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Inflation-Forecast Targeting for India

2017-03-03 Business & Economics
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Release : 2017-03-03
Genre : Business & Economics
Kind : eBook
Book Rating : 30X/5 ( reviews)

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Book Synopsis Inflation-Forecast Targeting for India by : Mr.Jaromir Benes

Download or read book Inflation-Forecast Targeting for India written by Mr.Jaromir Benes. This book was released on 2017-03-03. Available in PDF, EPUB and Kindle. Book excerpt: India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other countries that adopted FIT to bring out insights on how credible policy with an emphasis on a strong nominal anchor can reduce the impact of supply shocks and improve macroeconomic stability. For illustrating the key issues given the unique structural characteristics of India and the policy options under an FIT framework, the paper describes an analytical framework using the core quarterly projection model (QPM). Simulations of the QPM are carried out to illustrate the monetary policy responses under different types of uncertainty and to bring out the importance of gaining credibility for improving monetary policy efficacy.

Inflation Forecast Targeting for India Outline of the Analytical Framework

2017 Inflation targeting
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Release : 2017
Genre : Inflation targeting
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Inflation Forecast Targeting for India Outline of the Analytical Framework by :

Download or read book Inflation Forecast Targeting for India Outline of the Analytical Framework written by . This book was released on 2017. Available in PDF, EPUB and Kindle. Book excerpt: "India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other countries that adopted FIT to bring out insights on how credible policy with an emphasis on a strong nominal anchor can reduce the impact of supply shocks and improve macroeconomic stability. For illustrating the key issues given the unique structural characteristics of India and the policy options under an FIT framework, the paper describes an analytical framework using the core quarterly projection model (QPM). Simulations of the QPM are carried out to illustrate the monetary policy responses under different types of uncertainty and to bring out the importance of gaining credibility for improving monetary policy efficacy."--Abstract.

India’s Inflation Process Before and After Flexible Inflation Targeting

2020-11-13 Business & Economics
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Release : 2020-11-13
Genre : Business & Economics
Kind : eBook
Book Rating : 233/5 ( reviews)

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Book Synopsis India’s Inflation Process Before and After Flexible Inflation Targeting by : Patrick Blagrave

Download or read book India’s Inflation Process Before and After Flexible Inflation Targeting written by Patrick Blagrave. This book was released on 2020-11-13. Available in PDF, EPUB and Kindle. Book excerpt: We study the inflation process in India, focusing on the periods before and after the adoption of flexible inflation-forecast targeting (FIT) in India. Our analysis uses several approaches including standard Phillips curve estimation for headline and core inflation, an examination of the sensitivity of medium-term inflation expectations to inflation surprises, and the properties of convergence between headline and core inflation. Results indicate an important role for domestic factors in driving the inflation process, and there is evidence that expectations have become more anchored since 2015. This result could be attributable to FIT adoption, or to persistently low food prices which dominate the post-FIT-adoption period. The policy implications of these structural changes in the inflation process are investigated using a semi-structural model calibrated to the Indian economy.

Advancing the Frontiers of Monetary Policy

2018-04-13 Business & Economics
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Release : 2018-04-13
Genre : Business & Economics
Kind : eBook
Book Rating : 94X/5 ( reviews)

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Book Synopsis Advancing the Frontiers of Monetary Policy by : Tobias Adrian

Download or read book Advancing the Frontiers of Monetary Policy written by Tobias Adrian. This book was released on 2018-04-13. Available in PDF, EPUB and Kindle. Book excerpt: Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Inflation Forecast Targeting

1998
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Release : 1998
Genre :
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Book Synopsis Inflation Forecast Targeting by : Lars E. O. Svensson

Download or read book Inflation Forecast Targeting written by Lars E. O. Svensson. This book was released on 1998. Available in PDF, EPUB and Kindle. Book excerpt: **The following is a description of the paper and not the actual abstract.** Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how quickly the inflation forecast is adjusted towards the inflation target. Money growth or exchange rate targeting is generally inferior than inflation targeting and leads to higher inflation variability. Commitment to 'target rules' may be better than commitment to 'instrument rules'

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