Globalisation, inflation and monetary policy in Asia and the Pacific

Bank for International Settlements

No 77 in BIS Papers from Bank for International Settlements

Abstract: The People's Bank of China and the Bank for International Settlements co-hosted a research conference on "Globalisation and Inflation Dynamics in Asia and the Pacific" on 23-24 September 2013 in Beijing. This was the wrap-up conference for the BIS Asian Office's two-year research programme on globalisation and inflation that was launched by the Asian Consultative Council in February 2012. The event brought together senior officials and researchers from central banks, international organisations and academia. Governor Zhou Xiaochuan of the People's Bank of China made the opening remarks and former Governor Masaaki Shirakawa of the Bank of Japan delivered the keynote address. The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. This volume is a collection of the speeches, presentations and a background paper from the conference.

Date: 2014 Written 2014-03
ISBN: 978-92-9197-985-1
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Chapters in this book:

Foreword , pp iii

Frank Packer and Aaron Mehrotra

Opening remarks , pp 1-2

Zhou Xiaochuan

Inflation forecasts in Asia and the Pacific: performance, disagreement and spillovers , pp 15-30

Pierre Siklos

Comments on Pierre Siklos' paper , pp 31-34

Richard Dennis

Measuring economic slack in Asia and the Pacific , pp 35-50

James Morley

Comments on James Morley's paper , pp 51-54

Jun Il Kim

Is inflation (or deflation) "always and everywhere" a monetary phenomenon? , pp 57-78

Masaaki Shirakawa

Real globalisation and price spillovers in Asia and the Pacific , pp 81-89

Raphael Auer and Aaron Mehrotra

Comments on Raphael Auer and Aaron Mehrotra's paper , pp 91-95

Toshitaka Sekine

Responding to exchange rates in a globalised world , pp 97-117

Michael Devereux and James Yetman

Comments on Michael Devereux and James Yetman's paper , pp 119-125

Ippei Fujiwara

Has Asian emerging market monetary policy been too procyclical when responding to swings in commodity prices? , pp 129-153

Andrew Filardo and Marco Lombardi

Comments on Andrew Filardo and Marco Lombardi's paper , pp 155-158

Luis Catão

Inflation and China's monetary policy reaction function: 2002-2013 , pp 159-170

Eric Girardin, Sandrine Lunven and Guonan Ma

Comments on Eric Girardin, Sandrine Lunven and Guonan Ma's paper , pp 171-174

Dong He

Closing remarks , pp 175-178

Stephen Cecchetti

How anchored are inflation expectations in Asia? Evidence from surveys of professional forecasters , pp 181-191

Aaron Mehrotra and James Yetman

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