Stabilizing Inflation in Iceland / Keiko Honjo, Benjamin Hunt.

Format:

Book

Government document

Author/Creator:

Honjo, Keiko.

Contributor:

Hunt, Benjamin.

Series:

IMF Working Papers; Working Paper ; No. 2006/262

IMF Working Papers

Language:

English

Subjects (All):

Inflation (Finance)--Iceland.

Inflation (Finance).

Finance--Iceland.

Finance.

Physical Description:

1 online resource (37 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2006.

Language Note:

English

Summary:

This paper provides some empirical estimates on how tightly is it feasible to control inflation in a very small open economy such as Iceland. Estimated macroeconomic models of Canada, Iceland, New Zealand, the United Kingdom, and the United States are used to derive efficient monetary policy frontiers that trace out the locus of the lowest combinations of inflation and output variability that are achievable under a range of alternative monetary policy rules. These frontiers illustrate that inflation stabilization is more challenging in Iceland than in other industrial countries primarily because of the relative magnitudes of the economic shocks.

Contents:

""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. EFFICIENT POLICY FRONTIERS AND THEIR IMPLICATIONS""; ""IV. THE POTENTIAL CONTRIBUTION OF COUNTERCYCLICAL FISCAL POLICY""; ""V. POSSIBLE ADJUSTMENTS TO POLICY FRAMEWORK""; ""VI. CONCLUSIONS""; ""APPENDIX I. THE COMPLETE MODEL""; ""APPENDIX II. DATA AND ESTIMATION RESULTS""; ""APPENDIX III. ESTIMATION RESULTS FOR ICELAND MODEL WITH FISCAL POLICY""; ""REFERENCES""

Notes:

"December 2006."

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613827173

9781462324569

1462324568

9781452729954

1452729956

9781283514729

1283514729

9781451909753

1451909756

OCLC:

698585628