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The ECB’s Monetary Analysis Revisited
Berger, Helge; Harjes, Thomas; Stavrev, Emil - International Monetary Fund (IMF) - 2008
Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete...
Persistent link: https://www.econbiz.de/10005599686
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Improving the Monetary Policy Frameworks in Central America
International Monetary Fund (IMF); International … - 2011
frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy …
Persistent link: https://www.econbiz.de/10009369451
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Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia
International Monetary Fund (IMF); International … - 2010
Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia … variables are included. The pattern of inflation is explained mainly by past inflation, the strength of the US dollar, US … inflation, and—depending on the subset of countries analyzed—monetary and exchange rate policies and nonfuel commodity …
Persistent link: https://www.econbiz.de/10008542985
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On the Optimal Adherence to Money Targets in a New-Keynesian Framework; An Application to Low-Income Countries
Berg, Andrew; Unsal, D. Filiz; Portillo, Rafael - International Monetary Fund (IMF) - 2010
, Uganda (both de jure money targeters), and Ghana (a de jure inflation targeter), and compare the de facto adherence to …
Persistent link: https://www.econbiz.de/10008542989
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The Impact of Monetary Policyon the Exchange Rate; Evidence From Three Small Open Economies
Zettelmeyer, Jeromin - International Monetary Fund (IMF) - 2000
This paper studies the impact effect of monetary policy shocks—identified by the reaction of three month market interest rates to policy announcements—on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (1) on average, a 100 basis point...
Persistent link: https://www.econbiz.de/10005769130
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South Africa; Selected Issues
International Monetary Fund (IMF); International … - 2008
This Selected Issues paper discusses the policy response by a sample of central banks to the ongoing oil and food price shocks in South Africa, drawing some lessons, which can help put in context developments in the country. The paper discusses first- and second-round effects of “supply...
Persistent link: https://www.econbiz.de/10011244349
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Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters
Cuevas, Alfredo; Topak, Secil - International Monetary Fund (IMF) - 2008
When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation … while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore … whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks …
Persistent link: https://www.econbiz.de/10005605290
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Managing Financial Crises; Recent Experience and Lessons for Latin America
Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003
This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...
Persistent link: https://www.econbiz.de/10005824823
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What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?
Batini, Nicoletta; Tereanu, Eugen - International Monetary Fund (IMF) - 2009
After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in … the price of oil and other commodities, notably food. Although inflation remained lower and growth higher in inflation … world slowdown helped avert the worse, but inflation stayed high in many inflation targeting countries. This paper uses a …
Persistent link: https://www.econbiz.de/10008528610
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The Dominican Republic; Stabilization, Structural Reform, and Economic Growth
Cardoso, Jaime; Young, Philip M. - International Monetary Fund (IMF) - 2002
Persistent link: https://www.econbiz.de/10005590873