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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.
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| Colección: | IMF working paper ;
WP/15/132. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- 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.
- 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.
- 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.
- 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.
- 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.