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Setting the Operational Framework for Producing Inflation Forecasts / Turgut Kisinbay, Eric Parrado, Rodolfo Maino, Jorge Canales Kriljenko.
- Format:
- Book
- Government document
- Author/Creator:
- Kışınbay, Turgut.
- Series:
- IMF Working Papers; Working Paper ; No. 2006/122
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Inflation (Finance)--Forecasting.
- Inflation (Finance).
- Monetary policy.
- Banks and banking, Central.
- Physical Description:
- 1 online resource (47 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2006.
- Language Note:
- English
- Summary:
- How should a central bank organize itself to produce the best possible inflation forecast? This paper discusses elements for building a comprehensive platform for an inflation forecasting framework. It describes the exercise of forecasting inflation as a production process, which induces a strict discipline concerning data management, information gathering, the use of a suitable statistical apparatus, and the exercise of sound communication strategies to reinforce reputation and credibility. It becomes critical how a central bank organizes itself to produce relevant macroeconomic forecasts, with special consideration to product design, the essential requirements needed in the forecasting process, and key related organizational issues. In addition, the paper proposes to factor into the process the authorities' policy responses to previous inflation forecasts in order to be consistent with the spirit of the inflation targeting framework.
- Contents:
- ""Contents""; ""I. INTRODUCTION""; ""II. FORECAST DESIGN AND ORGANIZATION""; ""III. ELEMENTS OF THE FORECAST""; ""IV. MISCELLANEOUS TOPICS""; ""References""
- Notes:
- "May 2006."
- Description based on print version record.
- ISBN:
- 9786613820051
- 9781462322565
- 1462322565
- 9781452734002
- 1452734003
- 9781282391628
- 1282391623
- 9781451985238
- 1451985231
- OCLC:
- 698585598
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