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Some Issues in Inflation Targeting
Evidence on the Mechanism of Monetary Policy
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achieve Bank Indonesia Bank of Korea bank's base money behavior capital inflows cash flow cent central bank channel Chart coefficient core inflation countries CPI inflation credibility crisis depreciation domestic DWPI economic growth effect equation estimated exchange rate movements factors firms flexible-price sector foreign exchange Granger causality impact import price increase indicator inflation and output inflation expectations inflation forecast inflation rate inflation targeting inflation targeting regime inflation-targeting interest rate changes investment long run low inflation macroeconomic monetary authority monetary base monetary policy transmission money growth money supply nominal objective open market operations output gap output growth paper pass-through period Phillips curve potential output price index price stability real exchange rate real interest rate regression relationship Reserve Bank sample shocks short-term significant Singapore statistically sticky-price inflation sticky-price sector Table target band Thailand transmission mechanism transparency variables velocity Zealand