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Details for article 11 of 11 found articles
| Title: |
STRUCTURAL CHANGES AND THE SCOPE OF INFLATION * TARGETING IN KOREA |
| Author: |
Choi, Gongpil |
| Appeared in: |
International economic journal |
| Paging: | Volume 17 (2003) nr. 3 pages 113-142 |
| Year: |
2003 |
| Contents: |
A small, open macroeconomic model that accounts for new financial accelerator effects (the effects of fluctuations in asset prices on bank credit and economic activity) is developed to evaluate various policy rules for inflation targeting. Given the conditions of asset markets and the fragility of the financial sector, monetary policy responses can potentially amplify the financial accelerator effect. Simulations are used to compare various forms of inflation targeting using a model that emphasizes long-term inflation expectations, output changes, and the asset price channels. The simulations suggest that a successful outcome can be obtained by adhering to simple forward-looking rules, rather than backward-looking policy rules. Furthermore, inflation targeting can contribute to price as well as output stability by helping to keep the financial accelerator from being activated. Inflation targeting in emerging economies can provide an environment conducive to long-term capital market development. [E51, F3, F41] |
| Publisher: |
Routledge |
| Source file: |
Elektronische Wetenschappelijke Tijdschriften |
Details for article 11 of 11 found articles
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