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Inflation Targeting, Credibility, and Non-Linear Taylor Rules
Neuenkirch, Matthias; Tillmann, Peter - Volkswirtschaft Abteilung, Fachbereich … - 2012
target. To (re-) establish credibility, monetary policy under discretion sets higher interest rates today if average … reflected in an additional term in the central bank's instrument rule, which we refer to as the "credibility loss." Augmenting a … and that this influence is economically meaningful. Deterioration in credibility (ceteris paribus) forces central bankers …
Persistent link: https://www.econbiz.de/10010692011
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Inflation targeting, credibility, and non-linear Taylor rules
Neuenkirch, Matthias; Tillmann, Peter - In: Journal of International Money and Finance 41 (2014) C, pp. 30-45
target. To (re-) establish credibility, monetary policy under discretion sets higher interest rates today if average … reflected in an additional term in the central bank's instrument rule, which we refer to as the ”credibility loss.” Augmenting a … and that this influence is economically meaningful. Deterioration in credibility (ceteris paribus) forces central bankers …
Persistent link: https://www.econbiz.de/10011048528
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On the role of money growth targeting under inflation targeting regime.
DAI, Meixing - Bureau d'Économie Théorique et Appliquée (BETA), … - 2009
policy strategy. This assumption is equivalent to admitting the perfect credibility of inflation target announced by the …
Persistent link: https://www.econbiz.de/10004992134
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On the role of money growth targeting under inflation targeting regime
Dai, Meixing - Volkswirtschaftliche Fakultät, … - 2009
policy strategy. This assumption is equivalent to admitting the perfect credibility of inflation target announced by the …
Persistent link: https://www.econbiz.de/10005616832
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Establishing a Hawkish Reputation: Interest Rate Setting by Newly Appointed Central Bank Governors
Neuenkirch, Matthias - Volkswirtschaft Abteilung, Fachbereich … - 2012
In this paper, we explore the interest rate setting behavior of newly appointed central bank governors. We use the Kuttner and Posen (2010) sample, which covers 15 OECD countries, and estimate an augmented Taylor (1993) rule for the period 1974–2008. We find, first, that newly appointed...
Persistent link: https://www.econbiz.de/10010897854
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The Simplest Test of Inflation Target Credibility
Svensson, Lars E O - C.E.P.R. Discussion Papers - 1994
A simple test of inflation target credibility is constructed by subtracting the maximum and minimum inflation rates …, fall outside the range of target-consistent real yields, credibility is rejected. Two concepts of credibility, called … absolute credibility and credibility in expectation, are distinguished. The credibility of inflation targets of Canada, New …
Persistent link: https://www.econbiz.de/10005661572
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Inflation Targeting in Colombia, 2002–12
Hofstetter, Marc; Hamann, Franz; Urrutia, Miguel - In: ECONOMIA JOURNAL OF THE LATIN AMERICAN AND CARIBBEAN … (2014)
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010945756
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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
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The effects of the monetary policy regime shift to inflation targeting on the real interest rate in the United Kingdom
Reschreiter, Andreas - In: Economic Modelling 28 (2011) 1, pp. 754-759
This paper studies the effects of the monetary policy regime shift to inflation targeting on the stochastic properties of the real interest rate in the U.K. The empirical analysis suggests a constant mean of the real interest rate that shifts with the monetary policy regime change to inflation...
Persistent link: https://www.econbiz.de/10010573265
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Inflation Targeting in Colombia, 2002-2012
Hamann, Franz; Hofstetter, Marc; Urrutia, Miguel - BANCO DE LA REPÚBLICA - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010828188