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The euro and inflation uncertainty in the European Monetary Union
Caporale, GM; Kontonikas, A - 2006
In this paper, we investigate empirically the relationship between inflation and inflation uncertainty in twelve EMU … order to distinguish between short-run (structural and impulse) and steady-state uncertainty. We then introduce a dummy … links between inflation and inflation uncertainty. We find that steady-state inflation has generally remained stable (with …
Persistent link: https://www.econbiz.de/10009481432
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Inflation and inflation uncertainty in the Euro area
Caporale, GM; Onorante, L; Paesani, P - 2009
This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly … introduction of the euro and resulting in lower long-run uncertainty. It also appears that the direction of causality has been …
Persistent link: https://www.econbiz.de/10009481449
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Economic Growth, Inflation, and Monetary Policy in Pakistan: Preliminary Empirical Estimates
Khalid, Ahmed M. - 2006
There is a growing debate in the emerging market on the choice of an appropriate monetary or exchange rate policy that could lead to a sustainable economic growth. Inflation targeting has become one of these policy alternatives and has recently been implemented in some of the emerging markets in...
Persistent link: https://www.econbiz.de/10009441723
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The New Economy and the Dollar Puzzle: the Case of Australia
Karunaratne, Neil Dias - 2002
The revolutionary changes in information technology (IT), globalisation and financial innovation have overturned the Solow productivity paradox and spawned a New Economy (NE) in Australia in the late 1990s. Both growth accounting estimates and the use of the information superhighway ranks...
Persistent link: https://www.econbiz.de/10009447976
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Inflation targeting in Latin America : empirical analysis using GARCH models
Broto Pelegrín, Carmen - 2008
During the last years, a number of countries have adopted formal inflation targeting (IT) monetary policy frameworks in a context of global inflation moderation. This paper studies inflation dynamics in eight Latin American countries, some of which have adopted formal targets. We analyze...
Persistent link: https://www.econbiz.de/10012530220
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Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility
Apergis, Nicholas; Miller, Stephen M. - 2007
This paper empirically assesses whether monetary policy affects real economic activity through its affect on the aggregate supply side of the macroeconomy. Analysts typically argue that monetary policy either does not affect the real economy, the classical dichotomy, or only affects the real...
Persistent link: https://www.econbiz.de/10009430116
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Inflation targeting and monetary integration in European emerging market economies
Felix Hammermann - 2008
This study addresses the potential trade-off between inflation and exchange rate targeting in former transition countries, which now may be labeled emerging market economies and which prepare for entry into the Economic and Monetary Union (EMU). Among this group of countries, some implemented...
Persistent link: https://www.econbiz.de/10009429025
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A theory of managed floating
Wollmershäuser, Timo - 2003
uncertainty about the true model determining the exchange rate, the rationale for indirect managed floating is the monetary policy …
Persistent link: https://www.econbiz.de/10009433725
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Is Inflation Targeting the Best Policy Choice for Emerging Economies? A Survey of Emerging Market Experiences and Lessons for Pakistan
Khalid, Ahmed M. - 2006
In the aftermath of a major financial crisis in the 1990s, price stability has become an important argument of the future monetary policy stance in many emerging economies. As such, emerging economies in Asia and Latin America have switched to inflation targeting as their monetary policy. This...
Persistent link: https://www.econbiz.de/10009441615
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A Concise History of Exchange Rate Regimes in Latin America
Frenkel, Roberto; Rapetti, Martin - 2010
The paper analyzes exchange rate regimes implemented by the major Latin American countries since the Second World War, with special attention on the period of the second globalization process beginning in the 1970s. The analysis follows a historical narrative aiming to provide an understanding...
Persistent link: https://www.econbiz.de/10009467794