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Research papers on Inflation and monetary policy

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  1. Central bank independence and inflation targeting: monetary policy paradigms for the next millenium?

    Jeffrey C. Fuhrer · 1997 · New England economic review · 76 citations

    An expanding body of literature holds two truths about monetary policy to be self-evident: Effective central banks must be independent from undue political interference, and they would do well to target the rate of inflation directly. The genesis of this literature may be found in the concern about the effective use of the significant power wielded by central banks around the world, and in the response to a pivotal and turbulent period in economic history. The marked rise in the level and variability of inflation following the oil price surges of the 1970s led many to question the Fed's and other central banks' commitment to a low and stable inflation rate.> This article takes a critical loo

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  3. Inflation and economic growth: the search for a compromise for the Central Bank's monetary policy

    Volodymyr Mishchenko, Svitlana Naumenkova, Svitlana Mishchenko, et al. · 2018 · Banks and Bank Systems · 28 citations

    The article analyzes the influence of inflation on economic growth and substantiates the main directions of increasing the effectiveness of the central bank's anti-inflation policy. In order to determine the limit of inflation, the excess of which has a negative impact on the economic growth, the relationship is analyzed between the inflation rate and the real GDP growth rate on the basis of IMF statistics using the example of 158 countries. It was determined that in 2010–2017, in the global economy, the 6.0% inflation was the marginal value of the inflation rate, beyond which the economic growth rate declined or slowed down. Given the inverse relationship between the inflation rate and the

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  4. Inflation volatility, monetary policy signaling and clarity of the central bank communication

    Rodolfo Tomás da Fonseca Nicolay, Ana Jordânia de Oliveira · 2019 · Journal of Economic Studies · 17 citations

    Purpose Studies about the determinants of the clarity of central bank communication are still scarce. To the authors’ knowledge, there are no studies regarding emerging economies. The purpose of this paper is to contribute to the literature in the following aspects: to analyze the determinants of the clarity of the central bank communication in an inflation targeting emerging economy; observe the influence of inflation volatility over the clarity; and observe the effect of the monetary policy signaling over the clarity. Design/methodology/approach The work uses readability indexes to measure the clarity of central bank communication. The empirical analysis uses ordinary least squares and the

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  5. Inflation Patterns and Monetary Policy: Lessons for the European Central Bank

    Johannes M. Groeneveld · 1998 · 13 citations

    Part 1 Introduction: background a preliminary look at inflation outline. Part 2 The P-framework - theory and background: theoretical and methodological underpinnings of the P-model technical aspects appendix 2A unit roots - theory and testing strategy. Part 3 Testing the P-model for four initial ERM members: a preliminary look at the actual data the determination of the price gaps regression results concluding remarks. Part 4 Money and prices in a small EMU: the expended P-model aggregation issues the actual and equilibrium European variables technical aspects of the construction of European equilibrium variables economic distortions in Europe - theoretical and policy considerations regressi

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  9. Features of the monetary policy of central banks to combat high inflation

    Vitaliy Shapran, Ігор Брітченко · 2022 · VUZF REVIEW · 1 citations

    The article describes the measures taken by the central banks of the world's largest economies to combat high inflation. The authors give a definition of what exactly is considered high inflation, analyze the timeliness and effectiveness of taking anti-inflationary measures, and also answer the question of the need for the monetary authorities to react to inflation, which does not have an obvious monetary nature. In the article the particular attention is paid to the difference between the anti-inflationary policy of central banks in developed and emerging markets, as well as to the issues of coordination between the actions of the central bank and the government in the field of anti-inflati

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  11. Monetary Policy and Inflation Targeting: The Effectiveness of Central Bank Interventions

    Dimple Jain · 2024 · International Journal for Research Publication and Seminars

    Central banks throughout the world have adopted inflation targeting as their main policy goal in the last several decades, drastically altering monetary policy—a pillar of economic management. the complex interplay between monetary policy, central bank interventions and measures for controlling inflation, and the success or failure of inflation targeting as a whole. This research aims to shed light on the extent to which central bank operations impact inflation results and the larger economic environment by conducting a thorough review of empirical evidence, case studies, and theoretical frameworks.

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  12. MONETARY POLICY: CENTRAL BANK TRANSPARENCY AND INFLATION TARGETING

    Djuro Benic · RePEc: Research Papers in Economics

    The aim of monetary policy is to ensure the long-term price stability and short-term assistance in the stabilization of cyclical output movements. Monetary policy actions must avoid the time inconsistency problems and possible tendencies of economic policy makers regarding inflation so as to increase the aggregate demand and output. Acceptance of established rules instead of discretion in the 1980s proved to be insufficiently successful due to several reasons. The question that arises is determining the direction of monetary policy actions to achieve the abovementioned objectives and to avoid problems. The need for responsible activities of central bank, along with independence, transparency

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  14. Monetary Policy, Central Bank Independence and Inflation Control in Nigeria

    Enobong Udemeabasi Mbobo, U. O. Effiong · 2026 · African Journal of Commercial Studies

    This study investigated the dynamic relationships determining inflation control in Nigeria, focusing on the interactions between monetary instruments, central bank autonomy, and fiscal policy. Utilizing annual time-series data spanning 1981 to 2023, the study employs the Autoregressive Distributed Lag (ARDL) bounds testing technique to evaluate short-run and long-run macroeconomic dynamics. The ARDL estimations reveal that the contemporaneous monetary policy rate has an insignificant short-run effect, while its one-year lag significantly reduces inflation, confirming policy transmission frictions. Broad money supply (M2) growth exerts a highly significant positive impact on inflation across

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  15. STRATEGIES OF CENTRAL BANKS FOR ENSURING MACROECONOMIC STABILITY AND COMBATING INFLATION THROUGH MONETARY POLICY

    Jo'rayev Umidjon Shuxratjon o'g'li · 2025 · YANGI O‘ZBEKISTON, YANGI TADQIQOTLAR JURNALI

    The paper addresses challenges to macroeconomic stability and inflation, focuses on anti-inflation policies, and describes monetary strategies of central banks. The influence of inflation on economic growth and efficiency of monetary policies in fighting off inflationary tendencies is brought out. The paper discusses anti-inflation measures and monetary instruments with the view to gaining insight into responding to macroeconomic instability for sustainable economic development. The interconnectedness of macroeconomic stability and inflation is underlined, with the desirability of avoiding persistent inflation that could affect economic sectors and overall growth. Anti-inflation policies are

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  16. Inflation and Monetary Policy: Analysis of the Impact of Inflation and Central Bank Policy on the National Economy

    O. R. Egamberdiev · 2026 · Finance: Theory and Practice

    The subject of the study is the inflationary processes and monetary policy of the Bank of Russia. The purpose is to analyze the impact of these factors on the state of the Russian economy. To achieve this goal, the following tasks have been set: to consider the theoretical aspects of the relationship between inflation, PREP and economic growth; to analyze the dynamics of inflation and the key tools of the PREP of the Bank of Russia for the period from 2010 to 2024; to conduct an econometric analysis of the impact of inflation and the key rate on GDP growth. The relevance of the topic arises from the importance of finding a balance between ensuring price stability and supporting economic grow

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  17. Monetary Policy Challenges and Central Bank Independence in Uzbekistan’s Inflation Targeting Transition

    Umida Abdugaffarovna Ganieva · 2024 · Academia Open

    This article examines second language learning ability by analyzing second language development. It also examines the age factor in learning a language other than the mother tongue and attempts to clarify whether there is currently sufficient evidence to show that young people undergo real changes in their language skills.. Research such as inspiration for the learning climate, as well as exposure and behavior in the language will also be addressed and data analyzed to assess if they play an essential role in encouraging students to achieve effective second language skills. It was widely known to create a big improvement in language learning when you are young to study a second language. How

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  18. Disaggregated inflation rate in the monetary policy of the central bank

    Aleksandra Hałka · 2017 · Wiadomości Statystyczne. The Polish Statistician

    This article aims at presenting the results of the research concerning disaggregated price index in the assessment of inflation processes in Poland. Presented analysis shows that isaggregated approach allows for a fuller understanding of the nature of the price-setting process and etter identification of factors affecting inflation. The results indicate three conclusions. Firstly, a significant part of the inflation in Poland is dependent on domestic factors. Secondly, the core inflation rate should not be equated with the measure of demand pressures in the economy. Thirdly, a set of external factors affecting the price-setting process in Poland is relatively wide and distinct for different

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  19. How do Monetary Policy and Inflation Announcements Affect Firm Expectations in High Inflation?

    Okan Akarsu, Emrehan Aktuğ · 2026 · Journal of the European Economic Association

    This paper examines how monetary policy committee announcements and inflation surprises affect Turkish firms’ inflation expectations and foreign exchange (FX) management decisions during the 2015–2024 period—a time characterized by both relatively stable and highly volatile inflation. Using survey data, we define monetary policy (inflation) surprises as the unexpected component of interest rate (inflation) forecasts measured within a narrow window around policy announcements. First, we show that firms’ aggregate inflation expectations change significantly in response to monetary policy shocks, but their response is highly state-dependent: In relatively stable inflation environments, firms re

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