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Journal articles on the topic 'Dollarisation; monetary policy; inflation targeting'

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Published: 4 June 2021

Last updated: 12 February 2022

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1

Glazyev, S. "On inflation targeting." Voprosy Ekonomiki, no. 9 (September 20, 2015): 124–35. http://dx.doi.org/10.32609/0042-8736-2015-9-124-135.

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The article discusses the fundamental issues of monetary policy in the context of implemented by the Bank of Russia transition to inflation targeting. It is shown that the result of the actions of the monetary authorities was the growth of inflation, worsening management of the financial market, falling investment and business activity, loss of control over the main macroeconomic indicators. It is revealed that “inflation targeting” actually refers to limiting the tools of monetary policy to manipulations by the key rate. It is proved that in conditions of free international movement of capita

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2

Kartaev, Filipp. "Does Monetary Policy Regime Affect Inflation?" Moscow University Economics Bulletin 2016, no. 5 (2016): 39–51. http://dx.doi.org/10.38050/01300105201653.

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The article treats long-term impact of monetary policy nominal anchor choice (inflation targeting, exchange rate targeting, money supply targeting) on inflation level in developed and emerging countries. The research was built on panel data for 188 countries, which includes period after the global financial crisis. The results show, that inflation or exchange rate targeting allows to reduce inflation rate in emerging countries, while in developed countries the use of monetary policy nominal anchor does not give additional benefits in inflation control. This difference can be explained by the f

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3

Faust, Jon, and Dale W. Henderson. "Is Inflation Targeting Best-Practice Monetary Policy?" International Finance Discussion Paper 2004, no. 807 (2004): 1–42. http://dx.doi.org/10.17016/ifdp.2004.807.

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4

Svensson, Lars E. O. "Inflation targeting as a monetary policy rule." Journal of Monetary Economics 43, no. 3 (1999): 607–54. http://dx.doi.org/10.1016/s0304-3932(99)00007-0.

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5

Aguir, Abdelkader, Ghrissi Mhamdi, and Ramzi Farhani. "Credibility and Monetary Policy under Inflation Targeting." International Journal of Business, Economics and Management 2, no. 3 (2015): 78–90. http://dx.doi.org/10.18488/journal.62/2015.2.3/68.3.78.90.

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6

Martin, Christopher, and Costas Milas. "Modelling Monetary Policy: Inflation Targeting in Practice." Economica 71, no. 282 (2004): 209–21. http://dx.doi.org/10.1111/j.0013-0427.2004.00366.x.

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7

Bidabad, Bijan, and Nahid Kalbasi Anaraki. "Inflation Targeting in Iran." Asian Finance & Banking Review 3, no. 1 (2019): 74–88. http://dx.doi.org/10.46281/asfbr.v3i1.296.

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Inflation targeting in various forms has been adopted by a number of countries as a framework for making monetary policy more coherent and transparent and for increasing the credibility of monetary policy. Despite the language, referring to inflation target as the primary objective of monetary policy, central bankers always make room for short-run stabilization objectives, particularly with respect to output and exchange rate. Inflation targeting, in most cases, reduces the role of intermediate targets, such as exchange rate or money growth rate. Experience of other countries that have a

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Sen Gupta, Abhijit, and Rajeswari Sengupta. "Is India Ready for Inflation Targeting?" Global Economy Journal 16, no. 3 (2016): 479–509. http://dx.doi.org/10.1515/gej-2015-0049.

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In this paper we analyze the extent to which the current macroeconomic environment in India is suitable for implementation of inflation targeting as a monetary policy strategy, in light of the recommendation of the Urjit Patel Committee Report. Our results indicate that historically the Reserve Bank of India has given more importance to inflation compared to output growth and exchange rate changes in its monetary policy conduct and that in recent times there has been an increased emphasis on monetary independence thereby comfortably placing the RBI on a path to move towards inflation targeting

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Aguir, Abdelkader. "Central Bank Credibility, Independence, and Monetary Policy." Journal of Central Banking Theory and Practice 7, no. 3 (2018): 91–110. http://dx.doi.org/10.2478/jcbtp-2018-0025.

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Abstract The main motives behind the adoption of an inflation targeting regime largely relate to the notion of credibility, transparency of monetary policy and the autonomy of the central bank, which explicitly undertakes to achieve a certain inflation target. This paper examines the effects of inflation targeting in emerging economies in relation to the degree of independence of the central bank and the credibility of monetary policy. We find effects in emerging economies with little central bank independence, so our findings suggest that the central bank’s credibility, transparency and indep

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10

Monadjemi, Mehdi S. "Monetary Policy and Oil Prices." Global Economy Journal 11, no. 3 (2011): 1850232. http://dx.doi.org/10.2202/1524-5861.1730.

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Because of volatility, commodity prices are excluded from the CPI when inflation targeting is exercised. Rising commodity prices contribute to inflation but central banks show no reaction since the CPI does not register rise in prices. Frankel (2006) argues that monetary policy should consider the price of important export commodities such as oil, in oil exporting countries. He maintains that by doing so, central banks are able to benefit from the fluctuations of the exchange rate in the presence of a negative international trade shocks. Central banks cannot benefit from the fluctuation of the

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11

Cairó, Isabel, and Jae Sim. "Monetary Policy and Financial Stability." Finance and Economics Discussion Series 2020, no. 101 (2020): 1–36. http://dx.doi.org/10.17016/feds.2020.101.

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The 2008 Global Financial Crisis called into question the narrow focus on price stability of inflation targeting regimes. This paper studies the relationship between price stability and financial stability by analyzing alternative monetary policy regimes for an economy that experiences endogenous financial crises due to excessive household sector leverage. We reach four conclusions. First, a central bank can improve both price stability and financial stability by adopting an aggressive inflation targeting regime, in the absence of the zero lower bound (ZLB) constraint on nominal interest rates

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12

Creel, Jérôme, and Paul Hubert. "HAS INFLATION TARGETING CHANGED THE CONDUCT OF MONETARY POLICY?" Macroeconomic Dynamics 19, no. 1 (2013): 1–21. http://dx.doi.org/10.1017/s1365100513000199.

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We aim at establishing whether the institutional adoption of inflation targeting has changed the conduct of monetary policy. To do so, we test the hypothesis of inflation targeting translating into a stronger response to inflation in a Taylor rule with three alternative econometric models: a structural break model, a time-varying parameter model with stochastic volatility, and a Markov-switching VAR model. We conclude that inflation targeting has not led to a stronger response to inflation in the reaction function of the monetary authority. This result suggests that inflation targeting being m

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13

Besley, Timothy, and Kevin Sheedy. "Monetary Policy Under Labour." National Institute Economic Review 212 (April 2010): R15—R33. http://dx.doi.org/10.1177/0027950110372733.

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This paper analyses Labour's record on monetary policy and the record of the MPC which it created. The paper begins by discussing the conceptual framework and institutions behind inflation targeting as it operates in the UK. We then discuss the successes that it enjoyed up to 2007 and debate the lessons that are being learned as a consequence of the experience since then. We then raise some of the formidable challenges that UK monetary policy must now face up to including maintaining the credibility of the inflation targeting regime in the face of greater interdependence between monetary and f

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14

Vavra, David. "Inflation Targeting Experience: Lessons for Ukraine." Visnyk of the National Bank of Ukraine, no. 233 (September 29, 2015): 39–53. http://dx.doi.org/10.26531/vnbu2015.233.039.

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In the past three decades, many advanced market and emerging market economies have modernized their monetary policy frameworks. We research the experience of these economies for lessons relevant to the monetary policy in Ukraine, which has recently embarked on a similar modernization program. Most countries we study have adopted some form of inflation targeting, given unfavorable experiences with previous regimes based on money and exchange rate, however with the exchange rate continuing to play an important role. Most of the pillars of effective IT monetary policy developed over time through

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15

Cabos, Karen, Michael Funke, and Nikolaus A. Siegfried. "Some Thoughts on Monetary Targeting vs. Inflation Targeting." German Economic Review 2, no. 3 (2001): 219–38. http://dx.doi.org/10.1111/1468-0475.00035.

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Abstract We offer some empirical evidence on the likely scale of control and indicator problems surrounding alternative monetary targets and a direct inflation target. The links between monetary policy actions and inflation are estimated in dynamic linear models using the Kalman filter. We compare alternative intermediate-target and final-target monetary strategies using German data from the end of the Bretton Woods system until 1997. The estimation results show that broad money dominates narrow money as an intermediate target, while control problems involved in targeting broad money are large

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16

Junicke, Monika. "TREND INFLATION AND MONETARY POLICY IN EASTERN EUROPE." Macroeconomic Dynamics 23, no. 4 (2017): 1649–63. http://dx.doi.org/10.1017/s1365100517000372.

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I use a two-country dynamic stochastic general equilibrium (DSGE) model with a nonzero steady-state inflation to study monetary policy in transition economies. In particular, my analysis focuses on whether inflation targeting is based on a consumer price index (CPI) or its producer counterpart, producer price index (PPI). This issue is specifically relevant for transition economies as they might be subject to Balassa–Samuelson effects arising from trading in international markets. Under these circumstances, domestic inflation is possibly higher than imported inflation, hence targeting PPI infl

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17

Bernanke, Ben S., and Frederic S. Mishkin. "Inflation Targeting: A New Framework for Monetary Policy?" Journal of Economic Perspectives 11, no. 2 (1997): 97–116. http://dx.doi.org/10.1257/jep.11.2.97.

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In recent years, a number of industrialized countries have adopted a strategy for monetary policy known as ‘inflation targeting.’ The authors describe how this approach has been implemented in practice and argue that it is best understood as a broad framework for policy, which allows the central bank ‘constrained discretion,’ rather than as an ironclad policy rule in the Friedman sense. They discuss the potential of the inflation-targeting approach for making monetary policy more coherent and transparent and for increasing monetary policy discipline. The authors' final section addresses some a

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18

Moiseev, S. "The odyssey of inflation targeting: To new challenges of monetary policy." Voprosy Ekonomiki, no. 10 (October 20, 2017): 50–70. http://dx.doi.org/10.32609/0042-8736-2017-10-50-70.

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What has happened to inflation targeting after a quarter of the century? The popular regime of monetary policy has experienced considerable changes. Central banks of developed economies received the double mandate; there were elements of monetary targeting, there was departure from an interest rate as the main instrument of monetary policy; innovations in communication policy are devoted to the disclosure of the forecast of future interest rate and alternative inflation estimates. There are deviations of the actual inflation from an inflation target, de facto moving from inflation targeting to

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19

MIHAILOV, ALEXANDER. "Operational independence, inflation targeting, and UK monetary policy." Journal of Post Keynesian Economics 28, no. 3 (2006): 395–421. http://dx.doi.org/10.2753/pke0160-3477280302.

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20

Montes, Gabriel Caldas. "Can inflation targeting mitigate monetary policy time-inconsistency?" Journal of Economic & Financial Studies 2, no. 02 (2014): 15. http://dx.doi.org/10.18533/jefs.v2i02.131.

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21

Genberg, Hans. "Inflation Targeting - the Holy Grail of Monetary Policy?" Journal of Policy Reform 5, no. 3 (2002): 161–71. http://dx.doi.org/10.1080/1384128021000066099.

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22

Taguchi, Hiroyuki, and Erdenechuluun Khishigjargal. "Monetary Policy Rule under Inflation Targeting in Mongolia." East Asian Economic Review 22, no. 4 (2018): 531–55. http://dx.doi.org/10.11644/kiep.eaer.2018.22.4.353.

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23

Banaian, King, David M. Kemme, and Grigor Sargsyan. "Inflation Targeting in Armenia: Monetary Policy in Transition." Comparative Economic Studies 50, no. 3 (2008): 421–37. http://dx.doi.org/10.1057/ces.2008.22.

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24

Thornton, John, and Chrysovalantis Vasilakis. "Inflation targeting and the cyclicality of monetary policy." Finance Research Letters 20 (February 2017): 296–302. http://dx.doi.org/10.1016/j.frl.2016.10.012.

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25

Makin, Anthony J. "Optimal Monetary Policy in Inflation Targeting Open Economies." Economic Notes 48, no. 1 (2018): 12122. http://dx.doi.org/10.1111/ecno.12122.

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26

Chowdhury, Anis, and Hermanto Siregar. "Indonesia's Monetary Policy Dilemma--Constraints of Inflation Targeting." Journal of Developing Areas 37, no. 2 (2004): 137–53. http://dx.doi.org/10.1353/jda.2004.0023.

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27

Khishigjargal, Erdenechuluun. "Monetary Policy Transmission under Inflation Targeting in Mongolia." Research in Applied Economics 10, no. 2 (2018): 1. http://dx.doi.org/10.5296/rae.v10i2.12950.

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This article aims to examine the monetary policy transmission mechanism under the inflation targeting in Mongolia for the period from June 2007 to August 2017 by applying a recursive vector-autoregressive model. Under the inflation targeting framework, the Bank of Mongolia has established the interest rate corridor since February 2013 for the purpose of improving the interest rate channel of the transmission mechanism. The study then contributes to the literature by assessing whether the interest rate corridor has really improved the policy rate transmission effects by comparing the effects be

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28

Erdős, T. "Inflation targeting in Hungary: A case study." Acta Oeconomica 58, no. 1 (2008): 29–59. http://dx.doi.org/10.1556/aoecon.58.2008.1.2.

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In the present article the author examines how to develop economic and monetary policy in order to efficiently apply inflation targeting. In Hungary, an inflation targeting system has been applied since 2001. As a result of the current monetary policy, consumer price level must regularly be kept stable at least in a mid-term approach in the middle but possibly also in the long run, or else it should be rising slowly, two per cent per year, at the most. Should the monetary authority have to deal with an already existing fast inflation rate, a considerable reduction of the rate of inflation must

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29

Harmanta, Harmanta, M. Barik Bathaluddin, and Jati Waluyo. "INFLATION TARGETING UNDER IMPERFECT CREDIBILITY: LESSONS FROM INDONESIAN EXPERIENCE." Buletin Ekonomi Moneter dan Perbankan 13, no. 3 (2011): 271–306. http://dx.doi.org/10.21098/bemp.v13i3.394.

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This paper try to assess role of credibility in the implementation of inflation targeting framework in Indonesia. It illustrates how credibility may play an important role in the evolution of the Indonesian monetary policy. Knowing the degree of credibility would beneficial for Bank Indonesia (BI) to understand how to adjust policy instrument to achieve a long-term inflation target. Scaled from zero (purely not credible) to one (perfect credibility), our quantitative measurements found that credibility index for Indonesian monetary policy converge to around 0.5. Refer to projection and simulat

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30

Farvaque, Etienne, Piotr Stanek, and Hakim Hammadou. "Selecting Your Inflation Targeters: Background and Performance of Monetary Policy Committee Members." German Economic Review 12, no. 2 (2011): 223–38. http://dx.doi.org/10.1111/j.1468-0475.2010.00520.x.

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Abstract This paper starts by describing the composition of monetary policy committees (MPCs) in inflation-targeting and non-targeting countries. The experience of MPC members on their inflation performance is then compared, opposing inflation targeters with non-targeters. Our sample covers the major Organization for Economic Cooperation and Development countries, in the period 1999-2008. Our results first show that MPCs are different in inflation-targeting (versus non-targeting) countries. They also reveal that policy-makers’ backgrounds influence inflation, and that the influence of MPCs’ ex

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31

Baxa, Jaromír, Roman Horváth, and Bořek Vašíček. "HOW DOES MONETARY POLICY CHANGE? EVIDENCE ON INFLATION-TARGETING COUNTRIES." Macroeconomic Dynamics 18, no. 3 (2013): 593–630. http://dx.doi.org/10.1017/s1365100512000545.

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We examine the evolution of monetary policy rules in a group of inflation-targeting countries (Australia, Canada, New Zealand, Sweden, and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. From this novel flexible framework, our main findings are threefold. First, monetary policy rules change gradually, pointing to the importance of applying a time-varying estimation framework. Second, the interest-rate smoothing parameter is much lower than typically reported by previous time-invariant estimates of policy rules. External facto

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32

Mertens, Thomas M., and John C. Williams. "Monetary Policy Frameworks and the Effective Lower Bound on Interest Rates." AEA Papers and Proceedings 109 (May 1, 2019): 427–32. http://dx.doi.org/10.1257/pandp.20191083.

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This paper applies a New Keynesian model to analyze monetary policy in the presence of a low natural rate of interest and a lower bound on interest rates. Under standard inflation-targeting, inflation expectations will be anchored at a level below the inflation target. Two themes emerge from our analysis: first, the central bank can mitigate this problem of a downward bias in inflation expectations by following an average-inflation targeting framework. Second, price-level targeting that raises inflation expectations when inflation is low can both anchor expectations at target and further reduc

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33

Maduku, Harris, and Irrshad Kaseeram. "Inflation Targeting Monetary Policy and Unemployment in South Africa." Journal of Economics and Behavioral Studies 10, no. 4(J) (2018): 88–96. http://dx.doi.org/10.22610/jebs.v10i4(j).2410.

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We analyze the impact of inflation, growth and exchange rate on unemployment in South Africa using annual data spanning 1980- 2017. Using the ARDL methodology we find that there is a negative longrun relationship between inflation and unemployment in South Africa and inflation is significant in explaining unemployment. Other variables of interest, economic growth and exchange rate are also significant in explaining unemployment. We use the findings of our study to propose that the South African Reserve Bank(SARB) should consider revising its objectives so that they can consider getting involve

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34

Blake, Andrew P., Martin Weale, and Garry Young. "Optimal Monetary Policy." National Institute Economic Review 164 (April 1998): 100–109. http://dx.doi.org/10.1177/002795019816400113.

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In this article we propose a policy framework for inflation targeting that contains elements of both optimal and simple rules. We use a simple feedback rule for the interest rate to look after monetary policy in the long run whilst using optimal control in the short run to determine appropriate responses to shocks. The composite policy is capable of substantial welfare improvements over using a simple rule alone whilst maintaining tractability. We see the use of such a framework together with a fully specified model as a feasible approach to practical policy design.

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35

Friedman, Benjamin M. "Monetary policy for emerging market economies: beyond inflation targeting." Macroeconomics and Finance in Emerging Market Economies 1, no. 1 (2008): 1–12. http://dx.doi.org/10.1080/17520840801903083.

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36

Gülşen, Eda, and Erdal Özmen. "Monetary policy trilemma, inflation targeting and global financial crisis." International Journal of Finance & Economics 25, no. 2 (2020): 286–96. http://dx.doi.org/10.1002/ijfe.1752.

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37

Cavoli, Tony, and Ramkishen S. Rajan. "Open economy inflation targeting arrangements and monetary policy rules." Indian Growth and Development Review 1, no. 2 (2008): 237–51. http://dx.doi.org/10.1108/17538250810903800.

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38

Charoenseang, June, and Pornkamol Manakit. "Thai monetary policy transmission in an inflation targeting era." Journal of Asian Economics 18, no. 1 (2007): 144–57. http://dx.doi.org/10.1016/j.asieco.2006.12.014.

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39

Solomatova, Viktoriia Viktorovna. "Inflation Targeting: Advantages and Disadvantages." Interactive science, no. 2 (48) (February 20, 2020): 31–33. http://dx.doi.org/10.21661/r-530186.

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In this article, inflation targeting in Russia is considered, taking into account international experience. The role of the key rate as the main instrument of monetary policy is analyzed. The study also deals with the benefits and shortcomings of the transition to inflation targeting in Russia.

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40

Barrell, Ray, and Karen Dury. "An Evaluation of Monetary Targeting Regimes." National Institute Economic Review 174 (October 2000): 105–13. http://dx.doi.org/10.1177/002795010017400114.

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The policy regime in Europe has put the economy on ‘auto-pilot’. We investigate different designs for the required feedback mechanisms. The uncertainty facing an economy depends on the pattern of shocks it faces, the response of the private sector to those shocks and also the policy reactions of the authorities. Two ‘ideal type’ policy regimes are investigated, and inflation targeting is compared to nominal aggregate targeting. In general it is suggested that targeting a nominal aggregate reduces the variability of the price level, and stabilises the price level more quickly over time. Inflati

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41

Kartaev, Filipp. "Inflation Targeting and Economic Growth." Moscow University Economics Bulletin 2015, no. 3 (2015): 26–40. http://dx.doi.org/10.38050/01300105201532.

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The article addresses the influence of transition to the inflation targeting policy on the economic growth. It contains an analysis of different theoretical approaches to the explanation of monetary policy impact mechanism on real economy long-term dynamics. The article also presents the results of econometric research of the relation between inflation targeting regime and economic growth rates in developed countries based on the most recent data. The results of this research let conclude, that transition to the inflation targeting policy is associated with higher GDP growth rates.

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42

Madhou, Ashwin, Tayushma Sewak, Imad Moosa, Vikash Ramiah, and Florian Gerth. "Towards Full-Fledged Inflation Targeting Monetary Policy Regime in Mauritius." Journal of Risk and Financial Management 14, no. 3 (2021): 126. http://dx.doi.org/10.3390/jrfm14030126.

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An increasing number of emerging and developing countries have adopted or are transitioning towards full-fledged inflation targeting (FFIT) as the main monetary policy framework to anchor inflation. In this paper, we explore the FFIT regime as a means for Mauritius to achieve stable inflation, anchor inflationary expectations and establish credibility in committing monetary policy towards price stability as its primary goal. This paper reviews and highlights issues experienced with the current monetary policy framework and the challenges in transitioning towards FFIT. Given that forecasting is

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43

Wong, Kin-Ming, and Terence Tai-Leung Chong. "Monetary policy regimes and growth revisited: evidence from a de facto classification." Oxford Economic Papers 71, no. 4 (2019): 908–29. http://dx.doi.org/10.1093/oep/gpy068.

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Abstract Pioneered by New Zealand in 1990, a growing number of countries have adopted the practice of inflation targeting, the international experience of which has been reported as satisfactory. However, existing empirical evidence fails to support inflation targeting as having a positive growth effect. To provide further evidence, this study adopts a new classification system for monetary policy regimes that allows the empirical estimation of the effect of inflation targeting on economic growth in comparison with its main alternative, exchange rate targeting. Our study, which covers more tha

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Taguchi, Hiroyuki, and Ganbayar Gunbileg. "Monetary Policy Rule and Taylor Principle in Mongolia: GMM and DSGE Approaches." International Journal of Financial Studies 8, no. 4 (2020): 71. http://dx.doi.org/10.3390/ijfs8040071.

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This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of-moments (GMM) estimation and a New Keynesian dynamic stochastic general equilibrium (DSGE) model with a small open economy version by the Bayesian estimation. The main findings are summarized as follows. First, the GMM estimation identified an inflation-responsive rule fulfilling the Taylor principle in the recent phase of the Mongolian inflation ta

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45

Woodford, Michael. "The Case for Forecast Targeting as a Monetary Policy Strategy." Journal of Economic Perspectives 21, no. 4 (2007): 3–24. http://dx.doi.org/10.1257/jep.21.4.3.

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At central banks around the world, including the Bank of England, Sweden's Riksbank, Norway's Norges Bank, and the Reserve Bank of New Zealand, policy is conducted on the basis of “inflation-forecast targeting”: the central bank constructs quantitative projections of the economy's expected future evolution based on the way in which it intends to control short-term interest rates, and public discussion of those projections plays a critical role in justifying the banks' conduct of monetary policy to the public. What accounts for the appeal of this approach? Should it be adopted more widely or mo

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46

Sarkisyan, S. S. "Impact of the Monetary Policy Rules on the Inflation Targeting." Scientific Research of Faculty of Economics. Electronic Journal 12, no. 1 (2020): 7–30. http://dx.doi.org/10.38050/2078-3809-2020-12-1-7-30.

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The standard version of the Taylor rule includes the inflation gap and the GDP gap in the right-hand side. I describe a modified version of it, where the exchange rate growth also determines the interest rate change. I estimate this version for a number of IT and non-IT countries in the periods before and after the financial crisis of 2008. First, countries of both groups are leading the similar politics post 2008. Second, if a central bank pays more attention to the inflation gap and GDP growth, it has a higher probability of an inflation target achievement.

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47

Nyumuah, Felix S. "An Empirical Analysis of the Monetary Policy Reaction Function." International Journal of Economics and Finance 10, no. 3 (2018): 30. http://dx.doi.org/10.5539/ijef.v10n3p30.

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Monetary policy decisions usually follow a policy rule which shows a consistent response of policy instruments to variations in inflation and economic growth. The aim of this study is to establish the nature of monetary policy in developing countries through the analysis of policy reaction functions. This study uses macroeconomic data from Ghana, a typical developing country. The study employs the Dynamic Ordinary Least Squares Estimation techniques and finds the central bank to follow a backward-looking Taylor rule. The evidence is that the central bank follows some form of policy rule and fo

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48

Kuncoro, Haryo. "Central Bank Communication and Policy Interest Rate." International Journal of Financial Research 12, no. 1 (2020): 76. http://dx.doi.org/10.5430/ijfr.v12n1p76.

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Central bank communications play an important role in the monetary policy. In the inflation-targeting frameworks, central bank communications might guide public to shape inflation expectations and then determine actual inflation rates through which the policy interest rates policy would manage them. This paper studied the impact and central bank monetary policy communications on the policy interest rate. Unlike other studies, this paper uses two stages. First, we estimate the impact of central bank communication on the inflation expectation gap. Second, we use the estimated value of inflation

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Papava, V., and V. Charaia. "On Complex Inflation Targeting and Modified Inflation Indicators (Experience of Georgia)." Finance: Theory and Practice 23, no. 3 (2019): 16–34. http://dx.doi.org/10.26794/2587-5671-2019-23-3-16-34.

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The paper analyzes inflation targeting which used in many countries as a tool for the monetary policy of central banks. The study of the experience of inflation targeting over the past quarter century shows a number of shortcomings. The important one is that inflation targeting is powerless in relation to import inflation. This problem is particularly acute for import-dependent countries. The authors summarize the failure of inflation targeting to influence the import of inflation regarding inflation caused by the increase in production costs. The problem is studied by the example of post-comm

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Frömmel, Tomáš. "Negative Inflation Targeting: A Proposal of a Non-Distortionary Monetary Policy." Quarterly Journal of Austrian Economics 22, no. 3 (2019): 336–56. http://dx.doi.org/10.35297/qjae.010025.

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This paper aims to propose a non-distortionary monetary policy objective consistent with the Austrian business cycle theory. Since the price level should fall in the growing economy in the Hayekian framework, introduction of a negative inflation target combined with the Taylor rule is suggested as a non-distortionary monetary policy. To keep the money stream stable, the optimal inflation target would be equal to the opposite of the growth rate of the economy. Such policy should lead to the smoothing of the business cycle path since monetary policy could be less activist compared to the current

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