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Applying an Inflation-Targeting Lens to Macroprodential Policy "Institutions"
TL;DR: The authors describe the origins of inflation targeting in New Zealand, and then use the four key attributes of inflation-targeting, independence, the inflation target, transparency, and accountability, as an organizing device to analyze macro-prudential policy institutions.
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Abstract: We describe the origins of inflation targeting in New Zealand, and then use the four key attributes of inflation targeting—independence, the inflation target, transparency, and accountability—as an organizing device to analyze macroprudential policy “institutions”—the rules, regulations, and governance frameworks that implement macroprudential policies.
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Citations
Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand - IJCB - May 2005
Edward Nelson
- 24 Aug 2018
TL;DR: The authors studied the Great Inflation in Canada, Australia, and New Zealand, and argued that to understand the course of policy in each country, it is crucial to use the monetary policy neglect hypothesis, which claims that the great inflation occurred because policymakers delegated inflation control to nonmonetary devices.
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Macroprudential Policy: A Review
TL;DR: A literature review of macro-prudential policies, its objectives and the challenges that a macro-based framework needs to overcome, such as financial stability, procyclicality, and systemic risk is provided in this paper.
37
The Past and Future of Inflation Targeting: Implications for Emerging-Market and Developing Economies
Klaus Schmidt-Hebbel,Martín Carrasco +1 more
- 01 Jan 2016
TL;DR: In this paper, the authors take stock of IT's past performance and limitations, and discuss its main challenges to remain the monetary regime of choice in the future, and evaluate seriously adoption of price-level targeting.
28
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Inflation Targeting in New Zealand: An Experience in Evolution
John McDermott,Rebecca Williams +1 more
- 01 Jan 2018
TL;DR: The authors discuss the evolution of central bank frameworks and discuss an issue that is especially pertinent to the Reserve Bank of New Zealand (RBNZ) at present, the issue of monetary policy framework evolution.
16
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Lean-Against-the-Wind Monetary Policy: The Post-Crisis Shift in the Literature
TL;DR: The authors reviewed the shift in the monetary policy literature addressing the above debate in the aftermath of the global financial crisis, and demonstrates that this shift has been in favour of the lean-against-the-wind view.
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References
•Posted Content
What Measure of Inflation Should a Central Bank Target
N. Gregory Mankiw,Ricardo Reis +1 more
TL;DR: In this paper, the authors assume that a central bank commits itself to maintaining an inflation target and then asks what measure of the inflation rate the central bank should use if it wants to maximize economic stability.
175
The Role of Central Bank Transparency for Guiding Private Sector Forecasts
TL;DR: In this paper, the effects of central bank transparency on the dispersion among professional forecasters of key economic variables are investigated. But the authors find that there are decreasing marginal effects to increases in transparency, and the disagreement among the expectations of the general public is not affected.
Optimal Monetary Policy in a Model with Agency Costs
TL;DR: In this article, the authors integrate a fully explicit model of agency costs into an otherwise standard Dynamic New Keynesian model in a particularly transparent way, and characterize agency costs as endogenous markup shocks in an output-gap version of the Phillips curve.
Coordinating Monetary and Macroprudential Policies
TL;DR: In this paper, a non-cooperative game between a monetary authority and a macro-prudential regulator whose objectives are a subset of those in the social loss function is studied.
Central bank communication on financial stability
TL;DR: This paper found that optimistic FSRs lead to significant and potentially long-lasting positive abnormal stock market returns, whereas no such effect is found for pessimistic FSR, while speeches and interviews have smaller effects on market returns during tranquil times but have been influential during the 2007-10 global financial crisis.