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Monetary Policy in Transition: Theoretical and Practical Issues
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Editors: Olivier Basdevant (World Bank, Washington, DC)
Book Description:
Monetary policy faces a particularly difficult task in most economies going through structural reforms: having to stabilize fluctuations around the trend, central banks have also to deal with a trend that is itself subjected to shifts, as a result of reforms. This book proposes some perspectives on these issues, with various contributions from both practitioners and academics, emphasizing how rather simple techniques can be conveniently used to solve complex problems. Several issues are hence considered, each emphasizing a particular aspect of the theme proposed: (i) forecasting inflation, with the experience of the Reserve Bank of New Zealand being taken as an example, since this country went through drastic structural change, (ii) understanding underlying trends of inflation, focusing on expectations and data revision, wage-bargaining process and more generally supply effects, since structural change magnifies them, (iii) formulating policy recommendations, the example taken is the strategy towards the euro for Eastern European countries and (iv) assessing risks of sudden stops.

Table of Contents:

Chapter 1. The Reserve Bank’s Forecasting Performance;pp. 1-28
(Sharon McCaw and Satish Ranchhod, Reserve Bank of New Zealand)

Chapter 2. The Relationship Between Inflation Expectations Survey Data and Inflation;pp. 29-51
(Satish Ranchhod, Reserve Bank of New Zealand)

Chapter 3. On the Use of the Kalman Filter for Monetary Policy Purposes;pp. 53-74
(Olivier Basdevant, The World Bank)

Chapter 4. Identifying the Wage Bargaining Process in Germany;pp. 75-89
(Stephen G. Hall, Dept. of Economics, University of Leicester,UK)

Chapter 5. Variable Capital Utilization, Short-Run Elasticity of Supply and the Effectiveness of Monetary Policy;pp. 91-111
(Martial Dupaigne Gremao, Université de Toulouse)

Chapter 6. Estonia at the Threshold of EMU – The Inflation Criterion;pp. 113-131
(Alvar Kangur, Bank of Estonia and Tallinn University of Technology and Martin Lindpere, Bank of Estonia and Bocconi University)

Chapter 7. The Importance of the Bank-Lending Channel in Estonia: Evidence from Micro-Economic Data;pp. 133-157
(Reimo Juks, Bank of Estonia)

Chapter 8. Are Real Exchange Rates of Acceding Countries Consistent with Sustainable Current Accounts? A FEER Approach;pp. 159-180 (Virginie Coudert, Banque of France and Cécile Couharde, Université Paris Nord)

Chapter 9. Sudden Stops in Emerging Economies and Credit Constraints;pp. 181-206
(Marc Y. Robert, International Money Fund)


   Binding: Hardcover
   Pub. Date: 2005
   Pages: 7 x 10 211pp.
   ISBN: 1-59454-546-4
   Status: AV
Status Code Description
AN Announcing
FM Formatting
PP Page Proofs
FP Final Production
EP Editorial Production
PR At Prepress
AP At Press
AV Available
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Monetary Policy in Transition: Theoretical and Practical Issues