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This is the second chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general...
Persistent link: https://www.econbiz.de/10014403083
This is the third chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" It examines a number of elements in the design of an inflation-targeting framework. These include the definition of the target...
Persistent link: https://www.econbiz.de/10014403082
This is the fourth chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say."" It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at...
Persistent link: https://www.econbiz.de/10014402223
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This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the...
Persistent link: https://www.econbiz.de/10013160160
This is the third chapter of a forthcoming monograph entitled On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say. It examines a number of elements in the design of an inflation-targeting framework. These include the definition of the target...
Persistent link: https://www.econbiz.de/10013160347
The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed's efforts to stimulate the economy through forward guidance despite being constrained by having policy rates at zero. We show that an optimal control...
Persistent link: https://www.econbiz.de/10013019005
Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and policy...
Persistent link: https://www.econbiz.de/10013019008