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Inflation and Economic Stability in a Small Open Economy

Inflation and Economic Stability in a Small Open Economy PDF Author: Peter D. Jonson
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 38

Book Description

Inflation and Economic Stability in a Small Open Economy

Inflation and Economic Stability in a Small Open Economy PDF Author: Peter D. Jonson
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 38

Book Description

Essays on Inflation Stabilization in a Small Open Economy

Essays on Inflation Stabilization in a Small Open Economy PDF Author: Hyuk-jae Rhee
Publisher:
ISBN:
Category : Developing countries
Languages : en
Pages : 332

Book Description

Inflation Targeting Lite' in Small Open Economies

Inflation Targeting Lite' in Small Open Economies PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451861915
Category : Business & Economics
Languages : en
Pages : 26

Book Description
This paper develops a new macrofinance model for small open economies, allowing the investigation of Mauritius's experience with 'inflation targeting lite' as described in Stone (2003). It finds that this monetary policy regime has been associated with a general reduction in inflation, principally through a reduction in inflation expectations. The credibility the Bank of Mauritius has established with its 'inflation targeting lite' regime has allowed it to shift from an emphasis on exchange rate targeting towards inflation targeting. By estimating a model in which the yield curve is modeled explicitly we are able to obtain estimates of inflation expectations.

Inflation in Open Economies

Inflation in Open Economies PDF Author: Michael Parkin
Publisher: Manchester University Press
ISBN: 9780719007125
Category : Currency question
Languages : en
Pages : 316

Book Description

Inflation and Employment in Open Economies

Inflation and Employment in Open Economies PDF Author: Assar Lindbeck
Publisher: North-Holland
ISBN:
Category : Business & Economics
Languages : en
Pages : 358

Book Description

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries PDF Author: Mr.Marco Airaudo
Publisher: International Monetary Fund
ISBN: 1475523165
Category : Business & Economics
Languages : en
Pages : 65

Book Description
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.

Optimal Monetary Policy in a Small Open Economy with Financial Frictions

Optimal Monetary Policy in a Small Open Economy with Financial Frictions PDF Author: Rossana Merola
Publisher:
ISBN:
Category :
Languages : en
Pages : 80

Book Description
I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized, or approached more closely, if monetary policy is allowed to react to aggregate financial variables.Moreover, I explore the issue of whether an inflation targeting cum exchange rate stabilization and a price-level targeting are more suitable rules in minimizing distortions generated by the presence of liabilities defined in foreign currency and in nominal terms. I find that, when the financial accelerator mechanism is working, a price-level targeting rule dominates. One caveat is that the source of the shock plays an important role. Once the financial shock is not operative, the gain from a price-level targeting rule decreases significantly.

Inflation Targeting in a Small Open Economy

Inflation Targeting in a Small Open Economy PDF Author: Alan Sutherland
Publisher:
ISBN:
Category : Anti-inflationary policies
Languages : en
Pages : 48

Book Description

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices PDF Author: Ruy Lama
Publisher:
ISBN:
Category : Market segmentation
Languages : en
Pages : 74

Book Description

Incorporating Financial Stability in Inflation Targeting Frameworks

Incorporating Financial Stability in Inflation Targeting Frameworks PDF Author: Burcu Aydin
Publisher: International Monetary Fund
ISBN: 1463904320
Category : Business & Economics
Languages : en
Pages : 47

Book Description
The global financial crisis has exposed the limitations of a conventional inflation targeting (IT) framework in insulating an economy from shocks, and demonstrated that its rigid application may aggravate the effect of shocks on output and inflation. Accordingly, we investigate possible refinements to the IT framework by incorporating financial stability considerations. We propose a small open economy DSGE model, calibrated for Korea during the period of 2003 - 07, with real and financial frictions. The findings indicate that incorporating financial stability considerations can help smooth business cycle fluctuations more effectively than a conventional IT framework.
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