What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?:
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 s...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/101 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (32 p) |
| ISBN: | 1451872488 9781451872484 |
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| indexdate | 2024-07-10T09:35:35Z |
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| series2 | IMF Working Papers |
| spelling | Batini, Nicoletta Verfasser aut What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? Batini, Nicoletta Washington, D.C International Monetary Fund 2009 1 Online-Ressource (32 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/101 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 Online-Ausg Tereanu, Eugen Sonstige oth http://elibrary.imf.org/view/IMF001/09830-9781451872484/09830-9781451872484/09830-9781451872484.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Batini, Nicoletta What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title_auth | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title_exact_search | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title_exact_search_txtP | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title_full | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? Batini, Nicoletta |
| title_fullStr | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? Batini, Nicoletta |
| title_full_unstemmed | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? Batini, Nicoletta |
| title_short | What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast? |
| title_sort | what should inflation targeting countries do when oil prices rise and drop fast |
| url | http://elibrary.imf.org/view/IMF001/09830-9781451872484/09830-9781451872484/09830-9781451872484.xml |
| work_keys_str_mv | AT batininicoletta whatshouldinflationtargetingcountriesdowhenoilpricesriseanddropfast AT tereanueugen whatshouldinflationtargetingcountriesdowhenoilpricesriseanddropfast |