A Welfare Evaluation of East Asian Monetary Policy Regimes Under Foreign Output Shock

2012 ◽  
Author(s):  
Joseph D. Alba ◽  
Wai-Mun Chia ◽  
Donghyun Park
Keyword(s):  
Monetary Policy ◽  
East Asian ◽  
Policy Regimes ◽  
Welfare Evaluation

scholarly journals Does inflation targeting work in emerging East-Asian economies?

2012 ◽  
Vol 59 (5) ◽  
pp. 599-608 ◽  
Author(s):  
Kun Sek ◽  
Mun Har
Keyword(s):  
Monetary Policy ◽  
Emerging Economies ◽  
Inflation Targeting ◽  
East Asian ◽  
Flexible Exchange Rate ◽  
Output Growth ◽  
Policy Regimes ◽  
Asian Economies ◽  
Lower Variability ◽  
East Asian Economies

This paper evaluates on the performance of the inflation-targeting regime in three emerging East-Asian economies that have experienced changes in monetary policy regimes, from rigidities to a flexible exchange rate and inflation targeting, after the financial crisis of 1997-98. In particular, the evaluation focuses on the inter-relationship between inflation and the output growth/gap in these emerging economies between the pre- and post-inflation targeting periods. A bivariate GARCH (1,1) model is applied. The results reveal lower variability in inflation and output growth after the implementation of the inflation targeting regime. The persistency of inflation and output also decline. The study finds no evidence of greater disinflation cost experienced in these economies after the implementation of the inflation-targeting regime. Overall, the results imply that inflation targeting works well in these emerging markets.

Foreign output shock in small open economies: A welfare evaluation of monetary policy regimes

2020 ◽  
Vol 86 ◽  
pp. 101-116 ◽  
Author(s):  
Joseph D. Alba ◽  
Jingting Liu ◽  
Wai-Mun Chia ◽  
Donghyun Park
Keyword(s):  
Monetary Policy ◽  
Open Economies ◽  
Small Open Economies ◽  
Policy Regimes ◽  
Welfare Evaluation

Monetary policy regimes in Russia: Guidelines for furtherquantitative studies

2017 ◽  
pp. 38-60 ◽  
Author(s):  
A. Pestova
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Quantitative Research ◽  
Policy Regimes ◽  
Policy Effects ◽  
Exchange Rate Targeting ◽  
Basic Parameters

This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

Alternative Monetary Policy Regimes With Multiple Currency Practices

2020 ◽  
Author(s):  
Hamed Ghiaie ◽  
Hossein Tavakolian ◽  
Hamid Tabarraei
Keyword(s):  
Monetary Policy ◽  
Policy Regimes

Monetary Policy in Sub-Saharan Africa

2018 ◽  
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Sub Saharan Africa ◽  
Low Income Countries ◽  
African Countries ◽  
Policy Regimes ◽  
Export Prices ◽  
Policy Work ◽  
Sub Saharan ◽  
Policy Guidance

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the same time, little existing research on monetary policy is targeted to low-income countries. What do we know about the empirics of monetary transmission in low-income countries? (How) Does monetary policy work in countries characterized by a huge share of food in consumption, underdeveloped financial markets, and opaque policy regimes? (How) Can we use methods largely derived in advanced countries to answer these questions? And (how) can we use the results to guide policymakers? This book draws on years of research and practice at the IMF and in central banks from the region to shed empirical and theoretical light on these questions and to provide practical tools and policy guidance. A key feature of the book is the application of dynamic general equilibrium models, suitably adapted to reflect key features of low-income countries, for the analysis of monetary policy in sub-Saharan African countries.

Introduction to Part I

2018 ◽  
Author(s):  
Andrew Berg ◽  
Rafael Portillo
Keyword(s):  
Monetary Policy ◽  
Structural Models ◽  
Stylized Facts ◽  
Policy Regimes ◽  
Detailed Case ◽  
Inaccurate Data ◽  
Cross Country

Developing an understanding of monetary policy in LICs must start with the evidence. This chapter briefly reviews the challenges facing the empirical researcher in SSA, including scarce and inaccurate data, short policy regimes that make powerful inference difficult, and the lack of structural models to help interpret the data. It provides an overview of Chapters 4–6, which take three very different approaches to looking at these data: a broad search for cross-country stylized facts (Chapter 4), a detailed case study of a major monetary policy event (Chapter 5), and an examination of whether vector auto-regressions (VARs)—the workhorse empirical tool in this area—are likely to yield useful results in the SSA context (Chapter 6).

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