|
EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/39060
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Löffler, Axel | | en_US |
| dc.contributor.author | | Schnabl, Gunther | | en_US |
| dc.contributor.author | | Schobert, Franziska | | en_US |
| dc.date.accessioned | | 2010-08-17 | | en_US |
| dc.date.accessioned | | 2010-08-19T12:33:16Z | | - |
| dc.date.available | | 2010-08-19T12:33:16Z | | - |
| dc.date.issued | | 2010 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/39060 | | - |
| dc.description.abstract | | Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary policy operations. Based on an augmented Barro-Gordon framework we show that inflation targeting within an environment of surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By implementing sterilization costs into the central bank's objective function the inflation bias increases. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper Monetary Policy and International Finance 3138 | | en_US |
| dc.subject.jel | | E52 | | en_US |
| dc.subject.jel | | E58 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | inflation targeting | | en_US |
| dc.subject.keyword | | exchange rate targeting | | en_US |
| dc.subject.keyword | | sterilization | | en_US |
| dc.subject.keyword | | debtor central bank | | en_US |
| dc.subject.stw | | Inflation Targeting | | en_US |
| dc.subject.stw | | Wechselkurspolitik | | en_US |
| dc.subject.stw | | Geldpolitik | | en_US |
| dc.subject.stw | | Kapitalimport | | en_US |
| dc.subject.stw | | Währungsreserven | | en_US |
| dc.subject.stw | | Gesamtwirtschaftliche Liquidität | | en_US |
| dc.subject.stw | | Aufstrebende Märkte | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Inflation targeting by debtor central banks in emerging market economies | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 633156809 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|