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“What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?” / / Nicoletta Batini, Eugen Tereanu



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Autore: Batini Nicoletta Visualizza persona
Titolo: “What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?” / / Nicoletta Batini, Eugen Tereanu Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (34 p.)
Soggetto topico: Petroleum products - Prices
Inflation (Finance)
Banks and Banking
Investments: Energy
Inflation
Macroeconomics
Money and Monetary Policy
Price Level
Deflation
Energy: Demand and Supply
Prices
Energy: General
Monetary Policy
Banks
Depository Institutions
Micro Finance Institutions
Mortgages
Investment & securities
Monetary economics
Banking
Oil prices
Oil
Inflation targeting
Petroleum industry and trade
Monetary policy
Banks and banking
Soggetto geografico: United States
Altri autori: TereanuEugen  
Note generali: Description based upon print version of record.
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: Contents; I. Introduction; Tables; 1. Oil Price Developments; II. Relevant Literature; III. Methodology, Data and Calibration; IV. Optimal Policy Responses and Optimal Horizons to a 2000s-Type Supply Shock; A. Optimal Policy Responses under a 2000s-Type Oil Shock; 2. Welfare Statistics-Various Oil Regimes; B. Optimal Horizons for a 2000s-Type Oil Shock; 3. Optimal Policy Horizons Under Alternative Oil Regimes; 4. Optimal Policy Horizons Under Alternative Oil Regimes (α = 0.3); V. Optimal Rules Under Imperfect Credibility; 5. Optimal Feedback Horizons Under Alternative Oil Regimes
VI. Bracing for Future ShocksVII. Concluding Remarks and Policy Implimentations; 6. Optimized Feedback Coefficients Under Three Alternative Future Oil Scenarios; References
Sommario/riassunto: After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in the price of oil and other commodities, notably food. Although inflation remained lower and growth higher in inflation targeting countries than elsewhere, almost everywhere price stability seemed in jeopardy as consumer prices kept surging and central banks struggled to maintain expectations anchored. The rapid drop in energy and food prices that later accompanied the world slowdown helped avert the worse, but inflation stayed high in many inflation targeting countries. This paper uses a small open-economy DSGE model to design the correct monetary policy response to a protracted supply shock of the kind observed today, and explains how to choose optimal policy horizons under such shock. Using a version of the model with Kalman learning, the paper also evaluates the implications of a loss of target credibility, showing how rules must be adjusted when the authorities' commitment to low inflation has been eroded. The appropriate response to future evolutions of the price of oil, including to a large downward correction as recently observed, is also evaluated.
Titolo autorizzato: “What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?”  Visualizza cluster
ISBN: 1-4623-9512-0
1-4527-1778-8
9786612843167
1-4518-7248-8
1-282-84316-8
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788348703321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2009/101