A Model for Full-Fledged Inflation Targeting and Application to Ghana
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well a...
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| creator | Clinton, Kevin Dagher, Jihad Kamenik, Ondra |
| description | A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate. |
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Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.</description><edition>1</edition><identifier>ISBN: 9781451918724</identifier><identifier>ISBN: 1451918720</identifier><identifier>ISBN: 9781452764177</identifier><identifier>ISBN: 1451962444</identifier><identifier>ISBN: 9781451962444</identifier><identifier>ISBN: 1452764174</identifier><identifier>EISBN: 9781452764177</identifier><identifier>EISBN: 1452764174</identifier><identifier>OCLC: 763078507</identifier><language>eng</language><publisher>Washington: International Monetary Fund</publisher><subject>Anti-inflationary policies ; Disinflation ; Economic Models ; External Shocks ; Ghana ; Inflation (Finance) ; Inflation Rates ; Inflation Targeting ; Low-income Developing Countries ; Public Information</subject><creationdate>2010</creationdate><tpages>30</tpages><format>30</format><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>306,307,776,780,782,783,2597,2611,62113</link.rule.ids></links><search><creatorcontrib>Clinton, Kevin</creatorcontrib><creatorcontrib>Dagher, Jihad</creatorcontrib><creatorcontrib>Kamenik, Ondra</creatorcontrib><title>A Model for Full-Fledged Inflation Targeting and Application to Ghana</title><description>A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.</description><subject>Anti-inflationary policies</subject><subject>Disinflation</subject><subject>Economic Models</subject><subject>External Shocks</subject><subject>Ghana</subject><subject>Inflation (Finance)</subject><subject>Inflation Rates</subject><subject>Inflation Targeting</subject><subject>Low-income Developing Countries</subject><subject>Public Information</subject><isbn>9781451918724</isbn><isbn>1451918720</isbn><isbn>9781452764177</isbn><isbn>1451962444</isbn><isbn>9781451962444</isbn><isbn>1452764174</isbn><isbn>9781452764177</isbn><isbn>1452764174</isbn><fulltext>true</fulltext><rsrctype>book</rsrctype><creationdate>2010</creationdate><recordtype>book</recordtype><sourceid>2BV</sourceid><recordid>eNo1kDtPwzAAhI0QiKrkP3hAYork92MMVVIqFbGUOXIcOwRcOyTpwL-nKO10uvtON9wNyLRUmHEiBcNS3l491lhJwu7BSgqKpOJIPoBsmr4QQphJjRlagbKAb6l1Afo0wuoUQl4F13auhbvog5n7FOHBjJ2b-9hBE1tYDEPo7ULmBLefJppHcOdNmFx20TX4qMrD5jXfv293m2KfWy24yI113ltFrcWOW91grKkXBGvCG2vMP2KeUY5co1SDrGDKNoTw1lElNDd0DZ6X3WFMPyc3zbVrUvq2Ls6jCXX5ssECCaToufm0NPujr4exP5rxtz7n5PqNIIwx-gcx1Vfr</recordid><startdate>20100101</startdate><enddate>20100101</enddate><creator>Clinton, Kevin</creator><creator>Dagher, Jihad</creator><creator>Kamenik, Ondra</creator><general>International Monetary Fund</general><scope>2BV</scope><scope>C-M</scope><scope>KRY</scope></search><sort><creationdate>20100101</creationdate><title>A Model for Full-Fledged Inflation Targeting and Application to Ghana</title><author>Clinton, Kevin ; Dagher, Jihad ; Kamenik, Ondra</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c9656-aceffc83cc1e5c9b1193f621925bcaafc834f4350eb88b0c648cb225de38695a3</frbrgroupid><rsrctype>books</rsrctype><prefilter>books</prefilter><language>eng</language><creationdate>2010</creationdate><topic>Anti-inflationary policies</topic><topic>Disinflation</topic><topic>Economic Models</topic><topic>External Shocks</topic><topic>Ghana</topic><topic>Inflation (Finance)</topic><topic>Inflation Rates</topic><topic>Inflation Targeting</topic><topic>Low-income Developing Countries</topic><topic>Public Information</topic><toplevel>online_resources</toplevel><creatorcontrib>Clinton, Kevin</creatorcontrib><creatorcontrib>Dagher, Jihad</creatorcontrib><creatorcontrib>Kamenik, Ondra</creatorcontrib><collection>IMF E-Library</collection><collection>IMF Books & Analytical Papers</collection><collection>International Monetary Fund (IMF)</collection></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Clinton, Kevin</au><au>Dagher, Jihad</au><au>Kamenik, Ondra</au><format>book</format><genre>book</genre><ristype>BOOK</ristype><btitle>A Model for Full-Fledged Inflation Targeting and Application to Ghana</btitle><date>2010-01-01</date><risdate>2010</risdate><isbn>9781451918724</isbn><isbn>1451918720</isbn><isbn>9781452764177</isbn><isbn>1451962444</isbn><isbn>9781451962444</isbn><isbn>1452764174</isbn><eisbn>9781452764177</eisbn><eisbn>1452764174</eisbn><abstract>A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate.</abstract><cop>Washington</cop><pub>International Monetary Fund</pub><oclcid>763078507</oclcid><tpages>30</tpages><edition>1</edition><oa>free_for_read</oa></addata></record> |
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| subjects | Anti-inflationary policies Disinflation Economic Models External Shocks Ghana Inflation (Finance) Inflation Rates Inflation Targeting Low-income Developing Countries Public Information |
| title | A Model for Full-Fledged Inflation Targeting and Application to Ghana |
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