Author/Editor: Kevin Clinton, R S Craig, Douglas Laxton, Hou Wang.

Release Date:May, 2019

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Hou Wang, Fan Zhang.

Release Date:February, 2017

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Rafael Portillo, Hou Wang, Fan Zhang.

Release Date:February, 2017

This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for more...

Author/Editor: Kevin Clinton, Tibor Hlédik, Tomás Holub, Douglas Laxton, Hou Wang.

Release Date:January, 2017

This paper describes the CNB’s experience implementing an inflation-forecast targeting (IFT) regime, and the building of a system for providing the economic information that policymakers need to more...

Author/Editor: Vitor Gaspar, Maurice Obstfeld, Ratna Sahay, Douglas Laxton, Dennis P Botman, Kevin Clinton, Romain A Duval, Kotaro Ishi, Zoltan Jakab, Laura Jaramillo, Constant A Lonkeng Ngouana, Tommaso Mancini Griffoli, Joannes Mongardini, Susanna Mursula, Erlend Nier, Yulia Ustyugova, Hou Wang, Oliver Wuensch.

Release Date:September, 2016

The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or more...

Author/Editor: Maurice Obstfeld, Kevin Clinton, Ondra Kamenik, Douglas Laxton, Yulia Ustyugova, Hou Wang.

Release Date:September, 2016

Routine publication of the forecast path for the policy interest rate (i.e. “conventional forward guidance”) would improve the transparency of monetary policy. It would also improve policy more...

Author/Editor: Elif Arbatli, Dennis P J Botman, Kevin Clinton, Pietro Cova, Vitor Gaspar, Zoltan Jakab, Douglas Laxton, Constant Lonkeng Ngouana, Joannes Mongardini, Hou Wang.

Release Date:August, 2016

Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus. Abenomics has employed the three arrows of monetary, fiscal and structural policies, more...

Author/Editor: Kevin Clinton, Charles Freedman, Michel Juillard, Ondrej Kamenik, Douglas Laxton, Hou Wang.

Release Date:June, 2015

Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation more...

Author/Editor: Ali Alichi, Kevin Clinton, Charles Freedman, Ondra Kamenik, Michel Juillard, Douglas Laxton, Jarkko Turunen, Hou Wang.

Release Date:June, 2015

The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed’s efforts to stimulate the economy through forward more...

Author/Editor: Douglas Laxton, Susanna Mursula, Kevin Clinton, Michael Kumhof.

Release Date:July, 2010

The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget more...