This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of …, inflation is lower. As a result of lower price growth, the need for a monetary policy response to an interest rate is also lower …

China or Japan, has no predictable effect on its trade surplus. Currency appreciation by the creditor country will slow its …-growth and low-growth economies, as between Japan and the U.S. from in 1950 to 1971 and China and the U.S. from 1994 to 2005 … growth. The qualified case for China moving toward greater flexibility in the form of a very narrow band for the yuan …

on the extent to which domestic inflation and interest rate surprises contribute to short-run volatility in G3 exchange … rates. We set out a simple model of the implications of different monetary regimes for the response of inflation, interest … rates, and exchange rates to inflation surprises. We then develop an operational measure of central bank transparency, and …