Money Targeting in a Modern Forecasting and Policy Analysis System is popular PDF and ePub book, written by Michal Andrle in 2013-11-25, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Money Targeting in a Modern Forecasting and Policy Analysis System can be Read Online from any device for your convenience.
Money Targeting in a Modern Forecasting and Policy Analysis System Book PDF Summary
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money targeting (ranging from targets based on optimal money demand forecasts to those derived from simple money growth rules), interest-rate based frameworks, and intermediate cases. Our framework acknowledges that ex-post adherence to targets is in itself an objective of policy in LICs; here we provide a novel interpretation of target misses in terms of structural shocks (aggregate demand, policy, shocks to money demand, etc). In the case of Kenya, we find that: (i) the setting of money targets is consistent with money demand forecasting, (ii) targets have not played a systematic role in monetary policy, and (iii) target misses mainly reflect shocks to money demand. Simulations of the model under alternative policy specifications show that the stronger the ex-post target adherence, the greater the macroeconomic volatility. Our findings highlight the benefits of a model-based approach to monetary policy analysis in LICs, including in countries with money-targeting frameworks.
Detail Book of Money Targeting in a Modern Forecasting and Policy Analysis System PDF
- Author : Michal Andrle
- Release : 25 November 2013
- Publisher : International Monetary Fund
- ISBN : 9781475538007
- Genre : Business & Economics
- Total Page : 44 pages
- Language : English
- PDF File Size : 11,7 Mb
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