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 FieldValueLanguage
dc.contributor.authorLöffler, Axelen_US
dc.contributor.authorSchnabl, Guntheren_US
dc.contributor.authorSchobert, Franziskaen_US
dc.date.accessioned2010-08-17en_US
dc.date.accessioned2010-08-19T12:33:16Z-
dc.date.available2010-08-19T12:33:16Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/39060-
dc.description.abstractGiven 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.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper Monetary Policy and International Finance 3138en_US
dc.subject.jelE52en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordinflation targetingen_US
dc.subject.keywordexchange rate targetingen_US
dc.subject.keywordsterilizationen_US
dc.subject.keyworddebtor central banken_US
dc.subject.stwInflation Targetingen_US
dc.subject.stwWechselkurspolitiken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwKapitalimporten_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwGesamtwirtschaftliche Liquiditäten_US
dc.subject.stwAufstrebende Märkteen_US
dc.subject.stwTheorieen_US
dc.titleInflation targeting by debtor central banks in emerging market economiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn633156809en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

Files in This Item:
File Description SizeFormat
633156809.pdf558.36 kBAdobe PDF
No. of Downloads:
last Month last 3 Month total
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.