Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters /
When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing t...
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| Médium: | Časopis |
| Jazyk: | English |
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Washington, D.C. :
International Monetary Fund,
2008.
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| Edice: | IMF Working Papers; Working Paper ;
No. 2008/289 |
| On-line přístup: | Full text available on IMF |
| Shrnutí: | When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader economic context in framing the responses to relative price shocks. |
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| Popis jednotky: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Fyzický popis: | 1 online resource (25 pages) |
| Médium: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Přístup: | Electronic access restricted to authorized BRAC University faculty, staff and students |