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Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand)

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand)
Author:	Palmqvist, Stefan Ulf.
Description:	119 p.
Notes:	Chair: Maurice Obstfeld.
Notes:	Source: Dissertation Abstracts International, Volume: 65-02, Section: A, page: 0621.
Contained By:	Dissertation Abstracts International65-02A.
Subject:	Economics, General.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3121638
ISBN:	0496689894

Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand)
Palmqvist, Stefan Ulf.

Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand) [electronic resource] - 119 p.

Chair: Maurice Obstfeld.

Thesis (Ph.D.)--University of California, Berkeley, 2003.

Another chapter studies whether monetary policy affects inflation by affecting the output gap. The chapter uses time-series data from six countries that have had price stability as the primary goal of monetary policy. Only in Germany and New Zealand is it found that monetary policy affects the output gap the way the theory suggests. In all other countries the coefficient is either of the wrong sign or insignificant. Thus, the chapter suggests that in an inflation targeting regime, the primary transmission of monetary policy goes through other channels than through the output gap.

ISBN: 0496689894Subjects--Topical Terms:

212429
Economics, General.

Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand)
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245 1 0 $a Essays on monetary policy and inflation targeting (Sweden, Germany, New Zealand) $h [electronic resource]
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500 $a Source: Dissertation Abstracts International, Volume: 65-02, Section: A, page: 0621.
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2003.
520 # $a Another chapter studies whether monetary policy affects inflation by affecting the output gap. The chapter uses time-series data from six countries that have had price stability as the primary goal of monetary policy. Only in Germany and New Zealand is it found that monetary policy affects the output gap the way the theory suggests. In all other countries the coefficient is either of the wrong sign or insignificant. Thus, the chapter suggests that in an inflation targeting regime, the primary transmission of monetary policy goes through other channels than through the output gap.
520 # $a Another chapter uses survey data on households' inflation expectations in Sweden and the U.S., two countries that have followed similar inflation paths. A remarkable shift in the Swedish households' inflation expectations is identified. After the introduction of inflation targeting in Sweden most households report zero expected inflation. A similar shift in the distribution of responses in the U.S. cannot be found. This suggests that the introduction of targets affects the private sectors' formation of expectations and that announcing a target adds to credibility by anchoring expectations.
520 # $a Inflation targeting is becoming an increasingly popular regime for monetary policy. While there is considerable evidence in the literature in favor of achieving and maintaining price stability, the question is whether it matters for policy or outcomes if the target is explicit.
520 # $a One potential explanation for why announcing the target is beneficial to the central bank is that by announcing a target the central bank resolves the uncertainty over its inflation objective. One chapter of this dissertation shows that even though announcements must be costly to have the desired effect the central bank could still be better off making them. Also, for a hawkish central bank the gains from making the target explicit are increasing in the uncertainty over the central bank's inflation objective, which sheds some light on why the Fed has been reluctant to announce an explicit target.
520 # $a The final chapter studies the correlation between markups and inflation in a two-sector dynamic general equilibrium model. The model fits the facts in that it is able to generate volatilities and correlations that are similar to those observed in the data. In the model higher markups lead to higher inflation, and the quantitative effects are not negligible. Further, of the two sectors studied, goods and services, fluctuations in markups in the goods sector have quantitatively larger effects on inflation.
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790 1 0 $a Obstfeld, Maurice, $e advisor
791 $a Ph.D.
792 $a 2003
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