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Optimal Inflation Target under Uncertainty
, 2004 Hirofumi Uchida, Hiroshi Fujiki
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SSRN Electronic Journal, 2017
Since 1990, 21 countries have shifted to a monetary policy of inflation targeting. This technical note defines inflation targeting; discusses how it came about; and analyzes implementation issues and the pros and cons of inflation targeting.
Francis E. Warnock, Justin Drake
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Since 1990, 21 countries have shifted to a monetary policy of inflation targeting. This technical note defines inflation targeting; discusses how it came about; and analyzes implementation issues and the pros and cons of inflation targeting.
Francis E. Warnock, Justin Drake
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On Robustness of Average Inflation Targeting
Social Science Research Network, 2021This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect knowledge.
S. Honkapohja, Nigel McClung
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2022
Abstract In the backdrop of rising inflationary numbers and a grim economic perspective, the RBI, in its MPC meeting on 4– 6 August 2020, had decided to leave the repo rate and reverse repo rate unchanged at 4% and 3.35%, respectively. The RBI maintained that its stance on the monetary policy was ‘accommodative’ as had been the case even
Jagadish Shettigar, Pooja Misra
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Abstract In the backdrop of rising inflationary numbers and a grim economic perspective, the RBI, in its MPC meeting on 4– 6 August 2020, had decided to leave the repo rate and reverse repo rate unchanged at 4% and 3.35%, respectively. The RBI maintained that its stance on the monetary policy was ‘accommodative’ as had been the case even
Jagadish Shettigar, Pooja Misra
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LEARNING THE INFLATION TARGET [PDF]
Macroeconomic Dynamics, 2004 We propose a framework in which expectations have a rational and a learning component. We describe a solution method for these frameworks and provide an application to the Volcker disinflation with the New Keynesian model. Although the model with rational expectations does not seem to account for this episode, results improve when a small and ...
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Inflation Targeting in South Africa
Darden Business Publishing CasesSouth Africa had formally introduced a policy of inflation targeting (IT) in February 2000. By December 2001, the governor of the South African Reserve Bank, after reading the latest statistics, was concerned with the disappointing economic data ...
Frank Warnock +4 more
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Inflation to target : what inflation to target? [PDF]
, 2003 This paper derives a central bank's objective function and optimal policy rule for an economy with both CPI and PPI inflation rates. It implements constrained-optimal policy rules with minimal information requirement, and evaluates the robustness of these simple rules when the central bank may not know the exact sources of shocks or nominal rigidities.
Huang, Kevin X. D., Liu, Zheng
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Inflation Targeting and Inflation Uncertainty [PDF]
Scottish Journal of Political Economy, 2012 AbstractThis article empirically investigates the impact of inflation targeting on inflation uncertainty. We implement PARCH and GARCH methodologies to model conditional variance of inflation. We also investigate the relationship between level and volatility of inflation to analyze the validity of the Friedman hypothesis for IT countries.
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