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Interdependencies between monetary policy and foreign exchange intervention under inflation targeting: The case of Brazil and the Czech Republic
Gnabo, Jean-Yves; de Mello, Luiz; Moccero, Diego - 2008
. This paper uses a friction model to estimate intervention reaction functions and the associated marginal effects for Brazil …
Persistent link: https://www.econbiz.de/10010273432
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Monetary policy in transition: Essays on monetary policy transmission mechanism in China
Koivu, Tuuli - 2012
China's economic development has been exceptionally robust since the end of the 1970s, and the country has already emerged as the second biggest economy in the world. In this study, we seek to illuminate the role of the monetary policy in this successful economic performance and as a part of the...
Persistent link: https://www.econbiz.de/10012148910
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Inflation targeting in Brazil
Arestis, Philip; de Paula, Luiz Fernando Rodrigues; … - 2008
the case of Brazil. The IT monetary policy regime has been adopted by a significant number of countries. While the focus … of this paper is on Brazil, which began inflation targeting in 1999, we also examine the experience of other countries … compare the experience of Brazil with that of non-IT countries, and ask the question of whether adopting IT makes a difference …
Persistent link: https://www.econbiz.de/10010276235
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Does monetary policy credibility help in anchoring inflation expectations? Evidence from six inflation targeting emerging economies
Güler, Aslı - In: Journal of Central Banking Theory and Practice 10 (2021) 1, pp. 93-111
data of six emerging inflation targeting economies (Turkey, Brazil, the Czech Republic, Chile, Poland, and South Africa …
Persistent link: https://www.econbiz.de/10014558525
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How does monetary policy change? Evidence on inflation targeting countries
Baxa, Jaromír; Horváth, Roman; Vašíček, Bořek - 2010
We examine the evolution of monetary policy rules in a group of inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. Using this novel flexible framework, our...
Persistent link: https://www.econbiz.de/10010322229
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The European Monetary Union as a commitment device for new EU member states
Ravenna, Federico - 2005
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10011604562
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Forecasting the central bank’s inflation objective is a good rule of thumb
Diron, Marie; Mojon, Benoît - 2005
This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows...
Persistent link: https://www.econbiz.de/10011604610
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The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - 2010
There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...
Persistent link: https://www.econbiz.de/10011605192
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Central Banking in the Philippines: Then, Now and the Future
Lamberte, Mario B. - 2002
The country's central bank has a profound impact on the lives of all residents in the country. This paper attempted to put some policy issues on central banking in the country in certain perspectives so that policy debates on these issues can proceed with greater focus. More specifically, it...
Persistent link: https://www.econbiz.de/10011429692
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Rational expectations and inflation targeting: An analysis for ten countries
Fromlet, Pia - 2010
the ten countries, the United Kingdom has conducted inflation targeting most in line with the theory of rational …
Persistent link: https://www.econbiz.de/10010321410