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Inflation targeting under imperfect policy credibility /
This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the cr...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2009.
|
| Colección: | IMF working paper ;
WP/09/94. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 245 | 0 | 0 | |a Inflation targeting under imperfect policy credibility / |c prepared by Ali Alichi [and others]. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2009. | ||
| 300 | |a 1 online resource (30 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper, |x 2227-8885 ; |v WP/09/94 | |
| 500 | |a "April 2009." | ||
| 500 | |a At head of title: Research Department. | ||
| 504 | |a Includes bibliographical references (pages 23-25). | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function. The model highlights problems associated with the practice of setting a series of rigid near-term inflation targets. Also, unfavorable supply shocks pose a difficult problem: an appropriate response involves an interest rate increase, some. | ||
| 506 | |3 Use copy |f Restrictions unspecified |2 star |5 MiAaHDL | ||
| 533 | |a Electronic reproduction. |b [Place of publication not identified] : |c HathiTrust Digital Library, |d 2011. |5 MiAaHDL | ||
| 538 | |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. |u http://purl.oclc.org/DLF/benchrepro0212 |5 MiAaHDL | ||
| 583 | 1 | |a digitized |c 2011 |h HathiTrust Digital Library |l committed to preserve |2 pda |5 MiAaHDL | |
| 546 | |a English. | ||
| 505 | 0 | |a I. Introduction; II. The Model; A. Inflation Process with Endogenous Credibility; A.1 Inflation equation-an expectations-augmented Phillips curve; A.2 Output Gap equation; A.3 Exchange rate-real interest rate parity equation; A.4 Monetary policy loss function; A.5 Note on calibration; III. Optimal Disinflation; A. Initial Condition; B. Disinflation Under Various Degrees of Credibility; IV. Optimal Responses to Shocks; A. Initial Conditions; B. Supply Shocks; C. Demand Shocks; V. Costs of Delaying Interest Rate Increase Under Imperfect Credibility; VI. Concluding Remarks; References | |
| 505 | 8 | |a Figures1. Disinflation with Equal Weights on Inflation, Output and Interest Rate Variability; 2. Disinflation with Lower Weights on Output and Interest Rate Variability; 3. Responses to Unfavorable and Favorable Supply Shocks (Positive Shock Circle; Negative Shock Triangle); 4. Responses to Positive and Negative Demand Shocks (Positive Shock Circle Negative Shock Triangle; 5. Cost of Delaying Interest Rate Hikes in Response to an Unfavorable Supply Shock in an Economy with High Inflation and Low Initial Credibility (No Delay Triangle; Delay Circle) | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Inflation (Finance) | |
| 650 | 0 | |a Fiscal policy. | |
| 650 | 0 | |a Monetary policy. | |
| 650 | 0 | |a Economic stabilization. | |
| 650 | 0 | |a Uncertainty. | |
| 650 | 2 | |a Inflation, Economic | |
| 650 | 6 | |a Politique monétaire. | |
| 650 | 6 | |a Stabilisation économique. | |
| 650 | 6 | |a Incertitude. | |
| 650 | 6 | |a Politique fiscale. | |
| 650 | 6 | |a Inflation. | |
| 650 | 7 | |a Uncertainty |2 fast | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 650 | 7 | |a Economic stabilization |2 fast | |
| 650 | 7 | |a Fiscal policy |2 fast | |
| 650 | 7 | |a Inflation (Finance) |2 fast | |
| 650 | 7 | |a Inflation Targeting. |2 stw | |
| 650 | 7 | |a Geldpolitik. |2 stw | |
| 650 | 7 | |a Glaubwürdigkeit. |2 stw | |
| 655 | 6 | |a Livres électroniques. | |
| 700 | 1 | |a Alichi, Ali, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. | |
| 758 | |i has work: |a Inflation Targeting Under Imperfect Policy Credibility (Text) |1 https://id.oclc.org/worldcat/entity/E39PCXP3PwcPWtt6T6YctgHX3P |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |t Inflation targeting under imperfect policy credibility. |d [Washington, D.C.] : International Monetary Fund, ©2009 |w (OCoLC)551073613 |
| 830 | 0 | |a IMF working paper ; |v WP/09/94. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1608103 |z Texto completo |
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