2013) C, pp. 214-223

We suggest a simple test of whether an inflation target anchors private-sector inflation expectations. The test is easy to compute and it is robust to various sources of misspecification. The test may be a useful alternative to dispersion measures commonly studied in research on inflation...

Persistent link: https://www.econbiz.de/10011048836

Stability and Identification with Optimal Macroprudential Policy Rules

Chatelain, Jean-Bernard; Ralf, Kirsten - Deutsche Zentralbibliothek für … - 2014

This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...

Persistent link: https://www.econbiz.de/10010957830

Interaction of formal and informal financial markets in quasi-emerging market economies

Ngalawa, Harold; Viegi, Nicola - In: Economic Modelling 31 (2013) C, pp. 614-624

The primary objective of this paper is to investigate the interaction of formal and informal financial markets and their impact on economic activity in quasi-emerging market economies. Using a four-sector dynamic stochastic general equilibrium model with asymmetric information in the formal...

Persistent link: https://www.econbiz.de/10010636294

New economy : new policy rules?

Schaling, Eric; Bullard, James - Society for Computational Economics - SCE - 2001

We wish to understand the implications of recent shifts in US productivity for the structure of optimal monetary policy rules. Accordingly, we augment a standard inflation targeting model in which a forward-looking version of the Taylor rule constitutes the optimal monetary policy with regime...

Persistent link: https://www.econbiz.de/10005706735

Money as an indicator variable for monetary policy when money demand is forward looking

Kajanoja, Lauri - EconWPA - 2004

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the state of the economy. Money reveals some of the private...

Persistent link: https://www.econbiz.de/10005126466

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