Inflation Stabilization and Nominal Anchors PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Inflation Stabilization and Nominal Anchors PDF full book. Access full book title Inflation Stabilization and Nominal Anchors by Guillermo Calvo. Download full books in PDF and EPUB format.
Author: Guillermo Calvo
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 86
Get Book
Book Description
Author: Guillermo Calvo
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 86
Get Book
Book Description
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
ISBN: 1451848102
Category : Business & Economics
Languages : en
Pages : 41
Get Book
Book Description
This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author: Andrés Solimano
Publisher: World Bank Publications
ISBN:
Category : Deflacion
Languages : en
Pages : 42
Get Book
Book Description
Author: Robert P. Flood
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
Get Book
Book Description
This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author: Robert P. Flood
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 32
Get Book
Book Description
Abstract: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business-cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review, in the context of a variety of models, some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.
Author: Mr.A. Javier Hamann
Publisher: International Monetary Fund
ISBN: 1451855362
Category : Business & Economics
Languages : en
Pages : 29
Get Book
Book Description
Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studies of exchange-rate-based stabilizations. We find that, while some differences can be detected between exchange-rate-based stabilizations and stabilizations where the exchange rate is not the anchor, the behavior of important variables does not appear to differ—especially output growth, which is good in both cases. There is also no evidence that fiscal discipline is enhanced by adopting an exchange-rate anchor, or that there are any systematic differences in the success records of stabilizations that use the exchange rate as a nominal anchor and those that do not.
Author: Mr.Christopher J. Jarvis
Publisher: International Monetary Fund
ISBN: 1451849893
Category : Business & Economics
Languages : en
Pages : 46
Get Book
Book Description
This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico (1994), Russia (1998); Thailand (1997); and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize; (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray; (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output; (iv) monetary aggregate targeting rarely serves as a coherent framework for floats; informal or full-fledged inflation targeting offers more promise.
Author: Mr.Carlos A. Végh Gramont
Publisher: International Monetary Fund
ISBN: 1451946724
Category : Business & Economics
Languages : en
Pages : 72
Get Book
Book Description
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author: Mr.Guillermo Calvo
Publisher: International Monetary Fund
ISBN: 1451945582
Category : Business & Economics
Languages : en
Pages : 48
Get Book
Book Description
This paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.
Author: Peter Keller
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 46
Get Book
Book Description
Monetary policy has become increasingly important in the countries of the Commonwealth of Independent States (CIS) as fiscal adjustment and structural reforms have taken root. Inflation has been brought down to relatively low levels in almost all of these countries, raising the question of what should be the appropriate nominal anchor at this stage. Formally, almost all CIS countries have floating exchange rate regimes, yet in practice they manage their exchange rates very heavily, perhaps because of high levels of dollarization (id est, they suffer from "fear of floating"). This paper explores the issues underlying the choice of a nominal anchor in CIS countries and seeks to assess whether the present mixed regime will prove durable.
