scholarly journals The Impossible Trinity: Inflation Targeting, Exchange Rate Management and Open Capital Accounts in Emerging Economies

2017 ◽  
Vol 48 (3) ◽  
pp. 452-480 ◽  
Author(s):  
Annina Kaltenbrunner ◽  
Juan Pablo Painceira
Keyword(s):  
Exchange Rate ◽  
Emerging Economies ◽  
Inflation Targeting ◽  
Exchange Rate Management

On the limits of the possibility of inflation targeting

2017 ◽  
pp. 71-87
Author(s):  
K. Korishchenko ◽  
N. Pilnik
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Econometric Model ◽  
Oil Prices ◽  
Policy Regime ◽  
Russian Economy ◽  
Exchange Rate Management ◽  
Price Growth ◽  
Main Factors ◽  
Main Determinants

The purpose of this article is to identify the main determinants of consumer price growth in the Russian economy. To achieve this goal, the degree of influence on inflation of the monetary policy of the Bank of Russia, tariff regulation and ruble exchange rate has been determined in the course of the work. The econometric model of inflation formation is used as a research tool depending on the dynamics of the main factors. The article explores the reasons for the significant growth in the volatility of the dollar and, as a consequence, its impact on consumer inflation. According to the presented model, the main volatility generators are the volatility of oil prices and the policy regime of exchange rate management.

scholarly journals Inflation Targeting and Exchange Rate Management In Less Developed Countries

2016 ◽  
Vol 16 (55) ◽  
pp. 1 ◽  
Author(s):  
Marco Airaudo ◽  
Edward Buffie ◽  
Luis-Felipe Zanna ◽  
◽  
◽  
...  
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Developed Countries ◽  
Less Developed Countries ◽  
Exchange Rate Management

Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework

2018 ◽  
Author(s):  
Jaromir Benes ◽  
Andrew Berg ◽  
Rafael Portillo ◽  
David Vavra
Keyword(s):  
Exchange Rate ◽  
Interest Rates ◽  
Open Economy ◽  
Inflation Targeting ◽  
Balance Sheet ◽  
New Keynesian ◽  
Balance Sheet Effects ◽  
Exchange Rate Management ◽  
Wide Range ◽  
The Exchange Rate

The authors study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analysing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, the chapter presents an open economy New Keynesian model featuring sterilized interventions in the foreign exchange (FX) market as an additional central bank instrument operating alongside the Taylor rule, and affecting the economy through portfolio balance sheet effects in the financial sector. The chapter shows that there can be advantages to combining IT with some degree of exchange rate management via FX interventions. Unlike ‘pure’ IT or exchange rate management via interest rates, FX interventions can help insulate the economy against certain shocks, especially shocks to international financial conditions. However, managing the exchange rate through FX interventions may also hinder necessary exchange rate adjustments, e.g., in the presence of terms of trade shocks.

The Role of the Exchange Rate in Inflation-Targeting Emerging Economies

2009 ◽  
Author(s):  
Anna Nordstrom ◽  
Scott Roger ◽  
Mark Stone ◽  
Seiichi Shimizu ◽  
Turgut Kisinbay ◽  
...  
Keyword(s):  
Exchange Rate ◽  
Emerging Economies ◽  
Inflation Targeting ◽  
The Exchange Rate
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