Monetary policy rules in emerging market economies: Issues and evidence

Monetary Policy and Macroeconomic Stabilization in Latin America

Volumn , Issue , 2005, Pages 205-245

  Mohanty, M S ^a   Klau, Marc ^a  

^a BANK FOR INTERNATIONAL SETTLEMENTS   (Switzerland)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 70449479842     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1007/3-540-28201-7_13     Document Type: Chapter

References (60)

1. Akerlof, G.A., W.T. Dickens, G.L. Perry, R.J. Gordon, and N.G. Mankiw (1996). The Macroeconomics of Lx)w Inflation. Brookings Papers on Economic Activity (1): 1- 76.
2. Alesina, A., and A. Wagner (2003). Choosing (and Reneging on) Exchange Rate Regimes. NBER Working Paper 9809. NBER, Cambridge, Mass.
3. Amato, J.D., and S. Gerlach (2001). Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade. European Economic Review 46 (4/5): 781-790.
4. Andersen, P.S., and W.L. Wascher (1999). Sacrifice Ratios in the Conduct of Monetary Policy in Conditions of Low Inflation. BIS Working Papers 82. Bank for International Setflements, Basle.
5. Ball, L. (1999). Policy Rules for Open Economies. In J.B. Taylor (ed.). Monetary Policy Rules. NBER Conference Report. Chicago: University of Chicago Press.
6. Ball, L. (2002). Policy Rules and External Shocks. In N. Loayza and K. Schmidt-Hebbel (eds.). Monetary Policy: Rules and Transmission Mechanisms. Santiago: Central Bank of Chile.
7. Banco Central do Brasil (2003). Open Letter by the Governor to the Minister of Finance (January 21). Brasilia.
8. Bangko Sentral ng Pilipinas (2002). Inflation report, various issues. Manila.
9. Bank of Korea (2003). Monetary Policy in Korea. Seoul.
10. Barro, R.J., and D.B. Gordon (1983). A Positive Theory of Monetary Policy in a Natural Rate Model. Journal of Political Economy 91 (4): 589-610.
11. Bemanke, B.S., and M. Gertler (2001). Should Central Banks Respond to Movements in Asset Prices. American Economic Review, Papers and Proceedings 91 (2): 253- 257.
12. Bemanke, B.S., and F.S. Mishkin (1997). Inflation Targeting: A New Framework for Monetary Policy. Journal of Economic Perspectives 11 (2): 97-116.
13. Blinder A.S. (1998). Central Banking in Theory and Practice. Cambridge, Mass.: MIT Press.
14. Bordo, M.D., and O. Jeanne (2002). Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy. CEPR Discussion Paper 3398. Centre for Economic Policy Research, London.
15. Borio, C, and P. Lowe (2002). Asset Prices, Financial and Monetary Stability: Exploring the Nexus. BIS Working Papers 114. Bank for International Settlements, Basle.
16. Calvo, G., and F.S. Mishkin (2003). The Mirage of Exchange Rate Regimes for Emerging Market Economies. NBER Working Paper 9808. NBER, Cambridge, Mass.
17. Calvo, G.A., and CM. Reinhart (2002). Fear of Floating. Quarterly Journal of Economics 117 (2): 379-08.
18. Cecchetti, S.G., and M. Ehrmann (2002). Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers Preferences and Outcomes. In N. Loayza and K. Schmidt-Hebbel (eds.), Monetary Policy: Rules and Transmission Mechanisms. Santiago: Central Bank of Chile.
19. Cecchetti, S.G., H. Genberg, J. Lipsky, and S. Wadhwani (2000). Asset Prices and Central Bank Policy. Geneva Reports on the World Economy 2. Geneve: International Center for Monetary and Banking Studies.
20. Central Bank of Chile (2000). Monetary Policy of the Central Bank of Chile: Objectives and Transmission. Santiago: Central Bank of Chile.
21. Clarida R., J. Gali, and M. Gertler (1999). The Science of Monetary Policy: A New Keynesian Perspective. Journal of Economic Literature 37 (4): 1661-1707.
22. Clarida R., J. Gali, and M. Gertler (2000). Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory. Quarterly Journal of Economics 115(1): 147-180.
23. Corbo, V. (2002). Monetary Policy in Latin America in the 1990s. In N. Loayza and K. Schmidt-Hebbel (eds.). Monetary Policy: Rules and Transmission Mechanisms. Santiago: Central Bank of Chile.
24. Coorey, S., M. Mecagni, and E. Offerdal (1998). Disinflation in Transition Economies: The Role of Relative Price Adjustments. In C. Cottarelli and Gydrgy Szap (eds.), Moderate Inflation: The Experience of Transition Economies. Proceedings of a seminar held in Budapest on June 3, 1997. Washington, D.C.: International Monetary Fund.
25. Cukierman, A. (1999). The Inflation Bias Result Revisited. Mimeo. Tel-Aviv University, Tel-Aviv.
26. Dolado, J.J., R. Maria-Dolores, and M. Naveira (2002). Are Monetary-Policy Reaction Functions Asymmetric? The Role of Nonlinearity in the Phillips Curve. Mimeo. Department of Economics, Universidad Carlos III de Madrid, Madrid.
27. Eichengreen, B. (2002). Can Emerging Markets Float? Should They Inflation Target? Working Paper 36. Banco Central do Brasil, Brasilia.
28. Filardo, A.J. (2001). Should Monetary Policy Respond to Asset Price Bubbles? Some Experimental Results. In G.G. Kaufmann (ed.). Asset Price Bubbles: Implications for Monetary and Regulatory Po//c/5. Research in Financial Services: Private and Public Policy 13. Amsterdam: JAI.
29. Filosa, R. (2001). Monetary Pohcy Rules in Some Mature Emerging Economies. In Bank for International Settlements, Monetary and Economic Department (ed.). Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Countries. BIS Papers 8. Basle: Bank for International Settlements.
30. Gavin M., and R. Perotti (1997). Fiscal Policy in Latin America. NBER Macroeconomics Annual 12.
31. Gerlach, S. (2000). Asymmetric Policy Reactions and Inflation. Manuscript. Bank for International Settlements, Basle.
32. Goldstein, M., and P. Turner (2004). Controlling Currency Mismatches in Emerging Markets. Institute for International Economics, Washington, D.C.
33. Goodhart, C.A. (1995). Price Stability and Financial Fragility. In C.A. Goodhart (ed.), The Central Bank and the Financial System. Cambridge: MIT Press.
34. Goodhart, C.A. (1999). Central Bankers and Uncertainty. Bank of England Quarterly 5M///m 39(1): 102-121.
35. Ho, C, and R.N. McCauley (2003). Living with Flexible Exchange Rates: Issues and Recent Experience in Inflation Targeting Emerging Market Economies. BIS Working Paper 130. Bank for International Settlements, Basle.
36. IMF (International Monetary Fund) (2001). World Economic Outlook (Chapter III: Fiscal Improvement in Advanced Economies: How Long Will It Last?). Washington, D.C: IMF.
37. Kamin, S., and M. Klau (1997). Some Multi-Country Evidence on the Effects of Real Exchange Rates on Output. BIS Working Papers 8. Bank for International Settlements, Basle.
38. Kydland, F.E., and E.C. Prescott (1977). Rules rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy 85 (3): 473-491.
39. Loayza, N., and K. Schmidt-Hebbel (2002). Monetary Policy: Rules and Transmission Mechanisms. Santiago: Central Bank of Chile.
40. Lowe, P., and L. Ellis (1997). The Smoothing of Official Interest Rates. In P. Lowe (ed.). Monetary Policy and Inflation Targeting. Proceedings of a conference held at the H.C. Coombs Centre for Financial Studies, KirribilH on July 21/22, 1997. Reserve Bank of Australia, Sydney.
41. Martinez, L., O. Sanchez, and A. Werner (2001). Monetary Policy and the Transmission Mechanism in Mexico. In Bank for International Settlements (ed.). Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Countries. BIS Papers 8. Basle: Bank for International Settlements.
42. Mishkin, F.S., and M.A. Savastano (2001). Monetary Policy Strategies for Latin America. Journal of Development Economics 66 (2): 415-444.
43. Mohanty, M.S. (2002). Improving Liquidity in Government Bond Markets: What Can Be Done? In Bank for International Settlements, Monetary and Economic Department (ed.). The Development of Bond Markets in Emerging Economies. BIS Papers 11. Basle: Bank for International Settlements.
44. Monetary Authority of Singapore (2000). Kicking the Habit and Turning over a New Leaf: Monetary Policy in East Asia after the Currency Crisis. Occasional Paper 21. Singapore.
45. National Bank of Hungary (2002). Monetary Policy in Hungary. Budapest.
46. National Bank of Poland (1998). Medium-Term Strategy of Monetary Policy (1999- 2003). Monetary Policy Council. Warsaw.
47. Pujol, T., and M. Griffiths (1998). Moderate Inflation in Poland: A Real Story. In C. Cottarelli and G. Szap (eds.), Moderate Inflation: The Experience of Transition Economies. Proceedings of a seminar held in Budapest on June 3, 1997. Washington, D.C.: International Monetary Fund.
48. Reddy, Y.V. (2002). Issues and Challenges in the Development of the Debt Market in India. In Bank for International Settlements, Monetary and Economic Department. The Development of Bond Markets in Emerging Countries. BIS Papers 11. Basle: Bank for International Settlements. Reserve Bank of India (2002). Annual Report. Mumbai.
49. Rotemberg, J.J., and M. Woodford (1999). Interest Rate Rules in an Estimated Sticky Price Model. In J.B. Taylor (ed.). Monetary Policy Rules. NBER, Conference Report. Chicago: University of Chicago Press.
50. Sack, B., and V. Wieland (1999). Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence. Finance and Economics Discussion Series 39. Washington, D.C.: Board of Governors of the Federal Reserve System
51. Sidaoui, J. (2003). Implications of Fiscal Issues for Central Banks: Mexico's Experience. In Bank for International Settlements (ed.). Fiscal Issues and Central Banking in Emerging Economies. Basle: Bank for International Settlements. South African Reserve Bank (2003). Monetary Policy Review. April. Pretoria.
52. Surico, P. (2003). US Monetary Policy Rules: The Case for Asynmietric Preferences. Mimeo. Bocconi University, Milan.
53. Svensson, L.E.O. (1999). Inflation Targeting as a Monetary Policy Rule. Journal of Monetary Economics 43 (3): 607-654.
54. Svensson, L.E.O. (2002). Inflation Targeting: Should It Be Modelled as an Instrument Rule or a Target Rule? European Economic Review 46 (4/5): 771-780.
55. Taylor, J.B. (1993). Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy 39 (December): 195-214.
56. Taylor, J.B. (1999). The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by the European Central Bank. Journal of Monetary Economics 43 (3): 655-677.
57. Taylor, J.B. (2001). The Role of the Exchange Rate in Monetary-Policy Rules. American Economic Review, Papers arui Proceedings 91 (2): 263-267.
58. Taylor, J.B. (2002). Using Monetary Policy Rules in Emerging Market Economies. Forwarded in Stabilisation and Monetary Policy - The International Experience. Papers presented at Banco de Mexico's Anniversary Seminar, Mexico City, November 14-15, 2000. Banco de Mexico, Mexico City.
59. White, W.R. (2002). Changing Views on How Best to Conduct Monetary Policy. Speech at the Central Bank Governors' Club Meeting held in Nafjplio (Greece). Bank for International Settlements, Basle.
60. Wollmershauser, T. (2003). Should Central Banks React to Exchange Rate Movements? An Analysis of the Robustness of Simple Rules under Exchange Rate Uncertainty. Paper presented at the 2nd Workshop on Macroeconomic Policy Research, October 2-3. Budapest.