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|z 9781451872415
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|a International Monetary Fund.
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|a Inflation Targeting Under Imperfect Policy Credibility.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function. The model highlights problems associated with the practice of setting a series of rigid near-term inflation targets. Also, unfavorable supply shocks pose a difficult problem: an appropriate response involves an interest rate increase, some loss of output, and a period of increased inflation. A delayed response can result in a prolonged period of stagflation.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2009/094
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/094/001.2009.issue-094-en.xml
|z IMF e-Library
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