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Inflation-forecast targeting : applying the principle of transparency /
"Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and poli...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund, Research Department,
2015.
|
| Colección: | IMF working paper ;
WP/15/132. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 245 | 0 | 0 | |a Inflation-forecast targeting : |b applying the principle of transparency / |c Kevin Clinton [and others]. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, Research Department, |c 2015. | ||
| 300 | |a 1 online resource (56 pages) | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/15/132 | |
| 500 | |a "June 2015." | ||
| 520 | |a "Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and policy analysis appropriate to its needs. A common component is a model-based forecast with an endogenous policy interest rate path. The approach is characterized, among other things, by transparent communications - some IFT central banks go so far as to publish their policy interest rate projection. Some elements of this regime, although a work still in progress, are worthy of consideration by central banks that have not yet officially adopted full-fledged inflation targeting."--Abstract | ||
| 505 | 0 | |a Cover; CONTENTS; I. INTRODUCTION; II. SOME HISTORY OF INFLATION TARGETING; III. BACKGROUND ON INFLATION-FORECAST TARGETING; III. 1 Defining IFT; III. 2 Long-run expectations anchor to IFT; III. 2.1 The anchor; III. 2.2 The transmission mechanism; Figures; Figure 1. Monetary Policy Model: IFT Feedback Response and Transmission; III. 2.3 Endogenous policy response; III. 2.4 Publication of endogenous interest rate forecasts; IV. USING IFT TO HELP AVOID DARK CORNERS; IV. 1 Implied forward guidance in IFT; IV. 2 Deflation risk in Japan and the euro area. | |
| 505 | 8 | |a Figure 2. Inflation Expectations and Unemployment Rate in JapanTABLES; Table 1. Selected Economic Indicators for Japan and Canada; Figure 3. Japan Sectoral Stock Market Indices versus Exchange Rate; Figure 4. Inflation Expectations and Unemployment Rate in the Euro Area; Figure 5. Evolution of Policy Rates in US, Euro Area, Japan, UK and the Czech; Table 2. Consensus CPI Inflation Expectations; Figure 6. Consensus Forecasts for Wage and Consumption in Major Economies; V. ILLUSTRATIVE EXAMPLES OF POLICY-MAKING STRATEGY BASED ON A SIMPLE MODEL; V.1 Introduction; V.2 Outline of the model. | |
| 505 | 8 | |a v. 3 Illustrative simulation resultsV. 3.1 Policy response to current economic situation; Figure 7. Illustrative Example of the Current Situation: IFB Reaction Function versus a Dual; Figure 8. Comparison of 4 Reaction Functions for the Current Situation (Part 1); Figure 9. Comparison of 4 Reaction Functions for the Current Situation (Part 2); V.3.2 Demand shocks; Figure 10. Vulnerabilities Related to the ZLB under IFB Reaction Function; Figure 11. Vulnerabilities Related to the ZLB under Dual Mandate CB Optimal Control (DM1; V.3.3 Supply shocks. | |
| 505 | 8 | |a Figure 12. Comparison of 4 Reaction Functions for Illustrative Nasty Supply Shock (Part 1)Figure 13. Comparison of 4 Reaction Functions for Illustrative Nasty Supply Shock (Part 2); V.3.4 A summing up; V.4 Confidence intervals and alternative simulations; Figure 14. Illustrative Examples of the Current Situation with Confidence Bands; Figure 15. Illustrative Examples of the Current Situation with Confidence Bands; Figure 16. Illustrative Examples of the Current Situation with Confidence Bands; Figure 17. Illustrative Examples of Nasty Supply Shock with Confidence Bands. | |
| 505 | 8 | |a Figure 18: Illustrative Examples of Nasty Supply Shock with Confidence BandsFigure 19: Illustrative Examples of Nasty Supply Shock with Confidence Bands; VI. CONCLUSION; References; References. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Inflation (Finance) | |
| 650 | 0 | |a Monetary policy. | |
| 650 | 2 | |a Inflation, Economic | |
| 650 | 6 | |a Inflation. | |
| 650 | 6 | |a Politique monétaire. | |
| 650 | 7 | |a Inflation (Finance) |2 fast |0 (OCoLC)fst00972450 | |
| 650 | 7 | |a Monetary policy. |2 fast |0 (OCoLC)fst01025230 | |
| 700 | 1 | |a Clinton, Kevin, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. | |
| 776 | 0 | 8 | |i Print version: |a Clinton, Kevin. |t Inflation-Forecast Targeting : Applying the Principle of Transparency. |d Washington : International Monetary Fund, ©2015 |z 9781513557656 |
| 830 | 0 | |a IMF working paper ; |v WP/15/132. | |
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