Relevant bibliographies by topics / Inflation targeting rules

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Academic literature on the topic 'Inflation targeting rules'

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Published: 4 June 2021
Last updated: 1 February 2022

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Journal articles on the topic "Inflation targeting rules"

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Lai, Ching-Chong, and Chi-Ting Chin. "MONETARY RULES AND ENDOGENOUS GROWTH IN AN OPEN ECONOMY." Macroeconomic Dynamics 17, no. 2 (April 27, 2012): 431–63. http://dx.doi.org/10.1017/s1365100511000277.

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This paper develops a monetary endogenous growth model for an open economy. The salient feature of the model is that it is able to deal with various monetary policy rules, including money growth rate targeting, inflation rate targeting, and nominal income growth rate targeting. It is found that a rise in the pegged rate may either increase or decrease the balanced-growth rate under regimes of both money growth rate targeting and nominal income growth targeting. However, a rise in the pegged rate is sure to depress the balanced-growth rate under the regime of inflation rate targeting. It is also found that money growth rate targeting is fundamentally equivalent to nominal income growth rate targeting if a specific restriction is imposed, and inflation rate targeting is not qualitatively equivalent to either money growth rate targeting or nominal income growth rate targeting.
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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 (November 16, 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 targeting. Second, the DSGE-model estimation endorsed the GMM estimation by producing a consistent outcome on the Mongolian monetary policy rule. Third, the Mongolian rule was estimated to have a weaker response to inflation than the rules of the other emerging Asian adopters of an inflation targeting.
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Neuenkirch, Matthias, and Peter Tillmann. "Inflation targeting, credibility, and non-linear Taylor rules." Journal of International Money and Finance 41 (March 2014): 30–45. http://dx.doi.org/10.1016/j.jimonfin.2013.10.006.

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Leitemo, Kai. "Inflation-targeting rules: History-dependent or forward-looking?" Economics Letters 100, no. 2 (August 2008): 267–70. http://dx.doi.org/10.1016/j.econlet.2008.02.006.

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Baxa, Jaromír, Roman Horváth, and Bořek Vašíček. "HOW DOES MONETARY POLICY CHANGE? EVIDENCE ON INFLATION-TARGETING COUNTRIES." Macroeconomic Dynamics 18, no. 3 (March 26, 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 factors matter for all countries, although the importance of the exchange rate diminishes after the adoption of inflation targeting. Third, the response of interest rates to inflation is particularly strong during periods when central bankers want to break a record of high inflation, such as in the United Kingdom or Australia at the beginning of the 1980s. Contrary to common perceptions, the response becomes less aggressive after the adoption of inflation targeting, suggesting a positive anchoring effect of this regime on inflation expectations. This result is supported by our finding that inflation persistence typically decreased after the adoption of inflation targeting.
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Kuncoro, Haryo. "Does the Credible Fiscal Policy Support the Prices Stabilization?" Review of Economic Perspectives 15, no. 2 (June 1, 2015): 137–56. http://dx.doi.org/10.1515/revecp-2015-0014.

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Abstract This paper aims at analyzing the co-movement between fiscal policy and monetary policy rules in the context of price stabilization. More specifically, we observe the potential impact of fiscal policy credibility on the price stabilization in the inflation targeting framework. Motivated by the fact that empirical studies concerning this aspect are still limited, we take the case of Indonesia over the period 2001-2013. Based on the quarterly data analysis, we found that the impact of credibility typically depends on characteristics of fiscal rules commitment. On one hand, the credibility of debt rule reduces the inflation rate. In contrast, the incredible deficit rule policy does not have any impact on the inflation rate and therefore does not support to inflation targeting. Given those results, we conclude that credibility matters in stabilizing price levels. Accordingly, those findings suggest tightening coordination between monetary and fiscal policy to maintain fiscal sustainability in accordance with price stabilization policy
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Taylor, John B. "Inflation targeting in high inflation emerging economies: lessons about rules and instruments." Journal of Applied Economics 22, no. 1 (January 1, 2019): 103–16. http://dx.doi.org/10.1080/15140326.2019.1565396.

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Sarkisyan, S. S. "Impact of the Monetary Policy Rules on the Inflation Targeting." Scientific Research of Faculty of Economics. Electronic Journal 12, no. 1 (March 28, 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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Cavoli, Tony, and Ramkishen S. Rajan. "Open economy inflation targeting arrangements and monetary policy rules." Indian Growth and Development Review 1, no. 2 (September 26, 2008): 237–51. http://dx.doi.org/10.1108/17538250810903800.

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Adnin, Zenathan, and Eugenia Mardanugraha. "Optimal Rules bagi Instrumen Kebijakan Moneter di Indonesia: Pengujian Empiris Model Guender." Jurnal Ekonomi dan Pembangunan Indonesia 9, no. 1 (July 1, 2008): 93–115. http://dx.doi.org/10.21002/jepi.v9i1.151.

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This study aims to test model developed by Guender (2002) in determining optimal rules for monetary policy instrument in Indonesia. The test is conducted by estimating parameters of IS equation and Forward Looking Phillips Curve. The result expected is rules for determining the optimal interest rate which is influenced by the gap between actual and targeted inflation. The result shows that in the era of inflation targeting the interest rate setting policy as monetary policy instrument has focus on output stability rather than inflation stability. Finally, the study concludes that the interest rate targeting as BI rate has not being optimal.
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Dissertations / Theses on the topic "Inflation targeting rules"

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Abdelsalam, Mamdouh Abdelmoula Mohamed. "Essays on optimal inflation targeting forecast based rules and inflation modelling under uncertainty." Thesis, University of Leicester, 2016. http://hdl.handle.net/2381/37424.

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This thesis focuses on exploring the most efficient forecast based rules for Inflation Targeting (IT) regime; modelling and forecasting inflation. Therefore, it is divided into four empirical chapters after the introduction as the first chapter follows the second chapter explores the most efficient alternative forecast based rules in the context of an estimated Global Projection Model for the Egyptian Central Bank’s IT period. In addition to the traditional Inflation Forecast Based (IFB) rule, the chapter augments this rule with other variables like the expected exchange rate or output gap or both. Also, it proposes a structural Backward-Forward rule (BF) which implies more dynamics for the monetary policy rule and it encompasses other common rules. The third chapter discusses modelling and forecasting inflation from Phillips Curve (PC) under misspecification. It considers various econometric specifications, estimation methods, and different measures of business cycles. Then, we propose a Time Varying Coefficient Phillips Curve (TVCPC) which is more sophisticated and informative and, also, it acts as a tool to make the gap between the actual specification and the estimated one as small as possible. The fourth chapter considers: modelling the density of quarterly inflation by using a time-varying higher order moment’s model developed by Leon, Rubio, and Serna (2005); and isolating the time-varying conditional correlations between inflation and both the growth in domestic credit and the real exchange rate by using two multivariate GARCH models. The fifth chapter focuses on improving inflation forecasts through combining some linear and non-linear models by using both traditional and other proposed sophisticated time varying combination approaches. We find that the BF rule is the superior welfare policy under all policy scenarios. With regard to the IFB rule, we conclude that: the augmented versions with the expected exchange rate are preferable to the IFB rule; the Time Varying Coefficient Phillips Curve with HP output gap (TVCPC_HP) produces the best forecasting accuracy; and models with time-invariant volatility, skewness and kurtosis are inferior to the models with time-varying higher order moments. Moreover, in comparison to static models, dynamic multivariate models can provide rich information related to inflation dynamics and forecasts. Further, the proposed time varying combination approaches dominate all individual models and all other static combination schemes.
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Tapsoba, René. "Inflation targeting and fiscal rules in developing countries : interactions and macroeconomic consequences." Thesis, Clermont-Ferrand 1, 2012. http://www.theses.fr/2012CLF10394/document.

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Cette thèse s’intéresse au rôle du Ciblage d’inflation (CI) et des règles budgétaires (RBs), ainsi qu’à celui de leurs interactions, sur l’environnement macroéconomique. Après avoir posé les bases conceptuelles et empiriques de ces deux cadres de politique basés sur des règles (Chapitre 1), la thèse met en évidence de nouveaux résultats relatifs à leurs conséquences macroéconomiques. Premièrement, l’adoption du CI permet d’attirer plus d’investissements directs étrangers dans les pays en développement (Chapitre 2). Deuxièmement, dans ces pays, l’adoption du CI incite fortement les gouvernements à entreprendre des réformes destinées à améliorer la qualité des institutions (Chapitre 3). Troisièmement, l’introduction des RBs numériques au niveau national constitue un remède crédible contre l’indiscipline budgétaire, surtout dans les pays politiquement stables et avec un grand nombre de RBs en place. Mais cet effet disciplinaire des RBs diminue avec la durée de temps consécutive à leur adoption et est affaibli en présence de RBs supranationales et dans les pays à gouvernement fragmenté. Plus intéressant, cet effet varie en fonction du type de règles : tandis que les règles de solde budgétaire et les règles de dépense exercent un effet disciplinaire sur la conduite de la politique budgétaire, l’effet des règles de dette s’avère statistiquement non significatif (Chapitre 4). Les trois derniers chapitres de la thèse analysent le rôle de l’interaction entre le CI et les RBs, et dans une plus grande mesure de l’interaction entre les autorités monétaires et budgétaires. Le premier résultat qui en découle est que le CI, qui est un cadre de conduite de la politique monétaire, s’avère aussi suffisamment contraignant pour les autorités budgétaires de sorte à les inciter fortement à améliorer la discipline budgétaire, notamment dans les pays en développement (Chapitre 5). Par ailleurs, d’une part, le CI et les RBs agissent de façon complémentaire, puisqu’adopter à la fois le CI et les Rbs conduit à de meilleurs résultats budgétaires et inflationnistes qu’adopter seulement l’un ou l’autre de ces deux cadres de politique. D’autre part, la séquence qui consiste à introduire d’abord les RBs avant d’adopter le CI produit de meilleures performances inflationnistes et budgétaires que la séquence inverse (Chapitre 6). Finalement, une meilleure cohérence du Policy-Mix, c'est-À-Dire une meilleure coordination des politiques monétaire et budgétaire conduit à une plus grande croissance économique dans la Communauté Economique des Etats de l’Afrique de l’Ouest (CEDEAO) (Chapitre 7)
This thesis is concerned with the role of Inflation Targeting (IT) and Fiscal Rules (FRs), as well as of their interactions, on macroeconomic environment. After laying the conceptual and empirical backgrounds of both these rules-Based policy frameworks (Chapter 1), the dissertation highlights new evidence on their macroeconomic consequences. First, IT adoption does help attracting more Foreign Direct Investment into Developing Countries (Chapter 2). Second, inthese countries, IT adoption provides strong incentives for governments to undertake reforms designed to improve the quality of institutions (Chapter 3). Third, the introduction of national-Level numerical FRs does stand as a credible remedy against fiscal indiscipline in these countries, all the more in politically stable economies and where the numberof FRs in place is important. But this discipline-Enhancing effect of FRs decreases with the time length since their adoption, and is weakened in the presence of supranational rules and in countries with more fragmented government. Interestingly, this effect varies with the type of rules: while Budget Balance Rules and Expenditure Rules have significant disciplineenhancing effects, the effect of Debt Rules proved not significantly different from zero (Chapter 4). The last three chapters of the thesis focus on the role of the interaction between IT and FRs, and to a broader extent, on the interplay between monetary and fiscal authorities. The first result that emerges is that IT, which is a framework for conducting monetary policy, proves also sufficiently binding for fiscal authorities to providing them with strong incentives for improving fiscal discipline, notably in developing countries (Chapter 5). In addition, on the one hand, IT and FRs act complementarily, as adopting both IT and FRs leads to better results in terms of running fiscal surpluses and in terms of bringing down average inflation than adopting only one of these two frameworks. On the other hand, the sequence which consists of introducing FRs first before adopting IT yields better inflationary and fiscal performances than the opposite sequence (Chapter 6). Finally, better Policy Mix coherence, that is, better coordination between monetary and fiscal policies, is conducive to higher economic growth in the Economic Community of West African States (ECOWAS) (Chapter 7)
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Murozvi, Simbarashe. "Taylor rule influence on the setting of the repurchase rate by the South African Reserve Bank (1989-2009)." University of the Western Cape, 2016. http://hdl.handle.net/11394/5583.

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Magister Commercii - MCom
Monetary policy rules are guidelines applied by policy makers when adjusting monetary instruments towards reaching policy objectives like price stability. The South African Reserve Bank (SARB) uses the repurchase (repo) rate at which it lends to commercial banks as its monetary instrument. This study examines whether the SARB considers the output gap when deciding on changes to the repo rate. In order to test the above hypothesis the study applied a simple multiple linear regression model (quantitative methods). The hypothesis was tested based on the following independent variables: consumer price index (headline), natural real interest rate, potential output and actual output using the Eviews and STAMP econometric software packages. The study focussed on the time period between 1989 and 2009 when the central bank governors were targeting the repo rate as an instrument towards achieving their monetary policy objectives. The results illustrate evidence of 82 % to 92 % correlation in the movements between the predicted Taylor rule with the univariate model and the actual repo rate. This means that the behaviour the SARB monetary policy conduct was sufficiently structured and influenced by the developments of both inflation and the output gap, even though the SARB have not consciously implemented a Taylor model. In short, the output gap and inflation rate gap pressures influenced strongly the monetary policy decisions of the SARB, even before the formal adoption of an inflation targeting framework.
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Hledík, Tibor. "Comparation of Alterantive Policy Rules in a Structural Model of the Czech Republic." Doctoral thesis, Vysoká škola ekonomická v Praze, 2003. http://www.nusl.cz/ntk/nusl-76848.

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The main goal of this thesis has been a study of alternative policy rules in a small structural model calibrated to capture the Czech economy. After the overview of the historic development of economic theory and structural modeling we have specified a small open economy model that has served as a main technical tool for the analysis. The model represents a framework, where forward-looking model-consistent expectations are formed with respect to the development of the exchange rate and interest rates. Inflation expectations are forward looking too with some nominal rigidities in inflation dynamics. The model's structure is relatively simple. The IS curve captures the dynamics of real GDP, that exhibits real rigidity, motivated by habit formation or investment adjustment costs. In our specification the real GDP is a function of (the deviation of) real XR, real IR and foreign demand (from corresponding equilibrium levels). The Phillips-curve is based on the F-M type wage setting behavior, therefore it enables to consider domestic prices, that are modeled as mark-ups over wages. CPI inflation then consists of domestic, imported and administered inflation, including the effect of any indirect taxes changes. The exchange rate is modeled by the UIP arbitrage condition. Exchange rate expectations are forward-looking, but with some inertia in expectation formation. Interest rates with one year maturity are also modeled as an arbitrage condition on the money market, they are fully model-consistently forward looking. The model is closed by a Taylor-type forward-looking policy rule. The interest rate exhibits some inertia and feeds back from deviation of inflation from target and output from its equilibrium. The specification (parameterization) of the rule is general enough to examine CPI and domestic inflation targeting. The model specification has been followed by empirical work leading towards the implementation of the previously specified model on Czech data. Based on the sources of the Czech Statistical Office, Czech National Bank, Consensus Economics Inc., we first processed the data by executing seasonal adjustment and other transformations necessary for being consistent with the definition of model variables. The database has been created by an automatic MATLAB based routine, therefore the calculations were relatively easy to update. The database being completed, we have set up a Kalman-filter for determining equilibrium values for the real interest rate, exchange rate and output. At the same time through Kalman filtering we identified all model residuals. We paid special attention to the decomposition of the output gap and discussing In order to assess the overall dynamic properties of the model and judge how well the model fits the data, we conducted several exercises. First we decomposed some of the important endogenous variables of the model to shocks to see, whether the identified shocks are in line with our intuition and episodes of the recent Czech economic history. We found, that the shocks are not in contrast with some of the clearly distinguishable episodes. After the shock decomposition we run in-sample simulations to see, how well the model is able to fit the reality two years ahead. We found the overall results quite encouraging. We were able to fit quite well the output gap as well as MP inflation. Domestic inflation has been slightly more inertial in model simulations than in reality, but even in this case the results were acceptable. The model was not able to fit the 2001-2 appreciation of the nominal XR footnote{Understandably it neither forecasted well the fast fall in inflation after the appreciation period.}, which is not a big surprise. The model calibration part of the thesis concludes, that the model fits the data and economic story reasonably well.
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Yi, Paul. "Essays on uncertainty, asset prices and monetary policy : a case of Korea." Thesis, University of Bath, 2014. https://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.648935.

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In Korea, an inflation targeting (IT) regime was adopted in the aftermath of the Korean currency crisis of 1997–1998. At that time, the Bank of Korea (BOK) shifted the instrument of monetary policy from monetary aggregates to interest rates. Recently, central bank policymakers have confronted more uncertainties than ever before when deciding their policy interest rates. In this monetary policy environment, it is worth exploring whether the BOK has kept a conservative posture in moving the Korean call rate target, the equivalent of the US Federal Funds rate target since the implementation of an interest rate-oriented monetary policy. Together with this, the global financial crisis (GFC) of 2007–2009 provoked by the US sub-prime mortgage market recalls the following question: should central banks pre-emptively react to a sharp increase in asset prices? Historical episodes indicate that boom-bust cycles in asset prices, in particular, house prices, can be damaging to the economy. In Korea, house prices have been evolving under uncertainties, and in the process house-price bubbles have been formed. Therefore, in recent years, central bankers and academia in Korea have paid great attention to fluctuations in asset prices. In this context, the aims of this thesis are: (i) to set up theoretical and empirical models of monetary policy under uncertainty; (ii) to examine the effect of uncertainty on the operation of monetary policy since the adoption of interest rate-oriented policy; and (iii) to investigate whether gradual adjustment in policy rates can be explained by uncertainty in Korea. Another important aim is (iv) to examine whether house-price fluctuations be taken into account in formulating monetary policy. The main findings of this thesis are summarised as follows. Firstly, as in advanced countries, the four stylised facts regarding the policy interest rate path are found in Korea: infrequent changes in policy rates; successive changes in the same direction; asymmetric adjustments in terms of the size of interest-rate changes for continuation and reversal periods; and a long pause before reversals in policy rates. These patterns of policy rates (i.e., interest-rate smoothing) characterised the central bank‘s reaction to inflation and the output gap as being less aggressive than the optimising central bank behavior would predict (Chapter 3). Secondly, uncertainty may provide a rationale for a smoother path of the policy interest rate in Korea. In particular, since the introduction of the interest rate-oriented monetary policy, the actual call money rates have shown to be similar to the optimal rate path under parameter uncertainty. Gradual movements in the policy rates do not necessarily indicate that the central bank has an interest-rate smoothing incentive. Uncertainty about the dynamic structure of the economy, which is dubbed ‗parameter uncertainty‘, could account for a considerable portion of the observed gradual movements in policy interest rates (Chapter 4). Thirdly, it is found that the greater the output-gap uncertainty, the smaller the output-gap response coefficients in the optimal policy rules, and in a similar vein, the greater inflation uncertainty, the smaller the inflation response coefficients. The optimal policy rules derived by using data without errors showed the large size of the output-gap and inflation response coefficients. This finding confirms that data uncertainty can be one of sources explaining the reasons why monetary policymakers react less aggressively in setting their interest rate instrument (Chapter 5). Finally, we found that house prices conveyed some useful information on conditions such as possible financial instability and future inflation in Korea, and the house-price shock differed from other shocks to the macroeconomy in that it had persistent impacts on the economy, consequently provoking much larger economic volatility. Empirical simulations showed that the central bank could reduce its loss values in terms of economic volatility, resulting in promoting overall economic stability when it responds more directly to fluctuations in house prices. This finding provides the reason why the central bank should give more attention to house-price fluctuations when conducting monetary policy (Chapter 6).
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Costa, José Luciano da Silva. "Discricionariedade vs. comprometimento: a análise de regras ótimas num contexto de regime de metas de inflação." reponame:Repositório Institucional do FGV, 2002. http://hdl.handle.net/10438/1808.

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The purpose of this dissertation is to analyze the case of monetary policy rules in models in which the a:gent's expectations are rational based in forward looking view for Inflation target regimes. The commitment and discretionary optimum solutions are derivedand applied to a rnacroeconomlc model for the Brazilian economy and the results are also compared to those obtained frorn the use of a Taylor rule. The behavior of the model, under the different rules,is analyzed using a Output-Inílatlon Trade-Off frontier and through the dynarnic analysis for different shocks, including shocks of different persistence.
O objetivo desta dissertação é analisar as regras de condução da política monetária em modelos em que os agentes formam suas expectativas de forma racional (forward looking models), no contexto do regime de metas de inflação. As soluções ótimas de pré - comprometimento e discricionária são derivadas e aplicadas a um modelo macroeconômico para a economia brasileira e os resultados são também comparados com os obtidos pela adoção da regra de Taylor. A análise do comportamento do modelo sob diferentes regras é feita através da construção da fronteira do trede-oit da variância do hiato do produto e da inflação e da análise dinâmica frente a ocorrência de choques. A discussão referente à análise dinâmica do modelo é estendida para o caso onde a persistência dos choques é variada.
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Ftiti, Zied. "Politique de ciblage d’inflation : règles de conduites, efficacité, performance." Thesis, Lyon 2, 2010. http://www.theses.fr/2010LYO22005/document.

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Depuis 1990, bon nombres de pays industrialisés et émergents ont adopté la politique de ciblage d’inflation. Ce régime monétaire a été adopté sans théorie adjacente dans la mesure où il a démarré comme une solution alternative à la recherche sans fin d’un système d’ancrage nominal suite aux échecs répétés des politiques antérieurs. Ce retard théorique fait naître de nombreux débats économiques sur la conduite de ce régime monétaire dont les plus importants feront l’objet d’une discussion approfondie au sein de cette thèse. Dans un premier chapitre, nous définissons la politique de ciblage d’inflation. Dans un second chapitre nous abordons la question de la conduite optimale de ce régime d’un point de vue théorique et empirique. Nous montrons que la règle optimale est une règle à la Taylor de type Forward-Looking dont elle peut avoir un comportement asymétrique. Dans un troisième chapitre, nous abordons la question de l’efficacité de la politique de ciblage d’inflation. Pour ce faire, nous avons étudié l’effet d’intervention de ce régime sur la dynamique d’inflation. Nous avons recours à la théorie spectrale évolutive afin de modéliser la série de l’inflation dans le but de tester son évolution. Les résultats sont en faveur de l’efficacité de ciblage d’inflation. Le dernier axe de cette thèse s’intéresse à la question de la performance économique de ce régime monétaire. Pour ce faire nous développons une méthodologie originale évaluée selon une approche économétrique originale. En effet, nous qualifions le ciblage d’inflation comme économiquement performant s’il génère une stabilité de l’environnement de la politique monétaire. Le fondement de cette idée fera l’objet du quatrième chapitre. Quant au chapitre cinq, il développera l’approche économétrique basée sur la théorie co-spectrale pour mesure le degré de stabilité de cet environnement. Les résultats montrent que le ciblage d’inflation est économiquement performant
The inflation targeting policy (ITP) was born after the failure of many monetary policies. However, the ITP was adopted without inherent theory which raised many discussions. In this dissertation, we study the most important debates. In the first chapter, we defined the ITP. Then, we treat the question of the optimal rule conduct. We show that the optimal monetary rule is a type Taylor rule under a Forward-Looking version and which can be linear or nonlinear. In the third chapter, we focus on the discussion about the relevance of the inflation targeting policy. To study this point we use the evolutionary spectral analysis to model the inflation series and we test then, if the ITP cause a structural break. Our results show the relevance of the ITP. The last discussion in this work is to check the macroeconomic performance of the ITP. The main idea is to consider the ITP as economically efficient when it generates a stable monetary environment. The latter is considered as stable when a long-run equilibrium exists to which the paths of economic variables (inflation rate, interest rate and GDP growth) converge. The convergence of the variables’ paths implies that these variables are more predictable and implies a less uncertainty in the economic environment. To measure the degree of convergence between economic variables, we propose, in this paper, a dynamic time-varying variable presented in the frequency approach named cohesion. This variable is estimated from the evolutionary co-spectral theory. The results show that the ITP is a relevance policy and generate a good performance
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Read, James T. "Taylor's rule and the Bundesbank the case for flexible inflation targeting, 1975-2003 /." abstract and full text PDF (free order & download UNR users only), 2007. http://0-gateway.proquest.com.innopac.library.unr.edu/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:1447596.

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Fachim, Ana Paula Soler Moreno. "Regras monetárias e taxa de câmbio para o regime de meta de inflação brasileiro." reponame:Repositório Institucional do FGV, 2002. http://hdl.handle.net/10438/1845.

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The objective of this dissertation is to analyze the use of simple restricted and optimum unrestricted monetary rules for the Brazilian economy, with special attention to the impact of the exchange rate in the transmission of monetary policy. The rules were found by a dynamic programming process e compared in terms of their economic efficiency, measured by the reduction of inflation and product variance. These results were used as a benchmark to evaluate the performance of the Brazilian inflationary target regime, since its implementation in July 1999.
O objetivo desta dissertação é analisar o uso de regras ótimas irrestritas e de regras simples restritas de política monetária para a economia brasileira, com especial atenção ao impacto da taxa de câmbio na transmissão da política monetária. As regras foram encontradas através de um processo de programação dinâmica e comparadas em termos da eficiência econômica de cada uma, medida pela redução da variância do produto e da inflação. Estes resultados serviram de referência para avaliar o desempenho do regime de metas de inflação no Brasil, desde a sua implementação em julho de 1999.
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Adolfson, Malin. "Monetary policy and exchange rates : breakthrough of pass-through." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics (Ekonomiska forskningsinstitutet vid Handelshögsk.) (EFI), 2001. http://www.hhs.se/efi/summary/586.htm.

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Books on the topic "Inflation targeting rules"

1

Giannoni, Marc Paolo. Optimal inflation targeting rules. Cambridge, Mass: National Bureau of Economic Research, 2003.

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Parrado, Eric. Inflation targeting and exchange rate rules in an open economy. Washington, D.C: International Monetary Fund, Monetary and Financial Systems Dept., 2004.

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author, Alvarado Lagunas Elías, ed. Inflation targeting and policy rules: The case of Mexico, 2001-2012. Toronto: Apple Academic Press, 2015.

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Gramont, Carlos A. Végh. Monetary policy, interest rate rules, and inflation targeting: Some basic equivalences. Cambridge, MA: National Bureau of Economic Research, 2001.

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Svensson, Lars E. O. Inflation targeting: Should it be modeled as an instrument rule or a targeting rule? Cambridge, MA: National Bureau of Economic Research, 2002.

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Rudebusch, Glenn D. Policy Rules for inflation targeting. Stockholm (Institute for International Economic Studies, University of Stockholm, 1998.

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Solimano, Andres, and Diego Calderón Guajardo. The Copper Sector, Fiscal Rules, and Stabilization Funds in Chile. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198817369.003.0010.

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Historically Chile’s economy has been dominated by mineral products (mainly copper) as a source of exports and fiscal revenues. Copper prices and other commodity prices are often volatile. Since the 1980s the authorities have developed various mechanisms to cope with copper price shocks and dampen their effects on the business cycle. These mechanisms include a fiscal rule and a stabilization fund under a flexible exchange rate and an inflation-targeting regime. Apparently, this macro framework has been associated (causality is another matter) with reasonably good macro outcomes. However, this framework entails more discretion and less flexibility than often portrayed. (i) The mechanisms described include frequent revisions in the target fiscal surplus. (ii) Sovereign wealth funds, while defining rules for accumulating resources in good times, provide no rules for using them in bad times. (iii) They entail a possible bias towards over-accumulation of funds, with an ensuing opportunity cost.
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Svensson, Lars E. O. Inflation targeting as a monetary policy rule. Stockholm (Institute for International Economic Studies, University of Stockholm, 1998.

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Benes, Jaromir, Andrew Berg, Rafael Portillo, and David Vavra. Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198785811.003.0013.

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The authors study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analysing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, the chapter presents an open economy New Keynesian model featuring sterilized interventions in the foreign exchange (FX) market as an additional central bank instrument operating alongside the Taylor rule, and affecting the economy through portfolio balance sheet effects in the financial sector. The chapter shows that there can be advantages to combining IT with some degree of exchange rate management via FX interventions. Unlike ‘pure’ IT or exchange rate management via interest rates, FX interventions can help insulate the economy against certain shocks, especially shocks to international financial conditions. However, managing the exchange rate through FX interventions may also hinder necessary exchange rate adjustments, e.g., in the presence of terms of trade shocks.
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Cukierman, Alex. Central Banks. Oxford University Press, 2018. http://dx.doi.org/10.1093/acrefore/9780190228637.013.64.

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The first CBs were private institutions that were given a monopoly over the issuance of currency by government in return for help in financing the budget and adherence to the rules of the gold standard. Under this standard the price of gold in terms of currency was fixed and the CB could issue or retire domestic currency only in line with gold inflows or outflows. Due to the scarcity of gold this system assured price stability as long as it functioned. Wars and depressions led to the replacement of the gold standard by the more flexible gold exchange standard. Along with restrictions on international capital flows this standard became a major pillar of the post–WWII Bretton Woods system. Under this system the U.S. dollar (USD) was pegged to gold, and other countries’ exchange rates were pegged to the USD. In many developing economies CBs functioned as governmental development banks.Following the world inflation of the 1970s and the collapse of the Bretton Woods system in 1971, eradication of inflation gradually became the explicit number one priority of CBs. The hyperinflationary experiences of the first half of the 20th century, which were mainly caused by over-utilization of the printing press to finance budgetary expenditures, convinced policymakers in developed economies, following Germany’s lead, that the conduct of monetary policy should be delegated to instrument independent CBs, that governments should be prohibited from borrowing from them, and that the main goal of the CB should be price stability. During the late 1980s and the 1990s numerous CBs obtained instrument independence and started to operate on inflation targeting systems. Under this system the CB is expected to use interest rate policy to deliver a low inflation rate in the long run and to stabilize fluctuations in economic activity in the short and medium terms. In parallel the fixed exchange rates of the Bretton Woods system were replaced by flexible rates or dirty floats. The conjunction of more flexible rates and IT effectively moved the control over exchange rates from governments to CBs.The global financial crisis reminded policymakers that, of all public institutions, the CB has a comparative advantage in swiftly preventing the crisis from becoming a generalized panic that would seriously cripple the financial system. The crisis precipitated the financial stability motive into the forefront of CBs’ policy concerns and revived the explicit recognition of the lender of last resort function of the CB in the face of shocks to the financial system. Although the financial stability objective appeared in CBs’ charters, along with the price stability objective, also prior to the crisis, the crisis highlighted the critical importance of the supervisory and regulatory functions of CBs and other regulators. An important lesson from the crisis was that micro-prudential supervision and regulation should be supplemented with macro-prudential regulation and that the CB is the choice institution to perform this function. The crisis led CBs of major developed economies to reduce their policy rates to zero (and even to negative values in some cases) and to engage in large-scale asset purchases that bloat their balance sheets to this day. It also induced CBs of small open economies to supplement their interest rate policies with occasional foreign exchange interventions.
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Book chapters on the topic "Inflation targeting rules"

1

Nabi, Mahmoud Sami, and Ndiamé Diop. "Capital Mobility and the Optimal Monetary Policy Rule: A Tunisian Case Study." In Inflation Targeting in MENA Countries, 72–99. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230316560_4.

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"Inflation-Targeting Approach." In Inflation Targeting and Policy Rules, 29–45. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-3.

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"Inflation-Targeting Approach." In Inflation Targeting and Policy Rules, 43–60. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-6.

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"Policy Rules." In Inflation Targeting and Policy Rules, 47–71. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-4.

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"Policy Rules." In Inflation Targeting and Policy Rules, 61–86. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-7.

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"Mexico: Policy Rules, 2001-2012." In Inflation Targeting and Policy Rules, 123–74. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-9.

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"The De-Linking of the Variable Exchange Rate as a Nominal Anchor of the Economy in the Conduct of Monetary Policy in Mexico." In Inflation Targeting and Policy Rules, 175–90. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-10.

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"Analytical Framework." In Inflation Targeting and Policy Rules, 1–27. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-2.

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"Analytical Framework." In Inflation Targeting and Policy Rules, 15–42. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-5.

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"Mexico: Inflation-Targeting Approach 2001-2012." In Inflation Targeting and Policy Rules, 87–122. Apple Academic Press, 2016. http://dx.doi.org/10.1201/b21328-8.

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Reports on the topic "Inflation targeting rules"

1

Giannoni, Marc, and Michael Woodford. Optimal Inflation Targeting Rules. Cambridge, MA: National Bureau of Economic Research, September 2003. http://dx.doi.org/10.3386/w9939.

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Rudebusch, Glenn, and Lars E. Svensson. Policy Rules for Inflation Targeting. Cambridge, MA: National Bureau of Economic Research, April 1998. http://dx.doi.org/10.3386/w6512.

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Vegh, Carlos. Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences. Cambridge, MA: National Bureau of Economic Research, December 2001. http://dx.doi.org/10.3386/w8684.

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Svensson, Lars E. O. Inflation Targeting as a Monetary Policy Rule. Cambridge, MA: National Bureau of Economic Research, November 1998. http://dx.doi.org/10.3386/w6790.

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Svensson, Lars E. O. Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule? Cambridge, MA: National Bureau of Economic Research, May 2002. http://dx.doi.org/10.3386/w8925.

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López-Piñeros, Martha Rosalba. Efficient policy rule for inflation targeting in Colombia. Bogotá, Colombia: Banco de la República, May 2003. http://dx.doi.org/10.32468/be.240.

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