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...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Alichi, Ali (Autor)
Autor Corporativo: International Monetary Fund. Research Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, ©2009.
Colección:IMF working paper ; WP/09/94.
Temas:
Inflation (Finance)
Fiscal policy.
Monetary policy.
Economic stabilization.
Uncertainty.
Inflation, Economic
Politique monétaire.
Stabilisation économique.
Incertitude.
Politique fiscale.
Inflation.
Uncertainty
Monetary policy
Economic stabilization
Fiscal policy
Inflation Targeting.
Geldpolitik.
Glaubwürdigkeit.
Livres électroniques.
Acceso en línea:Texto completo
Descripción
Sumario: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.
Notas:"April 2009."
At head of title: Research Department.
Descripción Física:1 online resource (30 pages) : color illustrations
Bibliografía:Includes bibliographical references (pages 23-25).
ISBN:9781451872415
1451872410
1451916760
9781451916768
ISSN:2227-8885 ;

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