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Estimating monetary policy rules for South Africa
Monetary policy in South Africa's emerging market economy, given capital account liberalization and severe constraints on fiscal policy, has the major responsability for curbing inflation and currency instability while trying to ensure sufficient growth for longer-term political stability and the ...
New frontiers for menetary policy in Chile
Inflation targeting can be broadly defined as a framework for the conduct of MONETARY POLICY in which the central bank guides its instruments in order to hold inflation near a preannounced target or to bring back to the target. Although understanding the framework is straightfoward, its practical ...
El horizonte de la política monetaria en Chile y otros países con metas de inflación
La tolerancia a cierta volatilidad en la tasa de inflación lleva a que aquellos países que tienen metas de inflación diseñen su política monetaria de modo que refleje flexibilidad en cuatro dimensiones: el índice de precios para el cual se define la meta, el ancho del rango meta, el punto medio del ...
The macroeconomic conseguences of wage indexation revisited
Since the mid-1970s, the macroeconomic consequences of wage indexation has been the subject of considerable research. Starting with an enthusiastic proposal for indexation by Friedman (1974) and two influential papers by Gray (1976) and Fischer (1977), the academic literature has examined the effects ...
Monetary policy under inflation targeting: an introduction
With the end of intermediate exchange rate regimes, countries are either abandoning domestic monetary policy (by choosing super-hard pegs or relinquishing their national currencies altogether) or strengthening independent monetary policymaking (by adopting floating exchange rates, of either the clean ...
Optimal monetary policy rules when the current account matters
Policymarkers and the academic community have reached an increasing consensus during the last two decades: the primary objective of monetary policy should be to control inflation (see, for example, King, 1999). A less settled issue is the appropriate role of the central bank regarding other, secondary ...
A decadeof inflation targeting in Chile: developments, lessons, and challenges
In the twentieth century, Chile experienced most monetary and exchange rate regimes. Periods of fixed exchange rates usually ended in speculative attacks as a result of inconsistent policies or significant external shocks, generating serious real costs and larger exchange rate volatility.
Medición de la política monetaria y el traspaso (pass-through) en Chile
Primero, este trabajo presenta una revisión de los principales estudios con VAR monetarios en Chile y en el mundo para medir la política monetaria y el traspaso del tipo de cambio a precios (pass-through). Segundo, se estiman tres VAR estructurales con restricciones de corto plazo y un VEC con ...
Monetary policy rules and transmission mechanisms under inflation targeting in Israel
Disinflation in Israel has been a relatively slow process. It took more than a decade for the annual rate of inflation to fall from about 18 percent in the late 1980s to less than 4 percent in the late 1990s. For 2000 and 2001 the government has set an inflation target range of 3 to percent. Whether ...
Optimal monetary policy rules under inflation range targeting
Central banks resort to a variety of alternative arrangements in formulating, conducting, and communicating monetary policy. One increasingly popular type of arrangement is based on a target range for inflation. In this setup the conduct of monetary policy is oriented to keeping inflation withing ...
Eficiencia de la política monetaria en Chile ¿existieron mejoras?
La volatilidad del producto y de la tasa de inflación disminuyó de manera importante en los últimos años. Esta mejora del desempeño económico se puede explicar tanto por una caída de los shocks que enfrenta la economía como por una mejora en la política monetaria. Este documento explora la contribución ...
Monetary policy and key unobservables: evidence from large industrial and selected inflation-targeting countries
In recent years, the design of monetary policy has focused on gaps—the output gap, the interest rate gap, and the unemployment rate gap have all played a role in policy discussions. Standard models used for policy analysis are either specified in terms of such gaps or imply important roles for these ...
Política monetaria y mecanismos de transmisión: nuevos elementos para una vieja discusión
El presente trabajo comienza revisando la literatura existente sobre transmisión monetaria, con especial atención en la evidencia disponible para Chile. Luego aborda dos temas que no han recibido la debida atención en estudios previos, como son i) la evolución del impacto de la política monetaria sobre ...
Policy biases when the monetary and fiscal authorities have different objectives
Until recently, the debate on the relationship between monetary and fiscal authorities centered on the inflationary consequences of mentary financing of the fiscal deficit. The moderately high inflation of the 1970s in some industrialized countries and, particularly, the recurring episodes of very ...
Does inflation targeting make a difference?
Inflation targeting is the new kid on the block of monetary regimes. Since New Zealand and Chile first adopted the regime in 1990, a growing number of industrial and developing countries have followed suit, anchoring their monetary policy to explicit targets for inflation.
Inflation targeting in the context of IMF-Supported adjustment programs
For the last few years, the staff of the Iternational Monetary Fund (IMF) has been engaged in assessing the functioning and effectiveness of inflation targeting in IMF member countries that have adopted this scheme as their monetary policy anchor. This involvement was restricted to the IMF's surveillance ...
Optimal monetary policy in a small, open economy: a general-equilibrium analysis
The two central issues in monetary policy are separated by time horizon. The first relates to the short run: what is the appropriate monetary policy across the business cycle? The second relates to the long run: waht is the optimal long-run rate of inflation? This paper explores these classic issues ...
Régimen de metas de inflación y credibilidad de la política monetaria en Chile
En este artículo presentamos nueva evidencia de cambios recientes en la dinámica inflacionaria en Chile. Mostramos que las rigideces de precios han aumentado, mientras el grado de indexación a la inflación pasada ha decrecido a lo largo del tiempo. También mostramos que el traspaso del tipo de cambio ...
Proyección de la inflación en Chile
Este estudio estima dos modelos para la inflación Chilena con parámetros variables para el período 1990 - 1999. El primero está basado en la curva de Phillips y el segundo, en un modelo para una pequeña economía abierta con meta de inflación. Las proyecciones de inflación fuera de la muestra que se ...
Optimal inflation targeting under alternative fiscal regimes
Inflation targeting has become an increasingly popular approach to the conduct of monetary policy worldwide since the early 1990s. Most of the countries that have adopted inflation targeting judge the experiment favorably, at least thus far. In many countries, the adoption of inflation targeting has ...