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Record Nr. |
UNINA9910967324303321 |
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Autore |
Elekdag Selim |
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Titolo |
Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen / / Selim Elekdag, Nabil Ben Ltaifa, Todd Schneider, Saade Chami |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2007 |
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ISBN |
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9786613828071 |
9781462391158 |
146239115X |
9781452755175 |
1452755175 |
9781283515627 |
1283515628 |
9781451910230 |
1451910231 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (30 p.) |
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Collana |
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Altri autori (Persone) |
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Ben LtaifaNabil |
ChamiSaade |
SchneiderTodd |
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Disciplina |
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Soggetti |
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Monetary policy - Yemen (Republic) |
Anti-inflationary policies - Yemen (Republic) |
Currency |
Deflation |
Exchange rate flexibility |
Exchange rate pass-through |
Exchange rates |
Foreign Exchange |
Foreign exchange |
Inflation |
Macroeconomics |
Monetary economics |
Monetary policy frameworks |
Monetary Policy |
Monetary policy |
Money and Monetary Policy |
Price Level |
Prices |
Yemen, Republic of |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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"January 2007." |
At head of title: Middle East and Central Asia Department. |
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Nota di bibliografia |
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Includes bibliographical references (p. 27-28). |
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Nota di contenuto |
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Contents; I. Introduction; II. Key Considerations in Designing a Monetary Policy Framework for Yemen; A. Instability of Money Demand; B. Maintaining a Flexible Exchange Rate Regime; C. Exchange Rate Pass-through to Inflation; Figures; 1. Overall and Core Inflation, January 2000-July 2006; III. An Alternative Monetary Policy Framework; A. General Considerations; B. Instruments and Operating Targets; C. Monetary Policy Rule; IV. Forward-Looking Approach and the Need to Forecast Inflation; A. Forecasting Techniques; V. Concluding Remarks; Appendixes; I. Instability of Money Demand in Yemen |
II. Evidence of Exchange Rate-Inflation Pass-Through in YemenIII. Inflation Forecasting Techniques for Yemen; Bibliography |
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Sommario/riassunto |
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Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule-based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term. |
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