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Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Optimal Price Indices for Targeting Inflation Under Incomplete Markets »

Source: Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Volume/Issue: 2010/200

Series: IMF Working Papers

Author(s): Rahul Anand , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455205301

Keywords: Monetary Policy Framework, Core Inflation, Headline Inflation, Financial Frictions, Liquidity Constraints, aggregate demand, central bank,

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We develop a two-sector two-good new-Keynesian model to study the...

A Monetary Policy Model Without Money for India1

A Monetary Policy Model Without Money for India1 »

Source: A Monetary Policy Model Without Money for India

Volume/Issue: 2010/183

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202171

Keywords: IS Curve, Monetary Transmission, Neutral Interest Rate, New Keynesian Model, Phillips Curve, inflation, aggregate demand, real interest rate, monetary policy reaction function, Open Economy Macroeconomics,

A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation...

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Optimal Price Indices for Targeting Inflation Under Incomplete Markets »

Volume/Issue: 2010/200

Series: IMF Working Papers

Author(s): Rahul Anand , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455205301.001

ISBN: 9781455205301

Keywords: Monetary Policy Framework, Core Inflation, Headline Inflation, Financial Frictions, Liquidity Constraints, aggregate demand, central bank,

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We develop a two-sector two-good new-Keynesian model to study the...

A Monetary Policy Model Without Money for India

A Monetary Policy Model Without Money for India »

Volume/Issue: 2010/183

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

DOI: http://dx.doi.org/10.5089/9781455202171.001

ISBN: 9781455202171

Keywords: IS Curve, Monetary Transmission, Neutral Interest Rate, New Keynesian Model, Phillips Curve, inflation, aggregate demand, real interest rate, monetary policy reaction function, Open Economy Macroeconomics,

A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation...