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Targeting Relative Inflation Forecast as Monetary Policy Framework for Adopting the Euro

dc.contributor.authorOrlowski, Lucjan T.en_US
dc.date.accessioned2006-08-01T16:03:10Z
dc.date.available2006-08-01T16:03:10Z
dc.date.issued2005-02-01en_US
dc.identifier.otherRePEc:wdi:papers:2005-754en_US
dc.identifier.urihttps://hdl.handle.net/2027.42/40140en_US
dc.description.abstractThis study proposes relative inflation forecast targeting as an operational framework of monetary policy for adopting the euro by the EU new Member States. This strategy assumes containing differentials between the domestic and the eurozone inflation forecasts as an operational target. A model prescribing the RIFT framework is presented along with a set of appropriate policy indicator variables and instrument rules. The proposed framework advances the strategy based on relatively strict inflation targeting that is currently pursued by some NMS. Several ARCHclass tests in various functional forms are employed for providing preliminary empirical evidence on convergence of inflation differentials relative to the euro area for Poland, Czech Republic and Hungary.en_US
dc.format.extent64665 bytes
dc.format.extent3151 bytes
dc.format.extent210907 bytes
dc.format.mimetypetext/plain
dc.format.mimetypetext/plain
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen_US
dc.relation.ispartofseries754en_US
dc.subjectInflation Targeting; Monetary Convergence; Euro Adoption; EU New Member States.en_US
dc.subject.otherE42, E52, E61, F36, P24en_US
dc.titleTargeting Relative Inflation Forecast as Monetary Policy Framework for Adopting the Euroen_US
dc.typeWorking Paperen_US
dc.subject.hlbsecondlevelEconomicsen_US
dc.subject.hlbtoplevelBusinessen_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/40140/3/wp754.pdfen_US
dc.owningcollnameWilliam Davidson Institute (WDI) - Working Papers


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