Exchange Rate Effects and Inflation Targeting in a Small Open Economy: A Stochastic Analysis Using FPS |
From inside the book
Results 1-3 of 5
Page 4
... stochastic disturbances . The stochastic simulation results are presented in Section 3. Section 4 contains a brief summary and conclusion . 2 FPS at a glance The Forecasting and Policy System ( FPS ) model describes the interaction of ...
... stochastic disturbances . The stochastic simulation results are presented in Section 3. Section 4 contains a brief summary and conclusion . 2 FPS at a glance The Forecasting and Policy System ( FPS ) model describes the interaction of ...
Page 8
... modelling of agents ' learning behaviour would be required to fully address it . 2.6 Stochastic simulations with FPS Running stochastic simulations using a calibrated model is not as straightforward as when using an estimated model ...
... modelling of agents ' learning behaviour would be required to fully address it . 2.6 Stochastic simulations with FPS Running stochastic simulations using a calibrated model is not as straightforward as when using an estimated model ...
Page 22
... inflation ? Stochastic simulations of the Reserve Bank of New Zealand's macroeconomic model , FPS , have been used to address the question . The stochastic simulation results suggest that targeting domestic price inflation 22.
... inflation ? Stochastic simulations of the Reserve Bank of New Zealand's macroeconomic model , FPS , have been used to address the question . The stochastic simulation results suggest that targeting domestic price inflation 22.
Common terms and phrases
1.30 RMSD INFLATION Actually Actually Actually autoregressive process base-case version CPI inflation targeting deviations of inflation direct exchange rate domestic inflation targeting domestic price inflation effects influence agents efficient frontier exchange rate effects exchange rate movements expectations effects expectations of generalised expectations process foreign sector generalised inflation import prices inflation and output inflation in domestic inflation reduces inflation targeting regimes inflation variability inflation versus influence inflation expectations instrument variability key macro variables less variability level effects lower variability maximise model economy monetary authority monetary authority's monetary policy nominal interest rates outcome under CPI output variability Phillips curve policy actions policy instrument policy reaction function policy rules considered price inflation targeting private agents projected deviations rate effects influence real output Reserve Bank results presented RMSDs in year-over-year shocks small open economy stochastic experiments targeting domestic price targeting horizon temporary disturbances variability in real version of FPS year-over-year CPI inflation Zealand περί