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Fear of liftoff : uncertainty, rules and discreation in monetary policy normalization

Orphanides, Athanasios - 2015

periodic reviews and adaptation. Replacing meeting-by-meeting discretion with a simple policy rule would eschew discretion in …

Persistent link: https://www.econbiz.de/10011327424

Monetary policy under alternative exchange rate regimes in Central and Eastern Europe

Ziegler, Christina - 2012

Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...

Persistent link: https://www.econbiz.de/10010308235

Policy responses to Turkey's crisis : independent central bank and international credit

Kriwoluzky, Alexander; Rieth, Malte - In: DIW weekly report : economy, politics, science : a … 8 (2018) 38/39, pp. 355-363

The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment will fall, and the Turkish lira would depreciate...

Persistent link: https://www.econbiz.de/10011904395

Is the monetary policy rate effective? : recent evidence from Ghana

Akosah, Nana K. - 2015

We examine the effectiveness of monetary policy transmission mechanism in Ghana using several of statistical and econometric techniques for the period 2002M1 - 2014M12. We find monetary policy rate (MPR) to be quite effective in signaling the money market interest rates in both the short run and...

Persistent link: https://www.econbiz.de/10011326532

History of Bank of Japan's more than two decades of unconventional monetary easing with special emphasis on the frameworks pursued in the last 10 years

Kowalewski, Pawel; Shirai, Sayuri - 2023

Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has haunted the domestic economy ever since. The bubbles were partly attributable to prolonged monetary easing in the second half of 1980s, which was conducted to increase domestic...

Persistent link: https://www.econbiz.de/10014290883

Central bank intervention in the inflation targeting

Krušković, Borivoje D. - In: Journal of central banking theory and practice 11 (2022) 1, pp. 67-85

This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...

Persistent link: https://www.econbiz.de/10012805926

Forward guidance in a simple model with a zero lower bound : conference paper

Illing, Gerhard; Siemsen, Thomas - 2014 - First Version: December 2013

role of long-run and short-run price stickiness under discretion and commitment in a straightforward and intuitive way …. Despite the impact of price rigidity on welfare being non-linear, losses under discretion are lowest with perfectly flexible … when a commitment to hold nominal rates at zero for an extended period is optimal. We then introduce government spending …

Persistent link: https://www.econbiz.de/10010483306

Implementing inflation targeting regimes: The case of Poland

Gottschalk, Jan; Moore, David - 1999

This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in reducing fiscal dominance and hardening budget...

Persistent link: https://www.econbiz.de/10010275417

Inflation Targeting and its Effects on Macroeconomic Performance

Petursson, Thorarinn G. - 2005

An increasing number of countries have adopted inflation targeting since New Zealand first adopted this framework in early 1990. Currently there are 21 countries using inflation targeting in every continent of the world. This paper discusses the characteristics of these countries and how the...

Persistent link: https://www.econbiz.de/10011689922

Raising an inflation target : the Japanese experience with abenomics

De Michelis, Andrea; Iacoviello, Matteo - 2016

This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these...

Persistent link: https://www.econbiz.de/10011563011

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