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What Measure of Inflation Should a Developing Country Central Bank Target?

What Measure of Inflation Should a Developing Country Central Bank Target? »

Volume/Issue: 2015/205

Series: IMF Working Papers

Author(s): Rahul Anand , Eswar Prasad , and Boyang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2015

DOI: http://dx.doi.org/10.5089/9781513572574.001

ISBN: 9781513572574

Keywords: monetary policy framework, core inflation, headline inflation, financial frictions, inflation, economies, welfare, Monetary Policy (Targets, Instruments, and Effects),

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of d...

Exchange Rate Volatility Under Peg
			: Do Trade Patterns Matter?

Exchange Rate Volatility Under Peg : Do Trade Patterns Matter? »

Volume/Issue: 2012/73

Series: IMF Working Papers

Author(s): Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502251.001

ISBN: 9781475502251

Keywords: Basket peg, hard peg, exchange rate volatility, WAEMU, exchange rate, effective exchange rate, trading partners, nominal effective exchange rate, International Monetary Arrangements and Institutions,

This paper assesses the role of trade patterns in shaping the volatility of the effective exchange rate under two alternative peg regimes: a hard peg to a single currency and a peg to a basket of currencies. I link...