Monetary Policies and Inflation Targeting in Emerging by oecd publishing

By oecd publishing

This ebook, in accordance with the court cases of a convention organised via the OECD and the financial institution of England's Centre for Banking Studies,  examines cross-country matters regarding the behavior of economic coverage in rising markets and the function of inflation concentrating on in bettering macroeconomic functionality. it comprises either cross-country research and country-specific case studies.  nations coated contain Brazil, Chile, Colombia, the Czech Republic, Indonesia, Mexico, South Africa and Turkey.Table of content material :-Monetary coverage and Macroeconomic balance in Latin the USA: The situations of Brazil, Chile, Colombia and Mexico by way of Luiz de Mello and Diego Moccero-Brazil: Taming Inflation expectancies by means of Alfonso S. Bevilaqua, Mario Mesquita and André Minella-Inflation focusing on in Chile: event and chosen concerns through Rodrigo O. Valdés-The Czech Republics Inflation focusing on event through Katerina Smidkova-Monetary coverage in rising Markets: The Case of Indonesia by means of Hartadi A. Sarwono-South Africas event with financial coverage inside of an InflationTargeting coverage Framework by means of Monde Mnyande-From Exchange-Rate Stabilisation to Inflation concentrating on: Turkeys Quest for rate balance by means of Gulbin Sahinbeyoglu

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Sample text

Inflation rebound and policy response in 2004 Inflation had accelerated in late 2003 and early 2004, activity was strengthening at a healthy pace, and a substantial share of previous monetary impulses had yet to feed through the economy. In that environment, after a pause in the January meeting, Copom cut rates again in March and April by a more parsimonious total of 50 basis points. During the early months of 2004, rising prices of manufactured goods at the wholesale level posed a short-term risk for consumer price inflation.

When conducted under a managed exchange-rate regime, the focus of monetary policy is to defend a nominal peg, rather than to respond to changes in inflation expectations. 3). 8 Rather, monetary responses do not appear to have become stronger nor more persistent in the current policy regime in Colombia and Mexico. The impulse responses computed for the structural model are stronger than those computed for the unrestricted VAR in Brazil and Chile, and more persistent in all countries. 3. Estimated monetary response to an inflationary shock (Responses of the interest rate to a 1 standard-deviation innovation in inflation with ±2 standard-error bounds) Monetary regime 1 VAR A.

The impulse reaction functions computed for unrestricted VARs on the interest rate, inflation and the output gap, as well as for the structural model, suggest that the responsiveness of monetary policy to inflationary shocks became stronger and more persistent in Brazil and Chile in the current regime. This is consistent with the formal abandonment of exchange rate targeting in these countries and the adoption of a more pro-active policy stance underpinned by the shift to inflation targeting.

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