LEADER 04494oam 22009854 450 001 9910788406103321 005 20230721033256.0 010 $a1-4623-9115-X 010 $a1-4527-5517-5 010 $a1-283-51562-8 010 $a1-4519-1023-1 010 $a9786613828071 035 $a(CKB)3360000000443735 035 $a(EBL)1608470 035 $a(SSID)ssj0000943341 035 $a(PQKBManifestationID)11479835 035 $a(PQKBTitleCode)TC0000943341 035 $a(PQKBWorkID)10982419 035 $a(PQKB)11448277 035 $a(OCoLC)568151235 035 $a(MiAaPQ)EBC1608470 035 $a(IMF)WPIEE2007006 035 $a(EXLCZ)993360000000443735 100 $a20020129d2007 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aCan a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2007. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 300 $a"January 2007." 300 $aAt head of title: Middle East and Central Asia Department. 311 $a1-4518-6570-8 320 $aIncludes bibliographical references (p. 27-28). 327 $aContents; 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 327 $aII. Evidence of Exchange Rate-Inflation Pass-Through in YemenIII. Inflation Forecasting Techniques for Yemen; Bibliography 330 3 $aMonetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy framework for Yemen emphasizing a proactive and rule-based approach with a greater direct focus on price stability in the context of a flexible management of the exchange rate. Although, as in many developing countries, institutional capacity is a concern, adopting a more formal framework could impel the kind of changes that are required to strengthen the ability of the CBY in achieving low and stable rates of inflation over the medium term. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2007/006 606 $aMonetary policy$zYemen (Republic) 606 $aAnti-inflationary policies$zYemen (Republic) 606 $aForeign Exchange$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy$2imf 606 $aMacroeconomics$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMonetary economics$2imf 606 $aMonetary policy frameworks$2imf 606 $aExchange rates$2imf 606 $aExchange rate flexibility$2imf 606 $aExchange rate pass-through$2imf 606 $aPrices$2imf 606 $aMonetary policy$2imf 607 $aYemen, Republic of$2imf 615 0$aMonetary policy 615 0$aAnti-inflationary policies 615 7$aForeign Exchange 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy 615 7$aMacroeconomics 615 7$aCurrency 615 7$aForeign exchange 615 7$aMonetary economics 615 7$aMonetary policy frameworks 615 7$aExchange rates 615 7$aExchange rate flexibility 615 7$aExchange rate pass-through 615 7$aPrices 615 7$aMonetary policy 676 $a332 712 02$aInternational Monetary Fund.$bMiddle East and Central Asia Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788406103321 996 $aCan a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen$93850032 997 $aUNINA