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Inflation mechanisms, expectations and monetary policy

Bank for International Settlements

No 89 in BIS Papers from Bank for International Settlements

Abstract: Inflation has been off-target for some time in many economies, both advanced and emerging. Whereas advanced economies have mostly been experiencing inflation below target, the experience among emerging market economies has been more mixed. Inflation has been below target in several EMEs in Asia and Central and Eastern Europe, but above target in some Latin American economies as well as in Russia, South Africa and Turkey. This volume explores the reasons behind this diverse inflation performance in EMEs and analyses possible changes to the inflation mechanism.

Date: 2016 Written 2016-11
ISBN: ISBN 978-92-9259-005-5
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Chapters in this book:

Inflation mechanisms, expectations and monetary policy - Overview , pp 1-8 Downloads
Christian Upper
Measuring inflation , pp 9-21 Downloads
Nikhil Patel and Agustín Villar
The inflation process , pp 23-40 Downloads
Yavuz Arslan, Martina Jasova and Elod Takats
Inflation expectations and monetary policy , pp 41-67 Downloads
Ricardo Sousa and James Yetman
The transition to inflation targeting in an emerging economy: selected issues , pp 69-83 Downloads
Horacio Aguirre, Mauro Alessandro and Lucas Llach
Why is inflation so high and volatile in Brazil? A primer , pp 85-91 Downloads
Tony Volpon
The evolution of inflation in Chile since 2000 , pp 93-116 Downloads
Alberto Naudon and Joaquín Vial
An underlying inflation gauge (UIG) for China , pp 117-121 Downloads
The People's Bank of China
Inflation expectations and a model-based core inflation measure in Colombia , pp 123-151 Downloads
Hernando Vargas-Herrera
Impact of the CNB's exchange rate commitment: pass-through to inflation , pp 153-167 Downloads
Michal Skořepa, Vladimír Tomšík and Jan Vlcek
Inflation mechanism and monetary policy: perspectives from Hong Kong , pp 169-177 Downloads
Lillian Cheung, Kevin Chow, Michael Cheng and Philip Ng
Fixing an impaired monetary transmission mechanism: the Hungarian experience , pp 179-191 Downloads
Péter Gábriel, György Molnár and Judit Várhegyi
Inflation mechanisms, expectations and monetary policy in Indonesia , pp 193-203 Downloads
Inflation measurement and inflation expectations: the case of Israel , pp 205-220 Downloads
Nadine Baudot-Trajtenberg and Edward (Akiva) Offenbacher
Inflation dynamics in the post-crisis period: Korea's experience , pp 221-230 Downloads
Min Chang, Changho Choi and Keunhyeong Park
Economic changes, inflation dynamics and policy responses: the Malaysian experience , pp 231-245 Downloads
Sukudhew (Sukhdave) Singh
On the costs of deflation: a consumption-based approach , pp 247-273 Downloads
Santiago Garcia-Verdu and Manuel Ramos-Francia
Inflation expectations and dollarisation in Peru , pp 275-289 Downloads
Renzo Rossini, Marco Vega, Zenon Quispe and Fernando Pérez Forero
The role of expectations in inflation dynamics in the Philippines - has it changed following the global financial crisis? , pp 291-302 Downloads
Diwa C Guinigundo
Negative bond term premia - a new challenge for Polish conventional monetary policy , pp 303-315 Downloads
Juliusz Jabłecki, Andrzej Raczko and Grzegorz Wesołowski
The Bank of Russia's inflation challenge , pp 317-326 Downloads
Central Bank of the Russian Federation
Inflation mechanisms, expectations and monetary policy in Saudi Arabia , pp 327-333 Downloads
Saudi Arabian Monetary Agency
The inflation process and expectations in Singapore , pp 335-343 Downloads
Keen Meng Choy
Inflation mechanisms, expectations and monetary policy , pp 345-348 Downloads
South African Reserve Bank
Inflation dynamics and inflation expectations in Thailand , pp 349-360 Downloads
Wanicha Direkudomsak
Twin stability problem: joint issue of high current account deficit and high inflation , pp 361-371 Downloads
Mustafa Kilinc, Cengiz Tunc and Mehmet Yorukoglu
Inflation in the United Arab Emirates , pp 373-378 Downloads
Central Bank of the United Arab Emirates

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