Estimating asymmetries in monetary policy reaction function: an oil price augmented Taylor type rule for Nigeria under unconventional regime

Ogiji, Patricks; Shitile, Tersoo Shimonkabir; Usman, Nuruddeen

doi:10.1007/s10644-021-09362-4

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Economics Of Inflation-forecast Targeting1

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2023

2024

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Cited by 5 publications

(1 citation statement)

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“…The typical base model is a mid-size quarterly macroeconometric model that incorporates the central bank's knowledge of the interest rate pass-through (monetary policy transmission mechanisms) (Berg et al, 2006;Edge et al, 2006;Edge et al, 2010;Al-Mashat et al, 2018b). It contains a Taylor reaction function for the interest rate that captures the preferences of policymakers on short-term trade-offs between inflation and output variability (Fuhrer, 1997;Plantier and Scrimgeour, 2002;Assenmacher-Wesche, 2006;Yüksel et al, 2013;Ogiji et al, 2021).…”

Section: Economics Of Inflation-forecast Targetingmentioning

confidence: 99%

Inflation-Forecast Targeting: A New Framework for Monetary Policy?

Chukwu,

Ezechi,

Nneli

et al. 2023

JDEF

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This article provides an overview of inflation-forecast targeting (IFT) to build credibility and maintain stability. We show how inflation-forecast targeting is a transparent approach and an ideal strategy for monetary policy. In addition, public understanding would be essential to foster confidence and ensure the effectiveness of monetary policy. To this end, adequate management of expectations and transparent communication are important1.

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