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Advancing the Frontiers of Monetary Policy »
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
DOI: http://dx.doi.org/10.5089/9781484325940.071
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...
Back Matter »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...
Front Matter »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also...
Chapter 14. A Robust and Adaptable Nominal Anchor »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Even if it is now all too evident that the stabilization of inflation and inflation expectations does not by itself guarantee that macroeconomic i...
Chapter 1. An Overview of Inflation-Forecast Targeting »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
In 1990, the Reserve Bank of New Zealand became the first central bank to announce an inflation target, followed a year later by the Bank of Canada. This was a significant step towa...
Chapter 9. Canada: A Well-Established System »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
WHEREAS it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the na...
Chapter 10. Czech Republic: Transition to the Frontier »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
The Czech experience with inflation targeting thus illustrates that the ultimate purpose of inflation targeting is not to announce inflation targe...
Chapter 7. Financial Conditions »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Financial conditions are important. They matter enormously to monetary policy because their movements can often diverge from the trajectory of sho...
Chapter 2. First Principles »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
Inflation targeting implies inflation-forecast targeting. —L. E. O. Svensson (1997) In...
Chapter 11. India: Stabilizing Inflation »
Source: Advancing the Frontiers of Monetary Policy
Series: Books
Author(s): Tobias Adrian , Douglas Laxton , and Maurice Obstfeld
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 13 April 2018
ISBN: 9781484325940
Keywords: Inflation Targeting, Monetary Policy, Central Banking, Central Bank Communications, Financial Stability, Forward Guidance, Optimal Control
The nominal anchor should be communicated without ambiguity, so as to ensure a monetary policy regime shift away from the current approach to one...