Format:
Online-Ressource (30 p)
Edition:
Online-Ausg.
ISBN:
1451962444
,
9781451962444
Series Statement:
IMF Working Papers Working Paper No. 10/25
Content:
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge towards the long-run target, the output-inflation variability tradeoff improves, and optimal policy responses to shocks moderate
Additional Edition:
Erscheint auch als Druck-Ausgabe Clinton, Kevin A Model for Full-Fledged Inflation Targeting and Application to Ghana Washington, D.C. : International Monetary Fund, 2010 ISBN 9781451962444
Language:
English
DOI:
10.5089/9781451962444.001
