Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience Christopher J Jarvis

ISBN: 9781281600394

Published: May 9th 2014

ebook

46 pages


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Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience  by  Christopher J Jarvis

Re-Establishing Credible Nominal Anchors After a Financial Crisis: A Review of Recent Experience by Christopher J Jarvis
May 9th 2014 | ebook | PDF, EPUB, FB2, DjVu, AUDIO, mp3, RTF | 46 pages | ISBN: 9781281600394 | 9.29 Mb

This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999)- Bulgaria (1997)- Ecuador (2000)- IndonesiaMoreThis paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis.

We draw stylized facts and conclusions from ten recent cases: Brazil (1999)- Bulgaria (1997)- Ecuador (2000)- Indonesia (1997)- Korea (1997)- Malaysia (1997)- Mexico (1994), Russia (1998)- Thailand (1997)- and Turkey (2001). Among our conclusions, highlights include: (i) monetary policy alone cannot stabilize- (ii) floats bring nominal stability quickly in countries with low pre-crisis inflation and hard pegs have been at least narrowly successful for countries in deeper disarray- (iii) in floats, early and determined tightening brings nominal stability and does not appear more costly for output- (iv) monetary aggregate targeting rarely serves as a coherent framework for floats- informal or full-fledged inflation targeting offers more promise.



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