Foreign exchange intervention and inflation targeting: The role of credibility

Journal of Economic Dynamics and Control - Tập 106 - Trang 103716 - 2019
Gustavo Adler1, Ruy Lama1, Juan Pablo Medina2
1International Monetary Fund, United States
2Business School, Universidad Adolfo Ibáñez, Chile

Tài liệu tham khảo

Adolfson, 2008, Evaluating an estimated new Keynesian small open economy model, J. Econ. Dyn. Control, 32, 2690, 10.1016/j.jedc.2007.09.012 Altig, 2011, Firm-specific capital, nominal rigidities and the business cycle, Rev. Econ. Dyn., 14, 225, 10.1016/j.red.2010.01.001 Bayoumi, 2015, Official financial flows, capital mobility, and global imbalances, J. Int. Money Financ., 146, 146, 10.1016/j.jimonfin.2014.11.017 Benes, 2015, Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework, Open Econ. Rev., 81, 81, 10.1007/s11079-014-9320-1 Blanchard, 2007, Real wage rigidities and the new Keynesian model, J. Money Credit Bank., 39, 35, 10.1111/j.1538-4616.2007.00015.x Calvo, 1983, Staggered prices in utility-maximizing framework, J. Monet. Econ., 383, 383, 10.1016/0304-3932(83)90060-0 Calvo, 2002, Fear of floating, Q. J. Econ., 107, 379, 10.1162/003355302753650274 Canzoneri, 2014, Optimal foreign exchange intervention in an inflation targeting regime: some cautionary tale, Open Econ. Rev., 429, 429, 10.1007/s11079-013-9287-3 Caputo, 2017, Following the leader? The relevance of the fed funds rate for inflation targeting countries, J. Int. Money Financ., 25, 25, 10.1016/j.jimonfin.2016.10.006 Chang, 2015, Capital controls and optimal chinese monetary policy, J. Monet. Econ., 74, 1, 10.1016/j.jmoneco.2015.04.003 Clarida, 1998, Monetary policy rules in practice some international evidence, Eur. Econ. Rev., 42, 1033, 10.1016/S0014-2921(98)00016-6 De Michelis, 2016, Raising an inflation target: the japanese experience with abenomics, Eur. Econ. Rev., 67, 67, 10.1016/j.euroecorev.2016.02.021 Erceg, 2003, Imperfect credibility and inflation persistence, J. Monet. Econ., 50, 915, 10.1016/S0304-3932(03)00036-9 Evans, 2001 Galí, 2008 Ghosh, 2016, Two targets, two instruments: monetary and exchange rate policies in emerging market economies, J. Int. Money Financ., 60, 172, 10.1016/j.jimonfin.2015.03.005 Gray, 2012, Responding to a monetary superpower: investigating the behavioral spillovers of U. S. monetary policy, Atl. Econ. J., 41, 173, 10.1007/s11293-012-9352-0 Hamilton, 1994 Hammond, 2012, State of the art inflation targeting Lemoine, 2016, Fiscal consolidation under imperfect credibility, Eur. Econ. Rev., 108, 108, 10.1016/j.euroecorev.2016.04.008 Liu, 2015, Optimal monetary policy and capital account restrictions in a small open economy, IMF Econ. Rev., 298, 298, 10.1057/imfer.2015.8 Rey, 2015, Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence Schmitt-Grohé, 2003, Closing small open economy models, J. Int. Econ., 163, 163, 10.1016/S0022-1996(02)00056-9 Shimer, 2012, Wage rigidities and jobless recoveries, J. Monet. Econ., 59, 65, 10.1016/j.jmoneco.2012.10.024 Smets, 2007, Shocks and frictions in US business cycles: a Bayesian DSGE approach, Am. Econ. Rev., 97, 586, 10.1257/aer.97.3.586 Svensson, 2009, Flexible Inflation Targeting – Lessons From the Financial Crisis Taylor, 2014, Inflation targeting in emerging markets: the global experience