00907cam0-22003371i-450 99000300697040332120200318123002.0000300697FED01000300697(Aleph)000300697FED0100030069720000920d1953----kmuy0itay50------baengGBy-------001yyAlfred Marshall and current thoughtby A.C. PigouLondonMacmillan1953VII, 84 p.19 cmMarshall, Alfred31011 rid.itaD/7Pigou,Arthur Cecil<1877-1959>103228ITUNINARICAUNIMARCBK990003006970403321XV F 26843839FGBCD/7 PIG06702SESFGBCSESAlfred Marshall and Current Thought468269UNINA04949oam 22011294 450 991096732430332120251116183924.097866138280719781462391158146239115X978145275517514527551759781283515627128351562897814519102301451910231(CKB)3360000000443735(EBL)1608470(SSID)ssj0000943341(PQKBManifestationID)11479835(PQKBTitleCode)TC0000943341(PQKBWorkID)10982419(PQKB)11448277(OCoLC)568151235(IMF)WPIEE2007006(MiAaPQ)EBC1608470(IMF)WPIEA2007006WPIEA2007006(EXLCZ)99336000000044373520020129d2007 uf 0engurcn|||||||||txtccrCan a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen /Selim Elekdag, Nabil Ben Ltaifa, Todd Schneider, Saade Chami1st ed.Washington, D.C. :International Monetary Fund,2007.1 online resource (30 p.)IMF Working Papers"January 2007."At head of title: Middle East and Central Asia Department.9781451865707 1451865708 Includes bibliographical references (p. 27-28).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 YemenII. Evidence of Exchange Rate-Inflation Pass-Through in YemenIII. Inflation Forecasting Techniques for Yemen; BibliographyMonetary 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.IMF Working Papers; Working Paper ;No. 2007/006Monetary policyYemen (Republic)Anti-inflationary policiesYemen (Republic)CurrencyimfDeflationimfExchange rate flexibilityimfExchange rate pass-throughimfExchange ratesimfForeign ExchangeimfForeign exchangeimfInflationimfMacroeconomicsimfMonetary economicsimfMonetary policy frameworksimfMonetary PolicyimfMonetary policyimfMoney and Monetary PolicyimfPrice LevelimfPricesimfYemen, Republic ofimfMonetary policyAnti-inflationary policiesCurrencyDeflationExchange rate flexibilityExchange rate pass-throughExchange ratesForeign ExchangeForeign exchangeInflationMacroeconomicsMonetary economicsMonetary policy frameworksMonetary PolicyMonetary policyMoney and Monetary PolicyPrice LevelPrices332Elekdag Selim1104193Ben Ltaifa Nabil1815861Chami Saade1815862Schneider Todd1815863International Monetary Fund.Middle East and Central Asia Department.DcWaIMFBOOK9910967324303321Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen4371401UNINA