Blar i Arbeidsnotater / Working Papers på emneord "inflation targeting"
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Asymmetric monetary policy rules for the euro area and the US
(Working Paper;7/2021, Working paper, 2021)We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more ... -
Do Central Banks Respond to Exchange Rate Movements? a Markov-Switching Structural Investigation
(Working Papers;24/2013, Working paper, 2013)Do central banks respond to exchange rate movements? According to Lubik and Schorfheide (2007) who estimate structural general equilibrium models with monetary policy rules, the answer is "Yes, some do". However, their ... -
Econometric Inflation Targeting
(Working Papers;5/1999, Working paper, 1999)Inflation targeting makes the Central Bank’s conditional inflation forecast the operational target for monetary policy. Successful inflation targeting requires knowing the transmission mechanisms to inflation from shocks ... -
Fiscal Policy Under Inflation Targeting
(Working Papers;15/2000, Working paper, 2000)The paper discusses the role of fiscal policy as an instrument for macroeconomic stabilisation when monetary policy pursues inflation targeting. Within a theoretical model of an open economy with a traded and non-traded ... -
From a Fixed Exchange Rate Regime to Inflation Targeting
(Working Papers;13/2012, Working paper, 2012)This paper documents Norges Bank's role in the long transition period from a fixed exchange rate regime to inflation targeting in Norway. It is shown that the Bank's leadership and influential department leaders wanted ... -
Model Specification and Inflation Forecast Uncertainty
(Working Papers;6/2000, Working paper, 2000)Three classes of inflation models are discussed: Standard Phillips curves, New Keynesian Phillips curves and Incomplete Competition models. Their relative merits in explaining and forecasting inflation are investigated ... -
Monetary Policy in Real Time
(Working Papers;1/2001, Working paper, 2001)The interest rate is set by the central bank with a view to securing a nominal anchor for the economy in the long term. The setting of interest rates is based on evaluations of economic trends and the balance of risks. In ... -
Open-Economy Inflation Forecast Targeting
(Working Papers;2/2000, Working paper, 2000)The paper shows that the procedure of inflation forecast targeting arguably implemented by Sveriges Riksbank and the Bank of England may lead to high nominal and real variability; the latter being manifested most notably ... -
Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps
(Working Papers;3/2006, Working paper, 2006)We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments using a flexible-price, perfect foresight model. There is always a locally-unique target equilibrium. ... -
Strategic Interaction Between the Fiscal and Monetary Authorities Under Inflation Targeting
(Working Papers;9/2000, Working paper, 2000)This paper studies the strategic interaction between the fiscal and monetary authorities when the monetary policymaker pursues an underlying inflation target. Given that monetary policy is transparent and the fiscal ... -
The Choice of Monetary Policy Regime for Small Open Economies
(Working Papers;5/2000, Working paper, 2000)The paper analyses alternative monetary policy regimes within a simple, estimated macroeconomic model with a traded and a non-traded sector. Two general classes of regimes are considered, inflation targeting and exchange ... -
The Performance of Inflation Forecast Feedback Rules in Small Open Economies
(Working Papers;11/2000, Working paper, 2000)This paper examines the performance of inflation forecast feedback rules in a two-sector, calibrated model of the U.K. economy. Under such rules, the interest rate responds to the deviation of the unchanged-interest-rate ... -
The Role of Oil Prices and Monetary Policy in the Norwegian Economy Since the 1980s
(Working Papers;1/2016, Working paper, 2016)We use a TVP-VAR model to investigate possible changes in the time series properties of key Norwegian macroeconomic variables since the 1980s. The sample period is characterised by deregulation, globalization, sizable ...