Price subsidies and the conduct of monetary policy /
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| Author / Creator: | Ben Aissa, Mohamed Safouane, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2012. |
| Description: | 1 online resource (42 pages) : color charts |
| Language: | English |
| Series: | IMF working paper ; WP/12/15 IMF working paper ; WP/12/15. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12500104 |
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| 100 | 1 | |a Ben Aissa, Mohamed Safouane, |e author. |0 http://id.loc.gov/authorities/names/no2013142163 | |
| 245 | 1 | 0 | |a Price subsidies and the conduct of monetary policy / |c Mohamed Safouane Ben Aissa and Nooman Rebei. |
| 246 | 1 | |i At head of title: |a IMF Institute | |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (42 pages) : |b color charts | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/12/15 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed March 9, 2012). | ||
| 500 | |a "January 2012." | ||
| 520 | |a This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equilibrium model with a sticky-price sector and a subsidized price sector for a large number of countries using Bayesian methods. The main result of this paper is that strict headline inflation targeting could be outperformed by sectoral inflation targeting, output gap stabilization, or a combination of these. In addition, several country cases exhibit lower performance of both headline and core inflation stabilization, the two most common policies in modern central banks' practices. For practical monetary policy design, we numerically identify country specific thresholds for the degree of government intervention in price setting under which core inflation targeting turns out to be the optimal choice in the context of implementable Taylor rules. | ||
| 504 | |a Includes bibliographical references (pages 41-42). | ||
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; Appendix; Tables; Figures; A. Households; B. Firms; 1. Final-good producers; 1. S-good price dynamics; 2. (A)symmetric price fluctuations; 2. Intermediate-good producers; C. Monetary and fiscal authorities; A. Calibration; 1. Calibrated Parameters; B. Which inflation to target?; 3. Welfare under CPI, Core, and S-good inflation targeting; C. Sources of the tradeoff; 4. S-good versus nS-good inflation targeting; D. The role of asymmetric price adjustments and financing subsidies; 5. Relative impact of distortions on household utility. | |
| 505 | 8 | |a E. Sectoral average inflation rates: A caveatA. Estimation strategy; B. Data and summary statistics; 6. Inflation targets and outcomes; C. Choice of prior distributions; 2. Prior distributions; D. Estimation results; 3. Parameter Estimation Results; 4. Posterior Odds; A. Welfare evaluation; B. Welfare analysis; 5. Optimized hybrid Taylor rules versus pure CPI inflation targeting; C. Optimal core inflation targeting: Some preconditions; 6. Threshold share of subsidized goods for optimal core inflation targeting policy; A. The Model's Equations; References; VI. Conclusion. | |
| 505 | 8 | |a V. Quantitative Implications of the ModelIV. Estimation; III. Optimaized Monetary Rules; II. The Model; I. Introduction; Footnotes. | |
| 650 | 0 | |a Subsidies |x Econometric models. | |
| 650 | 0 | |a Prices |x Government policy |x Econometric models. | |
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 6 | |a Subventions |x Modèles économétriques. | |
| 650 | 6 | |a Prix |x Politique gouvernementale |x Modèles économétriques. | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 650 | 7 | |a Prices |x Government policy |x Econometric models. |2 fast |0 (OCoLC)fst01076216 | |
| 650 | 7 | |a Subsidies |x Econometric models. |2 fast |0 (OCoLC)fst01136741 | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Rebei, Nooman, |d 1972- |e author. |0 http://id.loc.gov/authorities/names/nb2003072716 | |
| 710 | 2 | |a IMF Institute, |e issuing body. |0 http://id.loc.gov/authorities/names/n81065613 | |
| 776 | 0 | 8 | |i Print version: |a Rebei, Nooman. |t Price Subsidies and the Conduct of Monetary Policy. |d Washington : International Monetary Fund, ©2012 |z 9781463931209 |
| 830 | 0 | |a IMF working paper ; |v WP/12/15. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2012/015/001.2012.issue-015-en.xml |y INTERNATIONAL MONETARY FUND |
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