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Готові списки джерел за темами / Inflation anchoring / Статті в журналах

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Статті в журналах з теми "Inflation anchoring"

Автор: Grafiati

Опубліковано: 11 березня 2023

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1

Coibion, Olivier, and Yuriy Gorodnichenko. "Inflation Expectations in Ukraine: A Long Path to Anchoring?" Visnyk of the National Bank of Ukraine, no. 233 (September 29, 2015): 6–23. http://dx.doi.org/10.26531/vnbu2015.233.006.

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Анотація:

We study survey data of inflation and exchange rate expectations in Ukraine. These data are available for households, firms and professional forecasters. We document some unique properties of these data as well as some limitations and discuss the longer run prospects for inflation expectations in Ukraine given the National Bank of Ukraine’s desire to adopt an inflation target in the future.

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2

Magill, Michael, and Martine Quinzii. "Anchoring expectations of inflation." Journal of Mathematical Economics 50 (January 2014): 86–105. http://dx.doi.org/10.1016/j.jmateco.2013.06.003.

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3

Nedeljkovic, Milan, Nebojsa Savic, and Emir Zildzovic. "Inflation targeting and the anchoring of inflation expectations in the CEE countries." Panoeconomicus 64, no. 4 (2017): 423–37. http://dx.doi.org/10.2298/pan150219005n.

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This paper studies the time evolution in the degree and level of anchoring of inflation expectations in four Central and Eastern European inflation targeting countries. The results suggest that the degree of anchoring of inflation expectations increased gradually in all countries over the last decade, while the level of implied inflation targets moved towards the official target. The extent of anchoring increased more strongly in the first years following the IT adoption and more gradually over the later period. We also find that smooth changes of the official target had a positive impact on anchoring.

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4

Bems, Rudolfs, Francesca Caselli, Francesco Grigoli, and Bertrand Gruss. "Expectations' anchoring and inflation persistence." Journal of International Economics 132 (September 2021): 103516. http://dx.doi.org/10.1016/j.jinteco.2021.103516.

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5

Bems, Rudolfs, Francesca Caselli, Francesco Grigoli, Bertrand Gruss, and Weicheng Lian. "Expectations' Anchoring and Inflation Persistence." IMF Working Papers 12, no. 280 (2018): 1. http://dx.doi.org/10.5089/9781484388846.001.

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6

Silva, Evelin Da, and Sergio Da Silva. "Anchoring Heuristic Messes with Inflation Targeting." OALib 02, no. 04 (2015): 1–10. http://dx.doi.org/10.4236/oalib.1101450.

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7

Strohsal, Till, and Lars Winkelmann. "Assessing the anchoring of inflation expectations." Journal of International Money and Finance 50 (February 2015): 33–48. http://dx.doi.org/10.1016/j.jimonfin.2014.09.001.

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8

Ascari, Guido, Anna Florio, and Alessandro Gobbi. "Transparency, expectations anchoring and inflation target." European Economic Review 91 (January 2017): 261–73. http://dx.doi.org/10.1016/j.euroecorev.2016.11.001.

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9

Ryngaert, Jane M. "Balance of Risks and the Anchoring of Consumer Expectations." Journal of Risk and Financial Management 16, no. 2 (January 28, 2023): 79. http://dx.doi.org/10.3390/jrfm16020079.

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This paper shows that expected inflation risks pose threats to the anchoring of expectations. I propose a new method for fitting subjective probability distributions to density forecasts that allows for asymmetric beliefs over inflation outcomes. Using data from the Federal Reserve Bank of New York’s Survey of Consumer Expectations, I show that medium run expectations move in the direction of perceived short run risks. A diffusion index of consumers’ perceived balance of risks to inflation shows that high short run inflation expectations coincide with the balance of medium risks being weighted to the upside.

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10

Calvo, Guillermo, Michael Kumhof, and Oya Celasun. "Nominal Exchange Rate Anchoring Under Inflation Inertia." IMF Working Papers 02, no. 30 (2002): 1. http://dx.doi.org/10.5089/9781451844924.001.

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11

Habiby, Salwa. "Inflation Targeting and Economic Performance: Application of the New Keynesian Small Open Economy DSGE." Advances in Social Sciences Research Journal 9, no. 1 (January 28, 2022): 397–418. http://dx.doi.org/10.14738/assrj.91.11619.

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Bank Al-Maghrib aim to adopt the inflation targeting regime to keep pace with changes in the monetary policy environment. The challenge for the central bank is to meet the prerequisites of inflation targeting to ensure the anchoring of expectations, and thus achieve the inflation target and real stability. The objective of this paper is to propose an optimal model for Morocco's successful transition to inflation targeting. To do so, we build a New Keynesian Small Open Economy DSGE model, characterized by financial frictions, imperfect exchange rate pass-through, unemployment, fiscal rule and new shocks. The results of our simulations lead us to assert that it would be wise to choose the most complete model, since it provides credibility, stability and growth. Keywords: anchoring expectations, inflation targeting, economic growth, DSGE, financial frictions.

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12

Angeletos, George-Marios, and Zhen Huo. "Myopia and Anchoring." American Economic Review 111, no. 4 (April 1, 2021): 1166–200. http://dx.doi.org/10.1257/aer.20191436.

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Анотація:

We develop an equivalence between the equilibrium effects of incomplete information and those of two behavioral distortions: myopia, or extra discounting of the future; and anchoring of current behavior to past behavior, as in models with habit persistence or adjustment costs. We show how these distortions depend on higher-order beliefs and GE mechanisms, and how they can be disciplined by evidence on expectations. We finally illustrate the use of our toolbox with a quantitative application in the context of inflation, a bridge to the HANK literature, and an extension to networks. (JEL C53, D83, D85, E12, E31, E37)

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13

Nautz, Dieter, Till Strohsal, and Aleksei Netšunajev. "THE ANCHORING OF INFLATION EXPECTATIONS IN THE SHORT AND IN THE LONG RUN." Macroeconomic Dynamics 23, no. 5 (September 21, 2017): 1959–77. http://dx.doi.org/10.1017/s1365100517000517.

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This paper introduces structural VAR analysis as a tool for investigating the anchoring of inflation expectations. We show that US consumers' inflation expectations are anchored in the long run because macro-news shocks are long-run neutral for long-term inflation expectations. The identification of structural shocks helps to explain why inflation expectations deviate from the central bank's target. Our results indicate that the recent decline in long-term inflation expectations does not result from deanchoring macro-news but can be attributed to downward adjustments in consumers' expectations about the central bank's inflation target.

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14

Libich, Jan. "A NOTE ON THE ANCHORING EFFECT OF EXPLICIT INFLATION TARGETS." Macroeconomic Dynamics 13, no. 5 (October 19, 2009): 685–97. http://dx.doi.org/10.1017/s1365100509080328.

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Анотація:

Empirical literature provided convincing evidence that explicit (i.e., legislated) inflation targets anchor expectations. I propose a novel game theoretic framework with generalized timing that allows us to formally capture this beneficialanchoring effect. Using the framework I identify several factors that influence whether and how strongly expectations are anchored, namely (i) the public's cost of decision making, (ii) the public's inflation aversion, (iii) the slope of the Phillips curve, (iv) the magnitude of supply shocks, (v) the degree of central bank conservatism, and under many (but not all) circumstances, (vi) the explicitness of the inflation target.

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15

Alex, Dony. "Anchoring of inflation expectations in large emerging economies." Journal of Economic Asymmetries 23 (June 2021): e00202. http://dx.doi.org/10.1016/j.jeca.2021.e00202.

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16

Choi, Sangyup, Davide Furceri, and Prakash Loungani. "Inflation Anchoring and Growth: Evidence from Sectoral Data." IMF Working Papers 18, no. 36 (2018): 1. http://dx.doi.org/10.5089/9781484344200.001.

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17

Strohsal, Till, Rafi Melnick, and Dieter Nautz. "The time-varying degree of inflation expectations anchoring." Journal of Macroeconomics 48 (June 2016): 62–71. http://dx.doi.org/10.1016/j.jmacro.2016.02.002.

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18

Osei, Victor. "Inflation Dynamics in Ghana." International Finance and Banking 2, no. 1 (June 28, 2015): 38. http://dx.doi.org/10.5296/ifb.v2i1.7913.

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Анотація:

The study sought to investigate the key factors that influence inflation dynamics in Ghana. The study found that inflation in Ghana is determined primarily by inflation persistence, reflecting price expectations, domestic food prices, petroleum prices and exchange rate. The other determinants of inflation used in this study such as money supply and world food prices weakly affect domestic inflation. The study also recommended that anchoring inflation expectations and managing exchange rate misalignment remains key policy strategies in any effort and attempt by the monetary authorities to achieving and maintaining price stability in the country coupled with moderating the negative effects of other inflation determining factors.

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19

Güler, Aslı. "Does Monetary Policy Credibility Help in Anchoring Inflation Expectations? Evidence from Six Inflation Targeting Emerging Economies." Journal of Central Banking Theory and Practice 10, no. 1 (January 1, 2021): 93–111. http://dx.doi.org/10.2478/jcbtp-2021-0005.

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Анотація:

Abstract Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the extent to which inflation expectations are formed by the announced targets. As the credibility of the central bank increases, its ability to affect the public expectation also increases. The public adjusts its inflation expectations based on announced inflation target only in case of that they believe that the central bank has the sufficiency to reach the inflation target. Credibility enables expectation to be formed in a forward-looking way by weakening its connection with the past. This study aims to contribute to the literature concerning the effects of credibility on monetary policy. For this purpose, using data of six emerging inflation targeting economies (Turkey, Brazil, the Czech Republic, Chile, Poland, and South Africa), the empirical tests were carried out in order to understand the effect of the credibility on the behaviour of inflation expectation in emerging economies. The findings denote that credibility is quite relevant to reduce inflation expectations and contributes to the strength of inflation targets being an anchor for inflation expectations.

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20

Choi, Sangyup, Davide Furceri, Prakash Loungani, and Myungkyu Shim. "Inflation anchoring and growth: The role of credit constraints." Journal of Economic Dynamics and Control 134 (January 2022): 104279. http://dx.doi.org/10.1016/j.jedc.2021.104279.

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21

Reid, Monique, Pierre Siklos, and Stan Du Plessis. "What drives household inflation expectations in South Africa? Demographics and anchoring under inflation targeting." Economic Systems 45, no. 3 (September 2021): 100878. http://dx.doi.org/10.1016/j.ecosys.2021.100878.

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22

Broz, J. Lawrence, and Michael Plouffe. "The Effectiveness of Monetary Policy Anchors: Firm-Level Evidence." International Organization 64, no. 4 (October 2010): 695–717. http://dx.doi.org/10.1017/s0020818310000196.

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Анотація:

AbstractAnalyses of monetary policy posit that exchange-rate pegs, inflation targets, and central bank independence can help anchor private-sector inflation expectations. Yet there are few direct tests of this argument. We offer cross-national, micro-level evidence on the effectiveness of monetary anchors in controlling private-sector inflation concerns. Using firm-level data from eighty-one countries (approximately 10,000 firms), we find evidence that “international” anchors (exchange-rate commitments) correlate significantly with a substantial reduction in private-sector concerns about inflation while “domestic” anchors (inflation targeting and central bank independence) do not. Our conjecture is that private-sector inflation expectations are more responsive to exchange-rate anchors because they are more transparent, more constraining, and more costly than domestic anchoring arrangements.

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23

Madito, Oatlhotse, and Nicholas M. Odhiambo. "The Main Determinants of Inflation in South Africa: an Empirical Investigation." Organizations and Markets in Emerging Economies 9, no. 2 (December 31, 2018): 212–32. http://dx.doi.org/10.15388/omee.2018.10.00011.

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Анотація:

This study investigated the determinants of inflation in South Africa using quarterly data from 1970Q1 to 2015Q4. The study was motivated by recent trends in domestic inflation that has frequently been at the upper end of the target range of between 3% and 6%, and the need to guide inflation-related policy since 2008. These recent trends raised concerns regarding the effectiveness of the current monetary policy approach in responding to internal and external factors that are significant in determining domestic inflation. Using Error Correction Model (ECM) modelling techniques, empirical results revealed that inflation expectations, labour costs, government expenditure and import prices are positive determinants, while GDP and exchange rates are negative determinants of inflation. To achieve the macroeconomic policy objective of a stable and low inflation rate for South Africa, more emphasis should be placed on anchoring inflation expectations, which was found to be highly significant in determining inflation.

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24

Iwai Drumond, Carlos Eduardo, Cleiton Silva De Jesus, and João Basilio Pereima. "Metas de inflação e consistência expectacional em um modelo com regra de juros não linear." Brazilian Keynesian Review 4, no. 2 (March 11, 2019): 177. http://dx.doi.org/10.33834/bkr.v4i2.120.

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Анотація:

<p>The aim of this paper is to develop a post-Keynesian macroeconomic model that takes into account a non-linearity in the interest rate rule. We assume that the monetary authority considers, in the practice of monetary policy, an interaction between inflation rates and the rate of capacity utilization, so that the sensitivity of the interest rate rule to the gap of inflation in relation to target varies according to the economic cycle. The macroeconomic policy framework proposed here allows the monetary authority to be sensitive to the inflation and to the output without, losing sight of the anchoring role of the inflation target.</p>

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25

BHAT, KALIMULLAH, GHULAM NABI, and NAVEEDA ZEB. "The Role of Anchoring Bias on Economic and Financial Knowledge: A Study Based on Business Graduates." International Review of Management and Business Research 10, no. 1 (March 8, 2021): 259–67. http://dx.doi.org/10.30543/10-1(2021)-22.

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The purpose of this study is to determine the role of anchoring bias in the economic and financial information. An experiment involving the business students is carried out by providing them information about recent economic and financial anchors about stock market, index returns, inflation and exchange rates in groups where one groups is exposed to some relevant anchors. In the first group, which is the “control group” the participants were given no relevant information and were asked to give their best estimate for all the respective indicators. In the second group the “anchoring group” participants were asked the same questions but are provided indicator anchors to deduce their anchoring estimates, for instance the current value of KSE-100 index is provided, and the respondents were asked to predict the current value of KSE-30 index. The results show that there is significant degree of anchoring bias for each of the questions and it is higher for males as compare to females. Similarly, the respondents when exposed to relevant anchors show significant anchoring bias than for irrelevant anchors. Keywords: Anchoring Bias, Relevant Anchoring, Irrelevant Anchoring, Perceived Relevance, Financial Indicators.

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26

Xu, Yingying. "The anchoring of inflation expectations in time and frequency domains." Economic Research-Ekonomska Istraživanja 32, no. 1 (January 1, 2019): 2044–62. http://dx.doi.org/10.1080/1331677x.2019.1640626.

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27

Yang, Xuexiang, Shanpo Jia, Caoxuan Wen, and Yuanjie Liu. "Development of a New Inflatable Controlled Anchor System and Experimental Study of pull-out Capacity." Advances in Civil Engineering 2019 (April 30, 2019): 1–12. http://dx.doi.org/10.1155/2019/8105986.

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Анотація:

Considering the deficiency of traditional anchors, we propose a new type of inflatable controlled anchor system in this paper. The working mechanism and its structural composition of newly designed inflatable controlled device are discussed in detail. To investigate the performance and pull-out capacity of this new anchor system, a series of field tests were carried out under different inflation pressure conditions. By comparing these test results with those of traditional grouting anchors, a full-process constitutive model of anchor-soil interface is proposed to depict the pull-out characteristics of the inflatable controlled anchor. The results show that the ultimate bearing capacity of the inflatable controlled anchor is greater than that of the traditional grouting anchor when the inflation pressure is greater than 0.2 MPa and the ultimate bearing capacity of this new anchor improves obviously with the increase of inflation pressure. When the inflation pressure reaches 0.4 MPa, the ultimate bearing capacity of the inflatable controlled anchor is 2.08 times that of the traditional grouting anchor. Through comparison with the experimental curves, the results of model calculation indicate that the proposed anchor-soil interface constitutive equation can describe the pull-out characteristics of the inflatable controlled anchor. The designed controlled anchor has the advantages of no grouting, recyclability, rapid formation of anchoring force, and adjustable anchoring force.

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28

de Oliveira, Fernando Nascimento, and Wagner Piazza Gaglianone. "Expectations anchoring indexes for Brazil using Kalman filter: Exploring signals of inflation anchoring in the long term." International Economics 163 (October 2020): 72–91. http://dx.doi.org/10.1016/j.inteco.2020.04.007.

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29

Ehrmann, Michael. "Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations." Journal of International Economics 132 (September 2021): 103514. http://dx.doi.org/10.1016/j.jinteco.2021.103514.

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30

Delgado, Carlos, Iván Araya, and Gabriel Pino. "Business cycle synchronization: is it affected by inflation targeting credibility?" SERIEs 11, no. 2 (October 5, 2019): 157–77. http://dx.doi.org/10.1007/s13209-019-00206-z.

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Анотація:

Abstract We empirically study the impact of inflation targeting credibility on business cycle synchronization with G-7 economies. To do this, we use a sample of 15 inflation targeting countries to develop and calculate a reputation-based credibility measure for long- and short-term memory. By using dynamic multipliers through a panel vector autoregressive model, our main findings indicate that greater credibility allows for greater anchoring of inflation expectations by economic agents. This would lead to a greater effectiveness of monetary policy in stabilizing the evolution of prices, allowing the output gap to be more sensitive to external aggregate demand shocks. Therefore, countries with inflation targeting regimes must develop and maintain credibility for their monetary policy if they want to encourage greater interactions with the rest of the world.

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31

Qin, Jie, Jiawei Wang, and Tiandan Zheng. "Chinese Commodity Price Evidence Study for COVID-19 Shock and Price Stickiness Model Design." Scientific Programming 2022 (August 18, 2022): 1–10. http://dx.doi.org/10.1155/2022/5178538.

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Based on the high-frequency price data, this article estimates the extent of price stickiness, identifies the pricing model, and applies the micro-results to analyze the dynamic characteristics of inflation. The results show that the price moves downward steadily during the COVID-19 epidemic. Secondly, the commodity price displays low stickiness, and the pricing model shows the time-dependent pricing (TDP) model in general. Finally, the inflation inertia is negative, indicating the macro-control is effective on COVID-19 epidemic and has the feature of contradiction to the economic cycle. And inflation inertia mainly comes from food commodities, which means that the anchoring object of the policy should be food commodities during the COVID-19 pandemic.

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32

Bems, Rudolfs, Francesca Caselli, Francesco Grigoli, and Bertrand Gruss. "Gains from Anchoring Inflation Expectations: Evidence from the Taper Tantrum Shock." IMF Working Papers 19, no. 75 (2019): 1. http://dx.doi.org/10.5089/9781498302777.001.

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33

GRISHCHENKO, OLESYA, SARAH MOUABBI, and JEAN‐PAUL RENNE. "Measuring Inflation Anchoring and Uncertainty: A U.S. and Euro Area Comparison." Journal of Money, Credit and Banking 51, no. 5 (May 20, 2019): 1053–96. http://dx.doi.org/10.1111/jmcb.12622.

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34

Bems, Rudolfs, Francesca Caselli, Francesco Grigoli, and Bertrand Gruss. "Gains from anchoring inflation expectations: Evidence from the taper tantrum shock." Economics Letters 188 (March 2020): 108820. http://dx.doi.org/10.1016/j.econlet.2019.108820.

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35

Buono, Ines, and Sara Formai. "New evidence on the evolution of the anchoring of inflation expectations." Journal of Macroeconomics 57 (September 2018): 39–54. http://dx.doi.org/10.1016/j.jmacro.2018.04.003.

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36

Gobbi, Lucio, Ronny Mazzocchi, and Roberto Tamborini. "Monetary policy, de-anchoring of inflation expectations, and the “new normal”." Journal of Macroeconomics 61 (September 2019): 103070. http://dx.doi.org/10.1016/j.jmacro.2018.10.006.

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37

Baxa, Jaromír, Roman Horváth, and Bořek Vašíček. "HOW DOES MONETARY POLICY CHANGE? EVIDENCE ON INFLATION-TARGETING COUNTRIES." Macroeconomic Dynamics 18, no. 3 (March 26, 2013): 593–630. http://dx.doi.org/10.1017/s1365100512000545.

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Анотація:

We examine the evolution of monetary policy rules in a group of inflation-targeting countries (Australia, Canada, New Zealand, Sweden, and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. From this novel flexible framework, our main findings are threefold. First, monetary policy rules change gradually, pointing to the importance of applying a time-varying estimation framework. Second, the interest-rate smoothing parameter is much lower than typically reported by previous time-invariant estimates of policy rules. External factors matter for all countries, although the importance of the exchange rate diminishes after the adoption of inflation targeting. Third, the response of interest rates to inflation is particularly strong during periods when central bankers want to break a record of high inflation, such as in the United Kingdom or Australia at the beginning of the 1980s. Contrary to common perceptions, the response becomes less aggressive after the adoption of inflation targeting, suggesting a positive anchoring effect of this regime on inflation expectations. This result is supported by our finding that inflation persistence typically decreased after the adoption of inflation targeting.

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38

Goyal, Ashima. "Flexible Inflation Targeting: Concepts and application in India." Indian Public Policy Review 3, no. 5 (Sep-Oct) (September 23, 2022): 1–21. http://dx.doi.org/10.55763/ippr.2022.03.05.001.

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Анотація:

The paper analyses issues important in adapting flexible inflation targeting (FIT) to emerging markets. This sets the context in which the evolution of FIT in India and its performance record are analysed. The dominance of supply shocks implies flexibility and fiscal-monetary coordination are necessary. Coordination can reduce the output sacrifice of disinflation, even as it aids fiscal consolidation. Communication has a major role in guiding expectations towards the inflation target. Strict implementation of inflation targeting imposed a large output sacrifice in the early years, but reversal to flexible implementation, in line with the original agreement, succeeded in keeping inflation largely within announced tolerance bands with a good growth recovery. Forecasting has improved and errors in both directions indicate the absence of bias. While there were supportive events in the initial years, such as the 2014 crash in oil prices and softening of food price inflation, the regime has also survived adverse periods of pandemic related supply-chain snarls and rising oil prices. A long period of disinflation and output sacrifice need not be necessary to anchor inflation expectations when there is complementary supply-side action. Since policy has to respond if inflation persistently exceeds the tolerance band, this also contributes to anchoring inflation expectations.

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39

Suh, Sangwon, and Daehwan Kim. "Inflation targeting and expectation anchoring: Evidence from developed and emerging market economies." North American Journal of Economics and Finance 58 (November 2021): 101535. http://dx.doi.org/10.1016/j.najef.2021.101535.

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40

Miyajima, Ken, and James Yetman. "Assessing inflation expectations anchoring for heterogeneous agents: analysts, businesses and trade unions." Applied Economics 51, no. 41 (March 27, 2019): 4499–515. http://dx.doi.org/10.1080/00036846.2019.1593317.

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41

Nautz, Dieter, Laura Pagenhardt, and Till Strohsal. "The (de-)anchoring of inflation expectations: New evidence from the euro area." North American Journal of Economics and Finance 40 (April 2017): 103–15. http://dx.doi.org/10.1016/j.najef.2017.02.002.

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42

Miyajima, Ken, and James Yetman. "Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa." IMF Working Papers 18, no. 177 (2018): 1. http://dx.doi.org/10.5089/9781484372043.001.

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43

Dash, Pradyumna, Abhishek Kumar Rohit, and Adviti Devaguptapu. "Assessing the (de-)anchoring of households’ long-term inflation expectations in the US." Journal of Macroeconomics 63 (March 2020): 103183. http://dx.doi.org/10.1016/j.jmacro.2019.103183.

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Rachman, Faisal. ""Does Inflation Targeting Framework Make a Significant Difference in Lowering Price Level?” What is Its Implication to Indonesia’s Inflation Rate?" Economics and Finance in Indonesia 61, no. 2 (August 1, 2015): 131. http://dx.doi.org/10.7454/efi.v61i2.508.

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AbstractIn the last two decades many countries have been starting to employ Inflation Targeting Framework (ITF) as their main monetary policy framework. This is done to achieve an objective of anchoring public expectation on inflation which in the end will steer the price level movement towards ITF’s ultimate target of relatively low and stable inflation rate. By conducting Difference-in-Difference method on panel data consisting of five countries implementing ITF since 2001 and twenty-one selected non-ITF countries for period 1990-2010, it is statistically proved that ITF adoption has a significant effect on inflation. In case of Indonesia, through Structural Break approach, the implementation of ITF since 2005 is also proved able to lower and stabilize inflation rate.Abstrak Dalam dua dekade terakhir ini banyak negara yang telah mulai menggunakan Inflation Targeting Framework (ITF) sebagai kerangka utama kebijakan moneter mereka. Hal ini dilakukan guna mencapai tujuan pengendalian ekspektasi publik yang pada akhirnya akan mengendalikan pergerakan tingkat harga relatif rendah and stabil. Dengan menggunakan metode Difference-in-Difference pada data panel, yang terdiri dari lima negara yang telah mengimplementasikan ITF sejak tahun 2001 dan dua puluh satu negara bukan pengguna ITF, untuk periode 1990-2010, disimpulkan bahwa ITF memiliki dampak signifikan pada tingkat inflasi. Untuk kasus Indonesia yang telah mengimplementasikan ITF sejak tahun 2005, melalui metode Structural Break disimpulkan hasil yang sama, yaitu tingkatan harga yang rendah dan stabil.

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Michl, Thomas R., and Kayla M. Oliver. "Combating hysteresis with output targeting." Review of Keynesian Economics 7, no. 1 (January 2019): 6–27. http://dx.doi.org/10.4337/roke.2019.01.02.

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Hysteresis, path dependence, and multiple equilibria are characteristic features of post-Keynesian economics. This paper constructs an otherwise conventional three-equation model that includes a hysteresis-generating mechanism and an invariant output target. We use it to explore the implications for monetary policy of an output-targeting policy framework that seeks to reverse the damage caused by hysteresis. We restrict ourselves to negative aggregate demand shocks and positive inflation shocks that in most instances require a disinflationary response from the central bank. One important finding is that as long as inflation expectations are to some degree anchored, the central bank can achieve its output target after an aggregate demand shock by overshooting its inflation target temporarily and running a ‘high-pressure labor market.’ If expectations are unanchored, an aggregate demand shock will not have long-run hysteresis effects because the central bank is obliged to reflate aggressively, replacing on a cumulative basis all the demand that was lost through the shock. However, with unanchored expectations a pure inflation shock will create hysteresis effects since the central bank will need to disinflate and it does not have the option of running a high-pressure labor market. Anchoring gives the central bank this option, making inflation shocks manageable.

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Zapata, Juan, and Juan Ciro. "The communication effects on inflation forecast errors: Empirical evidence from Colombia." Panoeconomicus, no. 00 (2020): 16. http://dx.doi.org/10.2298/pan180101016z.

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The purpose of this article is to explore the central bank's ability to management inflation forecast errors in Colombia. We present empirical evidence based on the Colombian experience with data from the period of 2008 to 2020. The communication channel selected for analysis is the press releases. The empirical evidence is divided into three steps: (i) regression analysis using an EGARCH model, (ii) use of VAR models, and (iii) variance decomposition analysis. The communications effects are significant for several months and that close to half of the forecast error variance can be explained by innovations in central bank communication. The results obtained allow monetary policymakers to develop more efficient strategies for anchoring expectations and strengthening the central bank credibility.

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Tokunaga, So, Yuichiro Tsurusaki, Yoshiki Sambongi, and Tomoyuki Tsumoto. "Balloon-inflation Anchoring Technique for Insertion of a Guiding Catheter in Acute Mechanical Thrombectomy." Journal of Neuroendovascular Therapy 11, no. 2 (2017): 53–58. http://dx.doi.org/10.5797/jnet.oa.2016-0072.

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48

Łyziak, Tomasz, and Maritta Paloviita. "Anchoring of inflation expectations in the euro area: Recent evidence based on survey data." European Journal of Political Economy 46 (January 2017): 52–73. http://dx.doi.org/10.1016/j.ejpoleco.2016.11.001.

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49

Bagus, Philipp. "The anti deflation bias." Acta Oeconomica 70, no. 2 (June 2020): 147–61. http://dx.doi.org/10.1556/032.2020.00008.

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AbstractDeflation is widely feared and opposed. This paper provides arguments to explain the anti-deflationary bias. It is argued that governments favour inflation, that the main deflation theories have influenced negatively the public opinion on deflation, and that rent-seeking behaviour and group formation explains why the opposition to deflationary redistribution is stronger than the opposition to inflationary redistribution. Moreover, psychological concepts, such as anchoring, the endowment effect or the availability heuristic have contributed to the fear of deflation by causing a money illusion and a equalisation of deflation and recession.

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Evstigneeva, Alina, and Mark Sidorovskiy. "Assessment of the Clarity of Bank of Russia Monetary Policy Communication by Neural Network Approach." Russian Journal of Money and Finance 80, no. 3 (September 2021): 3–33. http://dx.doi.org/10.31477/rjmf.202103.03.

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Inflation targeting requires clear and transparent central bank’s communication. Analysts and market participants understand it as a broad list of information disclosed by the central bank. The general public understands it rather as the ability of a central bank to speak and explain its decisions in a plain language. In recent decades, monetary authorities in many countries have made significant progress in this direction. However, there has been no research on the quality of communication for the Bank of Russia. This paper aims to create a tool for automated evaluation of the readability of the Bank of Russia’s monetary policy communication, taking into account the available experience of linguistic and textual analysis, including machine learning methods, as well as to provide recommendations for its improvement. This can contribute to improving the effectiveness of the Bank of Russia communication on monetary policy, which is vital for its credibility, anchoring inflation expectations, and predictability of the regulator’s decisions.

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