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Toward a "New" Inflation-Targeting Framework: The Case of Uruguay
Ist Teil von
Economía (Washington, D.C.), 2014-10, Vol.15 (1), p.89-131
Ort / Verlag
Washington: BROOKINGS INSTITUTION PRESS
Erscheinungsjahr
2014
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
Empirical studies in the late 1980s, suggesting that monetary policy might influence the short-run dynamics of the real economy, contributed to the widespread use of inflation-targeting policy rules by central banks. More recent research on monetary economics provide a theoretical framework for the implementation of such rules. For example, Taylor (1993) recommends the use of a simple interest rate rule that is a function of inflation and the output gap. Nowadays it is standard to use the dynamic stochastic general equilibrium (DSGE) model and New Keynesian models to evaluate the effects of Federal Reserve policies. The success of alternative policy rules is usually assessed in terms of the short-run dynamics of the relevant macroeconomic variables. Using a DSGE model for a small open economy, price rigidities a la Calvo, financial frictions in the accumulation and management of capital, a banking sector that includes deposit and lending units, and a monetary policy administration that incorporates not only the interest rate but also legal reserve requirements as instruments of monetary policy, the authors were able to evaluate the inflationary and financial stability objectives of the Central Bank of Uruguay.