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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 ...
Stabilization, persistence, and inflationary convergence: a comparative analysis
The role of inflationary persistence has become a recurrent theme in discussions on stabilization programs (Fischer, 1986). This has particularly been the case in recent debates on the merits of exchange-rate-based stabilization plans. Some authors claim that anti-inflationary programs based on ...
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.
New keynesian models for Chile in the inflation-targeting period
Dynamic stochastic general equilibrium (DSGE) models with nominal rigidities have become a popular tool for monetary policy analysis in recent years. The basic sticky price model has been enriched to include additional sources of nominal and real rigidities. These additional elements have been introduced ...
Does inflation targeting make a difference?
Since New Zealand adopted inflation targeting in 1990, a steadily growing number of industrial and emerging economies have explicitly adopted an inflation target as their nominal anchor. Eight industrial countries and thirteen emerging economies had full-fledged inflation targeting in place in early ...
Learning, endogenous indexation, and disinflation in the new-keynesian model
Developing a better understanding of the costs of disinflation has long been an important objective for macroeconomic research. Since the 1980s, disinflation episodes and strategies have been studied extensively under the assumption of rational expectations. This assumption implies that central bank ...