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Author: Tobias Adrian
Publisher: International Monetary Fund
ISBN: 148432594X
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.
Author: Tobias Adrian
Publisher: International Monetary Fund
ISBN: 148432594X
Category : Business & Economics
Languages : en
Pages : 297
Get Book Here
Book Description
Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.
Author: Tobias Adrian
Publisher: International Monetary Fund
ISBN: 1484344480
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.
Author: Frederic S. Mishkin
Publisher: MIT Press
ISBN: 0262134829
Category : Monetary policy
Languages : en
Pages : 561
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Book Description
This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategydescribes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anch fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Author: Rania A. Al-Mashat
Publisher: International Monetary Fund
ISBN: 1484379535
Category : Business & Economics
Languages : en
Pages : 72
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Book Description
This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps.
Author: Ben Fine
Publisher:
ISBN: 9781783717798
Category : Microeconomics
Languages : en
Pages : 163
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Book Description
Author: Ms.Sweta Chaman Saxena
Publisher: International Monetary Fund
ISBN: 1484362241
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.
Author: Ruchir Agarwal
Publisher: International Monetary Fund
ISBN: 1484385861
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
The advancement of the knowledge frontier is crucial for technological innovation and human progress. Using novel data from the setting of mathematics, this paper establishes two results. First, we document that individuals who demonstrate exceptional talent in their teenage years have an irreplaceable ability to create new ideas over their lifetime, suggesting that talent is a central ingredient in the production of knowledge. Second, such talented individuals born in low- or middle-income countries are systematically less likely to become knowledge producers. Our findings suggest that policies to encourage exceptionally-talented youth to pursue scientific careers—especially those from lower income countries—could accelerate the advancement of the knowledge frontier.
Author: Ha-Joon Chang
Publisher: Zed Books
ISBN: 9781842772010
Category : Business & Economics
Languages : en
Pages : 264
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Book Description
The authors of this book challenge prevailing ideas about free markets and globalization. They question whether globalization is a technological reality that cannot be stopped and ask if the US economy really outperformed its competitors in the 1990s. They show how in each key area--trade and industrial policy, privatization, intellectual property rights, investment and financial policies, exchange rate and currency policy, labour and social welfare --there are alternatives to neoliberal policies that the historical experience of particular countries prove really works.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451952570
Category : Business & Economics
Languages : en
Pages : 28
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Book Description
The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal algorithmic learning has been accomplished, and when time consistency problems are significant, a mixed strategy that combines a simple verifiable rule with discretion is attractive. The paper also discusses mechanisms for mitigating credibility problems and emphasizes that arguments against various types of simple rules lose their force under a mixed strategy.
Author: Kevin Clinton
Publisher: International Monetary Fund
ISBN: 1513557653
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
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.
