Monetary Policy Strategies in Advanced and Emerging Economies

Aizenman J, Hutchison M, Noy I (2011) Inflation targeting and real exchange rates in emerging markets. World Dev 39(5):712–724 Ambler S (2009) Price-level targeting and stabilisation policy: A survey. J Econ Surv 23(5):974–997 Andrade P, Galí J, Le Bihan H, Matheron J (2021) Should the ecb adjust its strategy in the face of a lower r\(\star\)? J Econ Dyn Control 132:104207 Azad NF (2020) Serletis A (2020) Monetary policy spillovers in emerging economies. Int J Financ Econ 25(4):664–683 Bank of Canada (2021) Monetary policy framework renewal. Technical report, Bank of Canada Bank of Japan (2013) The “price stability target” under the framework for the conduct of monetary policy. Technical report, Bank of Japan Beaudry P, Ruge-Murcia F (2017) Canadian inflation targeting. C J Econ/Revue canadienne d’économique 50(5):1556–1572 Benigno P, Canofari P, Messori M et al (2021) The implementation and rationale of the ecb’s new inflation target. In-Depth Analysis 695 Bernanke BS (2017) Monetary policy in a new era. Evolution or revolution?: Rethinking macroeconomic policy after the great recession, pages 3–48 Billi RM, Söderström U, Walsh CE (2023) The role of money in monetary policy at the lower bound. J Money, Credit, Bank 55(4):681–716 Böhm J, Filáček J, Kubicová I, Zamazalova R (2012) Price-level targeting-a real alternative to inflation targeting? Finance a Uver Czech J Econ Finance 62(1) Carrasco CA, Ferreiro J (2013) Inflation targeting in Mexico. J Post Keynesian Economics 35(3):341–372 Chen MJ, Griffoli MTM, Sahay MR (2014) Spillovers from United States monetary policy on emerging markets: different this time? International Monetary Fund Civcir I, Akçağlayan A (2010) Inflation targeting and the exchange rate: Does it matter in turkey? J Policy Model 32(3):339–354 Clarida RH (2019) The federal reserve’s review of its monetary policy strategy, tools, and communication practices, Februrary 2019. Monetary Policy Forum, University of Chicago Booth School of Business, Speech at the U.S Corbacho A, Peiris SJ (2018) Evolution of monetary policy frameworks. In The ASEAN Way. International Monetary Fund Cosmas D, Serletis A (2023) Monetary policy in advanced and emerging economies. Department of Economics, University of Calgary, Mimeo Das S, Song W (2023) Monetary policy transmission and policy coordination in china. China Econ Rev 102032 de Mendonça HF, Souza GJ (2012) Is inflation targeting a good remedy to control inflation? J Dev Econ 98(2):178–191 Dickey DA, Fuller WA (1981) Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: J Econom Soc 1057–1072 Dodge D (2005) Our approach to monetary policy: Inflation targeting. Speech to the Regina Chamber of Commerce, Regina, Saskatchewan, p 12 Eichengreen B, Gupta P, Choudhary R (2020) Inflation targeting in India Elliott G, Rothenberg TJ, Stock JH (1992) Efficient tests for an autoregressive unit root Gang Y (2018) China’s monetary policy framework–supporting the real economy and striking a balance between internal and external equilibrium, December 2018. Lecture at the Chinese Economists 50 Forum Garín J, Lester R, Sims E (2016) On the desirability of nominal gdp targeting. J Econ Dyn Control 69:21–44 Gaspar V, Smets F, Vestin D (2010) Is time ripe for price level path stability? Challenges in central banking: The current institutional environment and forces affecting monetary policy, pages 21–51 Ha J, Kose MA, Ohnsorge F (2019) Inflation in emerging and developing economies: Evolution, drivers, and policies. World Bank Publications Hall RE, Mankiw NG (1994) Nominal income targeting. In Monetary policy, pages 71–94. The University of Chicago Press Hatcher M, Minford P (2016) Stabilisation policy, rational expectations and price-level versus inflation targeting: A survey. J Econ Surv 30(2):327–355 Hofmann B, Bogdanova B (2012) Taylor rules and monetary policy: A global ‘great deviation’? BIS quarterly review September IMF (2023) Annual report on exchange arrangements and exchange restrictions 2022. Technical report, International Monetary Fund Kamenik O, Kiem H, Klyuev V, Laxton D (2023) Why is canada’s price level so predictable? J Money, Credit, Bank 45(1):71–85 Korhonen I, Nuutilainen R (2017) Breaking monetary policy rules in Russia. Russ J Econ 3(4):366–378 Kwiatkowski D, Phillips PC, Schmidt P (1992) Shin Y (1992) Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? J Econ 54(1–3):159–178 Lin S, Ye H (2007) Does inflation targeting really make a difference? evaluating the treatment effect of inflation targeting in seven industrial countries. J Monet Econ 54(8):2521–2533 McCallum BT, Nelson E (1997) An optimizing is-lm specification for monetary policy and business cycle analysis Melino A (2018) Inflation targeting: A canadian perspective. January 2012 special supplemental issue of the International Journal of Central Banking Mertens TM, Williams JC (2019) Monetary policy frameworks and the effective lower bound on interest rates. In AEA Papers and Proceedings, volume 109, pp. 427–432. American Economic Association, (2014) Broadway, Suite 305. Nashville, TN, p 37203 Mihailov A (2006) Operational independence, inflation targeting, and uk monetary policy. J Post Keynes Econ 28(3):395–421 Miskin FS, Schmidt-Hebbel K (2007) Does inflation targeting make a difference? Central Banking, Analysis, and Economic Policies Book Series 11:291–372 Nakata T (2020) Raising the inflation target: Lessons from japan. Technical report, Board of Governors of the Federal Reserve System (US) Nelson CR, Plosser CR (1982) Trends and random walks in macroeconmic time series: Some evidence and implications. J Monet Econ 10(2):139–162 Nessén M, Vestin D (2005) Average inflation targeting. J Money, Credit, Bank 837–863 Parkin M (2009) What is the ideal monetary policy regime? improving the bank of Canada’s inflation-targeting program. CD Howe Institute Commentary (279) Perron P (1989) The great crash, the oil price shock, and the unit root hypothesis. Econometrica: Journal of the Econometric Society 1361–1401 Powell JH et al (2020) Opening remarks: New economic challenges and the fed’s monetary policy review. In Proceedings-Economic Policy Symposium-Jackson Hole, pages 1–18. Federal Reserve Bank of Kansas City Ruge-Murcia F (2018) Do inflation-targeting central banks implicitly target the price level? 35th issue (June 2014) of the International Journal of Central Banking Samarina A, Terpstra M, De Haan J (2014) Inflation targeting and inflation performance: A comparative analysis. Appl Econ 46(1):41–56 Sarwono HA (2008) Monetary policy in emerging markets: The case of Indonesia Svensson LE (1996) Price level targeting vs. inflation targeting: A free lunch? Svensson LE (2020) Monetary policy strategies for the federal reserve. Technical report, National Bureau of Economic Research Taylor JB (2019) Inflation targeting in high inflation emerging economies: Lessons about rules and instruments. J Appl Econ 22(1):103–116 Williams JC et al (2017) Preparing for the next storm: Reassessing frameworks and strategies in a low r-star world. FRBSF Economic Letter 13:1–8