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Probability event forecasting with the UK model

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0011
Subject:
Economics and Finance, Econometrics

This chapter is concerned with forecasting and prediction based on the UK model. It elaborates on the notion of probability forecasting, which provides a useful means of conveying the uncertainties ... More


An economic theory of the short run

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0005
Subject:
Economics and Finance, Econometrics

This chapter explores a set of identifying restrictions on the short-run dynamics that might be used to supplement the long-run restrictions if the model is to be used to investigate the effect of ... More


Exchange Rate Management and Micro Tools for Macro-Management

Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar

in Stability with Growth: Macroeconomics, Liberalization and Development

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199288144
eISBN:
9780191603884
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288143.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter looks at exchange rate management and other policy options for an open economy. It begins with an introductory discussion of overall macroeconomic management for open economies, ... More


Monetary and Exchange Rate Policy

Maria Socorro Gochoco‐Bautista and Dante Canlas

in The Philippine Economy: Development, Policies, and Challenges

Published in print:
2003
Published Online:
November 2003
ISBN:
9780195158984
eISBN:
9780199869107
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195158989.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Examines the evolution of monetary policy rules and exchange rate regimes in the Philippines over the past two decades. It highlights the importance of recognizing the interdependence of exchange ... More


Inflation Targeting in Transition Economies: Experience and Prospects

Jiri Jonas and Frederic S. Mishkin

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0010
Subject:
Economics and Finance, Financial Economics

This chapter analyzes the experience of three countries that moved to an inflation-targeting regime: the Czech Republic, Hungary, and Poland. It discusses a number of specific issues for inflation ... More


Practical Issues in United Kingdom Monetary Policy, 2000–2005: Keynes Lecture In Economics

STEPHEN NICKELL

in Proceedings of the British Academy, Volume 139, 2005 Lectures

Published in print:
2007
Published Online:
January 2012
ISBN:
9780197263945
eISBN:
9780191734038
Item type:
chapter
Publisher:
British Academy
DOI:
10.5871/bacad/9780197263945.003.0001
Subject:
History, Cultural History

This chapter discusses some of the topics the Bank of England Monetary Policy Committee has spent a lot of time on. It first examines the rapid rise in household debt and its implications for ... More


Inflation Targeting in the United States?

Marvin Goodfriend

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0009
Subject:
Economics and Finance, Financial Economics

In what sense can monetary policy as currently practiced by the U.S. Federal Reserve be characterized as inflation targeting? And what, if any, features of an inflation-targeting policy regime should ... More


Optimal Inflation-Targeting Rules

Marc P. Giannoni and Michael Woodford

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0004
Subject:
Economics and Finance, Financial Economics

An increasingly popular approach to the conduct of monetary policy, since the early 1990s, has been inflation-forecast targeting. Under this general approach, a central bank is committed to adjust ... More


Does Inflation Targeting Matter?

Laurence Ball and Niamh Sheridan

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0007
Subject:
Economics and Finance, Financial Economics

The performance of inflation-targeting regimes has been quite good. Inflation-targeting countries seem to have significantly reduced both the rate of inflation and inflation expectations beyond that ... More


Monetary Policy in Egypt: A Retrospective and Preparedness for Inflation Targeting

Hanaa Kheir-El-Din

in What Drives Prices in Egypt?: An Analysis in Light of International Experience

Published in print:
2009
Published Online:
September 2011
ISBN:
9789774163036
eISBN:
9781617970344
Item type:
chapter
Publisher:
American University in Cairo Press
DOI:
10.5743/cairo/9789774163036.003.0005
Subject:
Political Science, Political Economy

Inflation targeting (IT) has become an increasingly popular monetary policy strategy, with around twenty-one countries, eight industrial and thirteen emerging markets, now inflation targeters. ... More


Can Inflation Targeting Work in Emerging Market Countries?

Frederic S. Mishkin

in Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo

Published in print:
2008
Published Online:
August 2013
ISBN:
9780262182669
eISBN:
9780262282284
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262182669.003.0005
Subject:
Economics and Finance, Econometrics

This chapter explores the issues that need to be addressed in emerging-market countries to make inflation targeting work for them. It starts by outlining why emerging-market economies are so ... More


Implementing Optimal Policy through Inflation-Forecast Targeting

Lars E. O. Svensson and Michael Woodford

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0003
Subject:
Economics and Finance, Financial Economics

In recent years, many central banks have adopted inflation-targeting frameworks for the conduct of monetary policy. These have proven in a number of countries to be effective means of first lowering ... More


Exchange Rate Regimes: Fear of Floating

Yung Chul Park

in Economic Liberalization and Integration in East Asia: A Post-Crisis Paradigm

Published in print:
2005
Published Online:
February 2006
ISBN:
9780199276776
eISBN:
9780191603051
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199276773.003.0016
Subject:
Economics and Finance, South and East Asia

A free floating exchange rate regime conflicts with an export-led development strategy because of high exchange rate volatility and lack of market supporting infrastructure. The following proposals ... More


Introduction

Ben S. Bernanke and Michael Woodford

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0001
Subject:
Economics and Finance, Financial Economics

Since about 1990, a significant number of industrialized and middle-income countries have adopted inflation targeting as their framework for making monetary policy. As the name suggests, in an ... More


Should Inflation Targeters Intervene in the Foreign Exchange Market?

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter addresses whether foreign exchange (FX) intervention—and, more generally, activist policies including the use of macroprudential measures and capital controls—is really incompatible with ... More


The Inflation-Targeting Debate

Ben S. Bernanke and Michael Woodford (eds)

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
book
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.001.0001
Subject:
Economics and Finance, Financial Economics

Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in ... More


Inflation Targeting, Price-Path Targeting, and Output Variability

Stephen G. Cecchetti and Junhan Kim

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0005
Subject:
Economics and Finance, Financial Economics

Price-path targeting, or “price-level targeting” as it is often called, implies that when the price level is above or below the target path, the objective of policy is to return it to the present ... More


Monetary Policy and Inflation Management in Ghana: Inflation Targeting and Outcomes

Peter Quartey, Bernice Owusu-Brown, and Festus Ebo Turkson

in The Economy of Ghana Sixty Years after Independence

Published in print:
2017
Published Online:
March 2017
ISBN:
9780198753438
eISBN:
9780191815065
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198753438.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

Globally, monetary policies have often involved the use of different measures to regulate the value, supply, and cost of money in tandem with the expected level of economic activity. In most cases, ... More


Inflation Forecast Targeting in a Low-Income Country: The Case of Ghana

Ali Alichi, Marshall Mills, Douglas Laxton, and Hans Weisfeld

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0019
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

A model in which monetary policy pursues fully fledged inflation targeting is adapted to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a ... More


Practical Experiences in Reducing Inflation: The Case of Canada

John Crow

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter presents a panel discussion with John Crow, governor of the Bank of Canada from 1987 to 1994. Crow describes the background of inflation in Canada and the events that led to the adoption ... More


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