483 records from EconBiz based on author Name

1. Core inflation requiem: paving the way for a dual-component CPI in FPAS central banks

Mkhatrishvili, Shalva; Laxton, Douglas; Sopromadze, Tamta; Tchanturia, Mariam; Nizharadze, Ana; Gadelia, Sergo; Gigineishvili, Giorgi; Laxton, Jared;
2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:

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2. Covid-19 and the return of the 3-Star consumption functions in the US

Tchanturia, Mariam; Laxton, Jared; Laxton, Douglas; Mkhatrishvili, Shalva;
2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:

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3. Endogenous credibility and economic modeling : adapting the forecasting and policy analysis system to modern challenges

Laxton, Douglas; Igityan, Haykaz; Mkhatrishvili, Shalva;
2024
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:

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4. Transparent monetary policy: a history of inflation targeting in New Zealand

Haworth, Cameron; Kostanyan, Asya; Laxton, Douglas;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:

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5. Time to change the Bank of Canada's mandate

Kostanyan, Asya; Laxton, Douglas;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
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6. Multivariate filter estimation of potential output for the United States : an extension with labor market hysteresis

abstract

This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis. This extension captures the idea that long and deep recessions (expansions) cause persistent damage (improvement) to the labor market, thereby reducing (increasing) potential output. Applying the model to U.S. data results in significantly smaller estimates of output gaps, and higher estimates of the NAIRU, after the global financial crisis, compared to estimates without hysteresis. The smaller output gaps partly explain the absence of persistent deflation despite the slow recovery during 2010-2017. Going forward, if strong growth performance continues well beyond 2018, hysteresis is expected to result in a structural improvement in growth and employment

Alichi, Ali; Avetisyan, Hayk; Laxton, Douglas; Mkhatrishvili, Shalva; Nurbekyan, Armen; Torosyan, Lusine; Wang, Hou;
2019
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link Link

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7. Strengthening the monetary policy framework in Korea

abstract

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the target range in 2012 and remains below it despite a cut in the target to 2 percent in 2016. Policy also became more complex with the addition of financial stability to the central bank's mandate. To address these challenges, this paper proposes a two-pronged approach to strengthen the effectiveness with which monetary policy can meet its objectives: first, enhanced communication on how the target will be achieved over the medium-term, building on a forecasting and policy analysis system; and, second, by clarifying the complementary role of macroprudential policy in containing financial stability risks so that monetary policy can focus on the inflation target. Simulation of a macro model calibrated to Korea illustrates how it can be used to provide this greater medium-term focus on achieving the inflation target and strengthen communication

Clinton, Kevin; Craig, Richard Sean; Laxton, Douglas; Wang, Hou;
2019
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link Link

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8. Solving non-linear dynamic models (more) efficiently : application to a simple monetary policy model

Mkhatrishvili, Shalva; Laxton, Douglas; Tutberidze, Davit; Sopromadze, Tamta; Metreveli, Saba; Arevadze, Lasha; Mdivnishvili, Tamar; Tsutskiridze, Giorgi;
2019
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:

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9. Advancing the Frontiers of Monetary Policy

abstract

Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances

Adrian, Tobias; Laxton, Douglas; Obstfeld, Maurice;
2018
Availability: Link Link
Citations: 2 (based on OpenCitations) Cited By

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10. An index for transparency for inflation-targeting central banks : application to the Czech national bank

abstract

This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most transparent inflation-targeting central banks. The CNB has invested heavily in developing a Forecasting and Policy Analysis System (FPAS) to implement a full-fledged inflation-forecast-targeting (IFT) regime. The components of CBT-IT index include measures of transparency about monetary policy objectives, the FPAS designed to support IFT, and the monetary policymaking process. For the CNB, all three components have shown substantial improvements over time but a few gaps remain. The CNB is currently working on eliminating some of these gaps

Al-Mashat, Rania; Bulíř, Aleš; Dinçer, Nazire Nergiz; Hlédik, Tibor; Holub, Tomáš; Kostanyan, Asya; Laxton, Douglas; Nurbekyan, Armen; Portillo, Rafael; Wang, Hou;
2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link
Citations: 4 (based on OpenCitations) Cited By

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