This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools...

Purpose – The purpose of this paper is to examine the hypothesis that a central bank's asymmetric preferences are able to explain inflation rate in a developing country. In addition, it seeks to help comprehend movements of inflation rate in Jordan and to understand Central Bank of Jordan...

Many central banks target an inflation rate near two percent. This essay argues that policymakers would do better to target four percent inflation. A four percent target would ease the constraints on monetary policy arising from the zero bound on interest rates, with the result that economic...

A great deal of recent attention has been devoted towards the relationship between central bank independence and economic performance. The degree of central bank independence is said to determine cross-country inflation differences. However, several factors have been raised that cast doubts on...

A great deal of recent attention has been devoted towards the relationship between central bank independence and economic performance. The degree of central bank independence is said to determine cross-country inflation differences. However, several factors have been raised that cast doubts on...

Increased interest in price stability as the principal goal of monetary policy raises an issue about how well central banks can meet that goal.One approach is to forecast inflation a year or more ahead.Inability to separate permanent inflation from transitory,one-time changes in price levels...

Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set...

Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set...

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...