Sterilized foreign exchange interventions under inflation targeting

Inflation targeting needs exchange rate flexibility. If the policy interest rate is geared to achieving the inflation target the central bank must be willing to accept the resulting exchange rate. Simply put if the central bank has both an inflation target and an exchange rate target the private sec...

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Autores principales:	Ostry, Jonathan David, 1962-, Ghosh, Atish R., Chamon, Marcos
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	TIPO DE CAMBIO INFLACIÓN BANCOS CENTRALES
Acceso en línea:	https://hdl.handle.net/20.500.12580/3817
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spelling	oai-20.500.12580-38172021-04-24T11:09:24Z Sterilized foreign exchange interventions under inflation targeting Ostry, Jonathan David, 1962- Ghosh, Atish R. Chamon, Marcos TIPO DE CAMBIO INFLACIÓN BANCOS CENTRALES Inflation targeting needs exchange rate flexibility. If the policy interest rate is geared to achieving the inflation target the central bank must be willing to accept the resulting exchange rate. Simply put if the central bank has both an inflation target and an exchange rate target the private sector will not know which will take precedence in cases where they conflict at most therefore the central bank should react to exchange rate movements only to the extent that they affect expected inflation. 2019-11-01T00:07:13Z 2019-11-01T00:07:13Z 2015 Artículo 978-956-7421-47-3 https://hdl.handle.net/20.500.12580/3817 eng Series on Central Banking Analysis and Economic Policies no. 20 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 223-244 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	TIPO DE CAMBIO INFLACIÓN BANCOS CENTRALES
spellingShingle	TIPO DE CAMBIO INFLACIÓN BANCOS CENTRALES Ostry, Jonathan David, 1962- Ghosh, Atish R. Chamon, Marcos Sterilized foreign exchange interventions under inflation targeting
description	Inflation targeting needs exchange rate flexibility. If the policy interest rate is geared to achieving the inflation target the central bank must be willing to accept the resulting exchange rate. Simply put if the central bank has both an inflation target and an exchange rate target the private sector will not know which will take precedence in cases where they conflict at most therefore the central bank should react to exchange rate movements only to the extent that they affect expected inflation.
format	Artículo
author	Ostry, Jonathan David, 1962- Ghosh, Atish R. Chamon, Marcos
author_facet	Ostry, Jonathan David, 1962- Ghosh, Atish R. Chamon, Marcos
author_sort	Ostry, Jonathan David, 1962-
title	Sterilized foreign exchange interventions under inflation targeting
title_short	Sterilized foreign exchange interventions under inflation targeting
title_full	Sterilized foreign exchange interventions under inflation targeting
title_fullStr	Sterilized foreign exchange interventions under inflation targeting
title_full_unstemmed	Sterilized foreign exchange interventions under inflation targeting
title_sort	sterilized foreign exchange interventions under inflation targeting
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3817
work_keys_str_mv	AT ostryjonathandavid1962 sterilizedforeignexchangeinterventionsunderinflationtargeting AT ghoshatishr sterilizedforeignexchangeinterventionsunderinflationtargeting AT chamonmarcos sterilizedforeignexchangeinterventionsunderinflationtargeting
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Sterilized foreign exchange interventions under inflation targeting

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