In particular, they include selecting a relevant price index; specification of the numerical value and horizon for the inflation target; definition of the range of the target variable; providing the central bank with instrument independency; ensuring the transparency and accountability of monetary policy; developing a reliable economic model of inflation.
📌 3 Maddede Bu Makale
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Amaç & Hipotez:There has been a consensus on the importance of price stability as the overriding long term objective for monetary policy in literature.
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Temel Bulgular & Veri:Within this context, many industrial and developing economies have recently adopted explicit inflation targeting as their monetary policy regime.
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Sonuç & Katkı:In particular, they include selecting a relevant price index; specification of the numerical value and horizon for the inflation target; definition of the range of the target variable; providing the central bank with instrument independency; ensuring the transparency and accountability of monetary policy; developing a reliable economic model of inflation.
🔬Tür:Modelleme & Sayısal Simülasyon
📍Kapsam:Genişletilmiş Akademik Örneklem
⚙️Değişkenler:Para politikası · Para politikası stratejisi · Enflasyon hedeflemesi
Özet
There has been a consensus on the importance of price stability as the overriding long term objective for monetary policy in literature. Within this context, many industrial and developing economies have recently adopted explicit inflation targeting as their monetary policy regime. Several issues must be taken into consideration if the inflation targeting regime is to be efficient. In particular, they include selecting a relevant price index; specification of the numerical value and horizon for the inflation target; definition of the range of the target variable; providing the central bank with instrument independency; ensuring the transparency and accountability of monetary policy; developing a reliable economic model of inflation.
SHERWIN, M., "Inflation Targeting: 10 Years on", Reserve Bank of New Zealand Bulletin, Vol: 62, No: 3, 1999, s.72-80
SHERWIN, M., "Institutional Frameworks for Inflation Targeting", Reserve Bank of New Zealand Bulletin, Vol: 63, No: 4, 2000, s.28-34
SHERWIN, M., "Strategic Choices in Inflation Targeting: The New Zealand Experience", Inflation Targeting in Practice: Strategic and Operational Issues and Application to Emerging Market Economies, ed. Mario l. Blejer, Alain lze, Alfredo M. Leone, Sergio Werlang, IMF, 2000, s.15-27
KAHN, G.A.; PARRISH, K., "Conducting Monetary Policy With Inflation Targets", Federal Reserve of Kansas City Economic Review, Third Quarter, 1998, s.1-32
SIKLOS, P.L., "Inflation Target Design: Changing Iiy‘lation Performance and Persistence in Industrial Countries", Federal Reserve Bank of St Louis Review, Volume: 81, No: 2, March/April 1999, s.47-58
FACHADA, P., Inflation Targeting in Brazil: Reviewing Two Years of Monetary Policy 1999/00, Working Paper Series, No: 25, August, Banco Central do Brasil, 2001
MEYER, L.H., "Inflation Targets and Inflation Targeting", Federal Reserve Bank of St Louis Review, Volume: 83, No: 6, November/December 2001, s.1-14
MISHKIN, F.S., "Issues in Inflation Targeting", Price Stability and the Long-Run Target for Monetary Policy, Bank of Canada, Ottawa, 2001, s.203-222
CENTRAL RESERVE BANK OF PERU, The Inflation Targeting Framework, Study Note 4, July, 1997
RESEARCH DEPARTMENT, Central Bank of Brazil, "Issues In The Adoption of an Inflation Targeting Framework in Brazil", Inflation Targeting In Practice: Strategic and Operational Issues and Application to Emerging Market Economies, ed. Mario l. Blejer, Alain Ize, Alfredo M. Leone, Sergio Werlang, IMF, 2000, s.87-94
FISCHER, S., "Why Are Central Banks Pursuing LongRan Price Stability", Achieving Price Stability, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Kansas City, 1996, s.7-34
BLEJER, M.l.; LEONE, A.M., "Introduction and Overview", Inflation Targeting In Practice: Strategic and Operational Issues and Application to Emerging Market Economies, ed. Mario 1. Blejer, Alain lze, Alfredo M. Leone, Sergio Werlang, IMF, 2000, s.1-7
CRAWFORD, A.; FRANCOIS, J.; LAFLECHE, T., "Is the CPI a Suitable Measarefor Defining Price Stability? ", Price