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Book Cover
E-book
Author Tang, Man-Keung, author.

Title Communication of central bank thinking and inflation dynamics / Man-Keung Tang and Xiangrong Yu
Published [Washington, D.C.] : International Monetary Fund, ©2011

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Description 1 online resource (33 pages) : illustrations
Series IMF working paper ; WP/11/209
IMF working paper ; WP/11/209.
Contents Cover Page; Title Page; Copyright Page; Contents; I. Introduction; Literature Review; II. The Model; III. Data and Estimation; Mexico's Inflation Regime; Data for Mexico; Estimation Results; IV. Simulations of Stylized Scenarios; Calibration; The Effect of Uncertainty About "q"; Imperfect Information Regarding the Central Bank's Economic Assessment; V. Concluding Remarks; References; Footnotes
Summary This paper studies the role of central bank communication of its economic assessment in shaping inflation dynamics. Imperfect information about the central bank's assessment - or the basis for monetary policy decisions - could complicate the private sector's learning about its policy response function. We show how clear central bank communication, which facilitates agents' understanding of policy reasoning, could bring about less volatile inflation and interest rate dynamics, and afford the authorities with greater policy flexibility. We then estimate a simple monetary model to fit the Mexican economy, and use the suggested parameters to illustrate the model's quantitative implications in scenarios where the timing, nature and persistence of shocks are uncertain
Notes At head of title: Western Hemisphere Department
Title from PDF title page (IMF Web site, viewed September 20, 2011)
"August 2011."
Bibliography Includes bibliographical references
Subject Banks and banking, Central -- Mexico -- Econometric models
Monetary policy -- Mexico -- Econometric models
Inflation targeting -- Mexico -- Econometric models
Banks and banking, Central -- Econometric models
Monetary policy -- Econometric models
Mexico
Form Electronic book
Author Yu, Xiangrong, author.
International Monetary Fund. Western Hemisphere Department, issuing body.
ISBN 1283562014
9781283562010
9781463902773
1463902778