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Indirect Convertibility, Inflation Targeting, and Monetary Policy Rules

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Abstract

In this paper the proposal for indirect convertibility (henceforth, IC)] put forward by Greenfield and Yeager (1983, 1989) is reexamined and reinterpreted to show that IC can provide a practical monetary policy rule for central banks currently engaged in inflation targeting. One reason for such a reexamination is the renewal of interest in monetary policy rules, as represented by the recent outpouring of econometric work on (implicit) policy rules [Taylor (1993), McCallum (1999), Poole (1999), and Williams (1999)]. Although the policy rules econometric work has not focused specifically on inflation targeting, further econometric work on monetary rules would benefit from a deeper understanding of the theoretical issues involved and the additional dimension that IC can bring to that analysis. In addition, inflation targeting in its own right continues to command much policy support and IC both promotes that and offers a monetary policy rule of its own.

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Bibliographic Info

Paper provided by Carleton University, Department of Economics in its series Carleton Economic Papers with number 00-10.

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Length: 25 pages
Date of creation: Jun 2000
Date of revision:
Publication status: Published: Carleton Economic Papers
Handle: RePEc:car:carecp:00-10

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Keywords: Indirect convertibility; inflation targeting; monetary policy rules; new monetary economics;

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  1. Schnadt, Norbert & Whittaker, John, 1993. "Inflation-Proof Currency? The Feasibility of Variable Commodity Standards," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 25(2), pages 214-21, May.
  2. Selgin, G.A. & White, L.H., 1993. "How Would the Invisible Hand Handle Money?," Papers, Georgia - College of Business Administration, Department of Economics 380e, Georgia - College of Business Administration, Department of Economics.
  3. John C. Williams, 1999. "Simple rules for monetary policy," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1999-12, Board of Governors of the Federal Reserve System (U.S.).
  4. Dowd, Kevin, 1995. "The Mechanics of Indirect Convertibility," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 27(1), pages 67-88, February.
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