Showing 1 - 10 of 360
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140
Inflation is a monetary policy outcome, but in the short to medium term, price and wage decisions are co-determined by the public and private sectors. Many central banks have adopted transparency as a strategic policy approach, whereby communication of monetary policy goals is used as a public...
Persistent link: https://www.econbiz.de/10012848743
The central banks of Canada, New Zealand, Australia, and the US seem to have adopted somewhat different approaches to controlling inflation. This paper focuses on the empirical issue of whether a particular central bank can be said to be implementing a "strict" or a "flexible" inflation...
Persistent link: https://www.econbiz.de/10014121172
The monetary policy of the People's Bank of China (PBoC) during 2001-2023 is assessed in terms of Taylor and McCallum rules, as well as a proposed composite monetary policy rule. PBoC policy is found to be responsive to the gap between target and actual nominal GDP in the McCallum rule, as well...
Persistent link: https://www.econbiz.de/10015371222
The aim of this paper is to rely on a wide variety of forecasts and survey based estimates of inflationary expectations since the early 1990s for a group of 9 economies, 5 of which explicitly target inflation, and ask: To what extent are disagreements over forecasts of inflation driven by...
Persistent link: https://www.econbiz.de/10013156550
Stylized facts suggest that the monetary policies in the US versus dollar bloc countries that formally target inflation (Australia, Canada, and New Zealand) place somewhat different emphasis on inflation than on other factors (e.g., output gap). We use parameter estimated from versions of models...
Persistent link: https://www.econbiz.de/10014070530
The Bank of Canada must take account of the international environment, where inflation targeting has become widespread, as it considers Canada’s future options. This study examines international experience with monetary policy over the past decade and the consequences of the worldwide spread...
Persistent link: https://www.econbiz.de/10004964341
This paper examines the demographic determinants of inflation expectations in South Africa. Five surveys covering the period 2006-2016, and consisting of over 12000 observations were empirically examined using time series, cross-sectional, censored and quantile regressions. We assess whether...
Persistent link: https://www.econbiz.de/10014110874
Doubts continue to be expressed about the net benefits of announcing an explicit inflation objective versus a more balanced set of goals that include an overt concern over real economic developments. This is true even if major central banks that do not explicitly target inflation (e.g., the US...
Persistent link: https://www.econbiz.de/10013156549
This paper examines the inflation record of 29 inflation and non inflation targeting economies. Both industrial and emerging market economies are considered. Empirical evidence is based on a comparison of actual and forecasted inflation, an econometric analysis that estimates changes in...
Persistent link: https://www.econbiz.de/10012725982