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Future Monetary Policy Rules in Forward Guidance

Morris, Stephen - 2015

US Federal Open Market Committee (FOMC) projections for the federal funds rate are inherently subject to revision with the availability of new data. But when issued jointly with projections for macroeconomic aggregates, they also contain conditional information about the intended future policy...

Persistent link: https://www.econbiz.de/10013018767

Submission to the New Zealand House of Representatives' Finance and Expenditure Committee - Inquiry into the Future Monetary Policy Framework

Hall, Viv - 2010

New Zealand's operationally independent Reserve Bank should remain focused on achieving its primary objective of stability in the general level of prices. This should be under widely accepted flexible inflation targeting conditions and without distraction from at best temporarily effective...

Persistent link: https://www.econbiz.de/10013149022

The Role of Policy Rules in Inflation Targeting

Kuttner, Kenneth N. - 2004

This paper seeks to clarify the ways in which inflation targeting corresponds to a policy rule conceptually, and to assess the extent to which inflation targeters' policy can be described by policy rules in practice. Using central banks' inflation and output forecasts, the empirical analysis...

Persistent link: https://www.econbiz.de/10014073842

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

Inflation targets versus international monetary integration : a Canadian perspective

Laidler, David E. W. - 2002

,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent … performance are assessed. The most economically attractive among alternative monetary orders, the adoption by Canada of the US … politically attainable. Intermediate arrangements are unattractive and clearly inferior to Canada's current monetary order. …

Persistent link: https://www.econbiz.de/10011541166

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff … monetary policy in Canada. We show that it is crucial to take into account the break in the conduct of monetary policy caused …

Persistent link: https://www.econbiz.de/10011777945

Switching to exchange rate flexibility? : the case of central and eastern European inflation targeters

Drygalla, Andrej - 2015

This paper analyzes changes in the monetary policy in the Czech Republic, Hungary, and Poland following the policy shift from exchange rate targeting to inflation targeting around the turn of the millennium. Applying a Markovswitching dynamic stochastic general equilibrium model, switches in the...

Persistent link: https://www.econbiz.de/10011374063

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

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