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Monetary policy rule and taylor principle in Mongolia : GMM and DSGE approaches
Taguchi, Hiroyuki; Gunbileg, Ganbayar - In: International Journal of Financial Studies : open … 8 (2020) 4/71, pp. 1-16
This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of-moments (GMM) estimation and a New Keynesian...
Persistent link: https://www.econbiz.de/10012322123
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Do exchange rates affect inflation? : evidence from emerging market economies
Demirel, Baki; Alpaslan, Barış; Bozdağ, Emre Güneşer - 2013
After 1980s, chronic inflation in Turkey has shaken the confidence in the domestic currency, and thus operating debit-credit transactions through dollars. The aim of this study is to analyse the impact of exchange rate pass-through into inflation in both Turkey and emerging market economies that...
Persistent link: https://www.econbiz.de/10009791587
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Speed limit policies : the output gap and optimal monetary policy
Walsh, Carl E. - 2001
In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...
Persistent link: https://www.econbiz.de/10011408406
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Considerations on the monetary policy framework of the European Central Bank
Tosato, Andrea Giorgio - 2022
dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the …
Persistent link: https://www.econbiz.de/10012802090
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Interest rate policy and exchange rates volatility lessons from Indonesia
Kuncoro, Haryo - In: Journal of central banking theory and practice 9 (2020) 2, pp. 19-42
Whether or not inflation targeting adoption leads to increased volatility of exchange rates is controversial. The volatility increases with inflation targeting as a result of the flexible exchange rate regime. Others argue that inflation targeting delivers the best outcomes in terms of lower...
Persistent link: https://www.econbiz.de/10012305740
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Exchange rate targeting versus inflation targeting : empirical analysis of the impact on employment and economic growth
Krušković, Borivoje - In: Journal of central banking theory and practice 9 (2020) 2, pp. 67-85
This paper analyses the effects of two alternative monetary strategies (exchange rate targeting and inflation targeting) on economic growth and employment. On the panel of 18 countries for the period from 1996 to 2013, I tested the hypothesis that countries in exchange rate targeting have a...
Persistent link: https://www.econbiz.de/10012305750
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Chapter 23. The Performance of Alternative Monetary Regimes
Ball, Laurence - In: Handbook of monetary economics : volume 3, (pp. 1303-1343). 2010
This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2)...
Persistent link: https://www.econbiz.de/10014025619
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Finding new objectives, seeking new instruments
Cobham, David P. - 2024
This short paper use the perspective of the assignment problem to examine the evolution of the workings of monetary policy and the Monetary Policy Committee (MPC) of the Bank of England over its first 25 years. It outlines how the Bank, and the MPC, came across additional possible objectives and...
Persistent link: https://www.econbiz.de/10014471910
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Monetary policy in Sweden after the end of Bretton Woods
Bylund, Emma; Iversen, Jens; Vredin, Anders - 2024
This paper discusses how monetary policy in Sweden has evolved since 1973. We provide a chronology of the different monetary policy regimes in place during the past fifty years and identify two main regimes, the pegged-but-adjustable exchange rate regime (1973 - 1992) and the inflation targeting...
Persistent link: https://www.econbiz.de/10014481194
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On the credibility of inflation targeting regimes in Latin America
Mariscal, Rodrigo; Powell, Andrew; Tavella, Pilar - 2014
take appropriate actions if the target is breached. This paper exploits a database of inflation expectations and attempts … to measure whether, for a set of inflation targeters in Latin America, expectations are well anchored. A tighter … anchoring of expectations is interpreted as a gain in credibility. Also considered are the effects on the credibility of the …
Persistent link: https://www.econbiz.de/10011286255