Advancing the Frontiers of Monetary Policy

Books, April 13, 2018

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Advancing the Frontiers of Monetary Policy

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Bibliographic details

• Authors: Tobias Adrian, Douglas Laxton, Maurice Obstfeld
• Published: April 13, 2018
• Series: Books
• DOI: https://doi.org/10.5089/9781484325940.071

Overview

• Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting.
• The book describes the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications.
• It examines aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US.
• It addresses monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.

Topics and substantive findings

• Inflation-forecast targeting: principles and practices.
• Managing expectations as a core element of monetary policy strategy.
• Implementation of a forecasting and policy analysis system (FPAS).
• Design and conduct of monetary operations.
• Interaction between monetary policy and financial stability.
• Role of financial conditions in the transmission mechanism.
• Importance of transparency and communications for policy effectiveness.
• Applicability and adaptation of inflation-forecast targeting across diverse country contexts, including low-income countries.

Country and regional focus

• Canada
• Czech Republic
• India
• United States
• Low-income countries and Sub-Saharan Africa (as part of keywords indicating regional relevance)

Subjects and keywords (as provided)

• Subjects: Banking, Central bank policy rate, Financial services, Inflation, Inflation targeting, Monetary policy, Output gap, Prices, Production, Real interest rates
• Keywords: Africa, BOOK, central bank, Central bank policy rate, Global, Inflation, inflation expectation, inflation rate, Inflation targeting, monetary policy, monetary policy committee, monetary policy report, Output gap, quantitative easing, Real interest rates, Sub-Saharan Africa, transmission mechanism