Controlling inflation in transition economies: The relevance of central bank independence and the right nominal anchor

Wagner, Helmut

doi:10.1007/bf02300531

Cited by 7 publications

(2 citation statements)

References 21 publications

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“…Another reason is that the technical preconditions needed for implementation of direct inflation targeting are often not fulfilled (see Masson et al (1997), and Wagner (1999bWagner ( , 2000c). This is particularly the case in developing and transitional countries.…”

Section: Transitory Effect Of Globalization: Increase In Uncertainty 49mentioning

confidence: 99%

Implications of Globalization for Monetary Policy

Wagner¹

2001

IMF Working Papers

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyrightholder(s); the same applied to whole or partial adaptions. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other actions for this purpose. Terms of use: Documents in Implications of Globalization for Monetary Policy*Prepared by Helmut Wagner 1 AbstractThis paper argues that the implications of globalization for monetary policy come mainly through two channels: On the one hand, the many structural changes, which are associated with the globalization process, cause an increase in uncertainty surrounding monetary policy. This leads to an increase in uncertainty about how to interpret macroeconomic data/indicators and about the monetary transmission mechanism. On the other hand, by strengthening the process of global economic integration, the globalization process increases international competition. Thereby, globalization forces market players to make structural adjustments or reforms which change the conditions or constraints under which monetary policy is implemented.JEL Classification Numbers: E5, F0, F4

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Section: Transitory Effect Of Globalization: Increase In Uncertainty 49mentioning

confidence: 99%

Implications of Globalization for Monetary Policy

Wagner¹

2001

IMF Working Papers

Self Cite

View full text Add to dashboard Cite

show abstract

“…This may be one reason why central banks such as the ECB have refused to take on this concept of direct inflation targeting as the baseline of their strategy, despite all the advantages alleged by the supporters of this strategy. Another reason is that the technical preconditions needed for implementation of direct inflation targeting are often not fulfilled (see Masson et al (1997), and Wagner (1999b, 2000c). This is particularly the case in developing and transitional countries.…”

Section: Transparency and Communicationmentioning

confidence: 99%