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[null,"1.","Record Nr.",null,"UNINA9910788715403321"]
[null,null,"Titolo",null,"Inflation Targeting Under Imperfect Policy Credibility"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2009"]
[null,null,"ISBN",null,"1-4623-2348-0"]
[{"$nulls":4},"1-4527-7227-4"]
[{"$nulls":4},"1-282-84314-1"]
[{"$nulls":4},"9786612843143"]
[{"$nulls":4},"1-4518-7241-0"]
[null,null,"Descrizione fisica",null,"1 online resource (32 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[null,null,"Soggetti",null,"Inflation (Finance)"]
[{"$nulls":4},"Fiscal policy"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Money and Monetary Policy"]
[{"$nulls":4},"Economic Theory"]
[{"$nulls":4},"Production and Operations Management"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Monetary Policy"]
[{"$nulls":4},"Macroeconomics: Production"]
[{"$nulls":4},"Agriculture: Aggregate Supply and Demand Analysis"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Monetary economics"]
[{"$nulls":4},"Economic theory & philosophy"]
[{"$nulls":4},"Inflation targeting"]
[{"$nulls":4},"Output gap"]
[{"$nulls":4},"Supply shocks"]
[{"$nulls":4},"Disinflation"]
[{"$nulls":4},"Monetary policy"]
[{"$nulls":4},"Production"]
[{"$nulls":4},"Economic theory"]
[{"$nulls":4},"Supply and demand"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Description based upon print version of record."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Contents; I. Introduction; II. The Model; A. Inflation Process with Endogenous Credibility; A.1 Inflation equation-an expectations-augmented Phillips curve; A.2 Output Gap equation; A.3 Exchange rate-real interest rate parity equation; A.4 Monetary policy loss function; A.5 Note on calibration; III. Optimal Disinflation; A. Initial Condition; B. Disinflation Under Various Degrees of Credibility; IV. Optimal Responses to Shocks; A. Initial Conditions; B. Supply Shocks; C. Demand Shocks; V. Costs of Delaying Interest Rate Increase Under Imperfect Credibility; VI. Concluding Remarks; References"]
[{"$nulls":4},"Figures1. Disinflation with Equal Weights on Inflation, Output and Interest Rate Variability; 2. Disinflation with Lower Weights on Output and Interest Rate Variability; 3. Responses to Unfavorable and Favorable Supply Shocks (Positive Shock Circle;  Negative Shock Triangle); 4. Responses to Positive and Negative Demand Shocks (Positive Shock Circle Negative Shock Triangle; 5. Cost of Delaying Interest Rate Hikes in Response to an Unfavorable Supply Shock in an Economy with High Inflation and Low Initial Credibility (No Delay Triangle;  Delay Circle)"]
[null,null,null,"Sommario/riassunto","This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function. The model highlights problems associated with the practice of setting a series of rigid near-term inflation targets. Also, unfavorable supply shocks pose a difficult problem: an appropriate response involves an interest rate increase, some loss of output, and a period of increased inflation. A delayed response can result in a prolonged period of stagflation."]