The portfolio theory of inflation and policy (in)effectiveness
Author
Abstract
Suggested Citation
DOI: 10.5018/economics-ejournal.ja.2019-33
Download full text from publisher
References listed on IDEAS
- Antonia Lopez-Villavicencio & Valérie Mignon, 2016.
"Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and institutional quality matter?,"
EconomiX Working Papers
2016-18, University of Paris Nanterre, EconomiX.
- Antonia Lopez Villavicencio & Valérie Mignon, 2016. "Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and institutional quality matter?," Post-Print hal-01439198, HAL.
- Antonia Lopez-Villavicencio & Valérie Mignon, 2016. "Exchange Rate Pass-through in Emerging Countries: Do the Inflation Environment, Monetary Policy Regime and Institutional Quality Matter?," Working Papers 2016-07, CEPII research center.
- Antonia Lopez Villavicencio & Valérie Mignon, 2016. "Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and institutional quality matter?," Post-Print hal-01411695, HAL.
- Antonia Lopez Villavicencio & Valérie Mignon, 2016. "Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and institutional quality matter?," Working Papers hal-04141592, HAL.
- Pierpaolo Benigno & Ester Faia, 2016.
"Globalization, Pass-Through, and Inflation Dynamics,"
International Journal of Central Banking, International Journal of Central Banking, vol. 12(4), pages 263-306, December.
- Benigno, Pierpaolo & Faia, Ester, 2010. "Globalization, pass-through and inflation dynamic," Kiel Working Papers 1604, Kiel Institute for the World Economy (IfW Kiel).
- Pierpaolo Benigno & Ester Faia, 2010. "Globalization, Pass-Through and Inflation Dynamic," IMES Discussion Paper Series 10-E-17, Institute for Monetary and Economic Studies, Bank of Japan.
- Pierpaolo Benigno & Ester Faia, 2010. "Globalization, Pass-Through and Inflation Dynamic," NBER Working Papers 15842, National Bureau of Economic Research, Inc.
- Sebastian Edwards, 2006.
"The Relationship Between Exchange Rates and Inflation Targeting Revisited,"
NBER Working Papers
12163, National Bureau of Economic Research, Inc.
- Sebastian Edwards, 2006. "The Relationship Between Exchange Rates and Inflation Targeting Revisited," Working Papers Central Bank of Chile 409, Central Bank of Chile.
- Jan Bartholdy & Kate Brown, 2004.
"Testing for Multiple Types of Marginal Investor in Ex-Day Pricing,"
Multinational Finance Journal, Multinational Finance Journal, vol. 8(3-4), pages 173-209, september.
- Bartholdy, Jan & Briown, Kate, 2002. "Testing for Multiple Types of Marginal Investor in Ex-day Pricing," Finance Working Papers 02-12, University of Aarhus, Aarhus School of Business, Department of Business Studies.
- Alain Kabundi & Asi Mbelu, 2018.
"Has the Exchange Rate Pass‐Through changed in South Africa?,"
South African Journal of Economics, Economic Society of South Africa, vol. 86(3), pages 339-360, September.
- Alain Kabundi & Asi Mbelu, 2016. "Has the Exchange Rate PassThrough changed in South Africa," Working Papers 7556, South African Reserve Bank.
- Alain Kabundi & Asi Mbelu, 2016. "Has the Exchange Rate Pass-Through changed in South Africa?," Working Papers 649, Economic Research Southern Africa.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2004.
"The role of credibility in the cyclical properties of macroeconomic policies in emerging economies,"
Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(4), pages 613-633, December.
- César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2003. "The Role of Credibility in the Cyclical Properties of Macroeconomic Policies in Emerging Economies," Working Papers Central Bank of Chile 237, Central Bank of Chile.
- Guillermo A. Calvo & Carmen M. Reinhart, 2002.
"Fear of Floating,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
- Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
- Reinhart, Carmen, 2001. "Fear of Floating: Exchange Rate Flexibility Indices," MPRA Paper 13196, University Library of Munich, Germany.
- Kreps, David M. & Wilson, Robert, 1982.
"Reputation and imperfect information,"
Journal of Economic Theory, Elsevier, vol. 27(2), pages 253-279, August.
- David Kreps & Robert Wilson, 1999. "Reputation and Imperfect Information," Levine's Working Paper Archive 238, David K. Levine.
- Guillermo A. Calvo & Carlos A. Végh, 1993.
"Exchange-Rate Based Stabilisation under Imperfect Credibility,"
International Economic Association Series, in: Helmut Frisch & Andreas Wörgötter (ed.), Open-Economy Macroeconomics, chapter 1, pages 3-28,
Palgrave Macmillan.
- Mr. Guillermo Calvo & Mr. Carlos A. Végh Gramont, 1991. "Exchange-Rate-Based Stabilization under Imperfect Credibility," IMF Working Papers 1991/077, International Monetary Fund.
- Martina Jašová & Richhild Moessner & Elöd Takáts, 2019.
"Exchange Rate Pass-Through: What Has Changed Since the Crisis?,"
International Journal of Central Banking, International Journal of Central Banking, vol. 15(3), pages 27-58, September.
- Martina Jašová & Richhild Moessner & Előd Takáts, 2016. "Exchange rate pass-through: What has changed since the crisis?," BIS Working Papers 583, Bank for International Settlements.
- Laurence Savoie-Chabot & Mikael Khan, 2015. "Exchange Rate Pass-Through to Consumer Prices: Theory and Recent Evidence," Discussion Papers 15-9, Bank of Canada.
- Alain N. Kabundi & Mr. Montfort Mlachila, 2018.
"Monetary Policy Credibility and Exchange Rate Pass-Through in South Africa,"
IMF Working Papers
2018/173, International Monetary Fund.
- Alain Kabundi & Montfort Mlachila, 2018. "Monetary Policy Credibility and Exchange Rate PassThrough in South Africa," Working Papers 8690, South African Reserve Bank.
- Thomas I. Palley & Louis-Philippe Rochon & Guillaume Vallet, 2019.
"The economics of negative interest rates,"
Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(2), pages 135-136, April.
- Thomas, I. Palley & Louis-Philippe Rochon & Guillaume Vallet, 2019. "The economics of negative interest rates," Post-Print halshs-02117505, HAL.
- Zelealem Yiheyis & Jacob Musila, 2018. "The dynamics of inflation, exchange rates and the trade balance in a small economy," International Journal of Development Issues, Emerald Group Publishing Limited, vol. 17(2), pages 246-264, June.
- Olivier Blanchard, 2016.
"The Phillips Curve: Back to the '60s?,"
American Economic Review, American Economic Association, vol. 106(5), pages 31-34, May.
- Olivier J. Blanchard, 2016. "The US Phillips Curve: Back to the 60s?," Policy Briefs PB16-1, Peterson Institute for International Economics.
- Calvo, Guillermo & Vegh, Carlos, 1991. "Exchange rate stabilization under imperfect credibility," MPRA Paper 20486, University Library of Munich, Germany.
- Obstfeld, Maurice & Rogoff, Kenneth, 1995.
"Exchange Rate Dynamics Redux,"
Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 624-660, June.
- Maurice Obstfeld & Kenneth Rogoff, 1994. "Exchange Rate Dynamics Redux," NBER Working Papers 4693, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice & Rogoff, Kenneth, 1995. "Exchange Rate Dynamics Redux," Center for International and Development Economics Research (CIDER) Working Papers 233403, University of California-Berkeley, Department of Economics.
- Maurice Obstfeld and Kenneth Rogoff., 1995. "Exchange Rate Dynamics Redux," Center for International and Development Economics Research (CIDER) Working Papers C95-048, University of California at Berkeley.
- Obstfeld, Maurice & Rogoff, Kenneth S., 1995. "Exchange Rate Dynamics Redux," Scholarly Articles 12491026, Harvard University Department of Economics.
- Obstfeld, Maurice & Rogoff, Kenneth, 1995. "Exchange Rate Dynamics Redux," CEPR Discussion Papers 1131, C.E.P.R. Discussion Papers.
- Diego Winkelried, 2014.
"Exchange rate pass-through and inflation targeting in Peru,"
Empirical Economics, Springer, vol. 46(4), pages 1181-1196, June.
- Winkelried, Diego, 2011. "Exchange rate pass-through and inflation targeting in Peru," Working Papers 2011-012, Banco Central de Reserva del Perú.
- Helder Mendonça & Felipe Tostes, 2015. "The Effect of Monetary and Fiscal Credibility on Exchange Rate Pass-Through in an Emerging Economy," Open Economies Review, Springer, vol. 26(4), pages 787-816, September.
- Agenor, Pierre-Richard, 1994.
"Credibility and exchange rate management in developing countries,"
Journal of Development Economics, Elsevier, vol. 45(1), pages 1-16, October.
- Pierre-Richard Agénor, 1991. "Credibility and Exchange Rate Management in Developing Countries," IMF Working Papers 1991/087, International Monetary Fund.
- Peijie Wang, 2009. "Open Economy Macroeconomics," Springer Books, in: The Economics of Foreign Exchange and Global Finance, chapter 5, pages 1-18, Springer.
- Aleem, Abdul & Lahiani, Amine, 2014. "Monetary policy credibility and exchange rate pass-through: Some evidence from emerging countries," Economic Modelling, Elsevier, vol. 43(C), pages 21-29.
- Peijie Wang, 2009. "The Portfolio Balance Approach to Exchange Rate Determination," Springer Books, in: The Economics of Foreign Exchange and Global Finance, chapter 10, pages 1-25, Springer.
- John H. Cochrane, 2017. "Michelson-Morley, Fisher, and Occam: The Radical Implications of Stable Quiet Inflation at the Zero Bound," NBER Chapters, in: NBER Macroeconomics Annual 2017, volume 32, pages 113-226, National Bureau of Economic Research, Inc.
- Thomas I. Palley, 2019. "The fallacy of the natural rate of interest and zero lower bound economics: why negative interest rates may not remedy Keynesian unemployment," Review of Keynesian Economics, Edward Elgar Publishing, vol. 7(2), pages 151-170, April.
- de Mendonça, Helder Ferreira & Tiberto, Bruno Pires, 2017. "Effect of credibility and exchange rate pass-through on inflation: An assessment for developing countries," International Review of Economics & Finance, Elsevier, vol. 50(C), pages 196-244.
- Peijie Wang, 2009. "The Economics of Foreign Exchange and Global Finance," Springer Books, Springer, number 978-3-642-00100-0, March.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Biagio Bossone, 2021. "Exercising Economic Sovereignty in Today's Global Financial World: The Lessons from John Maynard Keynes," Working Papers PKWP2120, Post Keynesian Economics Society (PKES).
- Biagio Bossone, 2020. "Why MMT can’t work: A Keynesian Perspective," Working Papers PKWP2020, Post Keynesian Economics Society (PKES).
- Biagio Bossone, 2021. "Why MMT can’t work," International Journal of Economic Policy Studies, Springer, vol. 15(1), pages 157-181, February.
- Vukovic, Darko B. & Maiti, Moinak & Frömmel, Michael, 2022. "Inflation and portfolio selection," Finance Research Letters, Elsevier, vol. 50(C).
- Biagio Bossone, 2021. "Global Capital, the Exchange Rate, and Policy (In)Effectiveness," Working Papers PKWP2113, Post Keynesian Economics Society (PKES).
- Biagio Bossone, 2024. "Keynesian Policy Space in "Globalized" Economies," Working Papers PKWP2405, Post Keynesian Economics Society (PKES).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bossone, Biagio, 2019. "The portfolio theory of inflation (and policy effectiveness)," Economics Discussion Papers 2019-29, Kiel Institute for the World Economy (IfW Kiel).
- Biagio Bossone, 2024. "Keynesian Policy Space in "Globalized" Economies," Working Papers PKWP2405, Post Keynesian Economics Society (PKES).
- Gayaker, Savas & Ağaslan, Erkan & Alkan, Buket & Çiçek, Serkan, 2021. "The deterioration in credibility, destabilization of exchange rate and the rise in exchange rate pass-through in Turkey," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 571-587.
- Eliphas Ndou, 2022. "The exchange rate passthrough to consumer price inflation in South Africa: has the inflation target band induced a structural change in the size of passthrough?," SN Business & Economics, Springer, vol. 2(6), pages 1-32, June.
- Bossone Biagio, 2022. "The Portfolio Theory of Inflation and Policy (in)Effectiveness: Exploring it Further and Righting the Wrongs," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 16(1), pages 257-275, January.
- Yossi Yakhin, 2008. "Financial Integration And Cyclicality Of Monetary Policy In Small Open Economies," Working Papers 0811, Ben-Gurion University of the Negev, Department of Economics.
- Martina Jašová & Richhild Moessner & Elöd Takáts, 2019.
"Exchange Rate Pass-Through: What Has Changed Since the Crisis?,"
International Journal of Central Banking, International Journal of Central Banking, vol. 15(3), pages 27-58, September.
- Martina Jašová & Richhild Moessner & Előd Takáts, 2016. "Exchange rate pass-through: What has changed since the crisis?," BIS Working Papers 583, Bank for International Settlements.
- Anderl, Christina & Caporale, Guglielmo Maria, 2023.
"Nonlinearities in the exchange rate pass-through: The role of inflation expectations,"
International Economics, Elsevier, vol. 173(C), pages 86-101.
- Christina Anderl & Guglielmo Maria Caporale, 2022. "Nonlinearities in the Exchange Rate Pass-Through: The Role of Inflation Expectations," CESifo Working Paper Series 9544, CESifo.
- Enrique Alberola & Luis Molina, 2003.
"What Does Really Discipline Fiscal Policy in Emerging Markets?: the Role and Dynamics of Exchange Rate Regimes,"
Money Affairs, CEMLA, vol. 0(2), pages 165-192, July-Dece.
- Enrique Alberola & Luis Molina, 2004. "What does really discipline fiscal policy in emerging markets? The role and dynamics of exchange rate regimes," Working Papers 0402, Banco de España.
- Enrique Alberola & Luis Molina, 2005. "What Does Really Discipline Fiscal Policy In Emerging Markets? The Role And Dynamics Of Exchange Rate Regimes," International Finance 0507003, University Library of Munich, Germany.
- Gerardo Licandro & José Antonio Licandro, 2003. "Building the Dedollarization Agenda: Lessons from the Uruguayan Case," Money Affairs, CEMLA, vol. 0(2), pages 193-218, July-Dece.
- Ahmad Zubaidi Baharumshah & Siew-Voon Soon & Mark E. Wohar, 2021. "Phillips Curve for the Asian Economies: A Nonlinear Perspective," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(12), pages 3508-3537, September.
- Rodriguez, Gabriel & Castillo B., Paul & Calero, Roberto & Salcedo Cisneros, Rodrigo & Ataurima Arellano, Miguel, 2024.
"Evolution of the exchange rate pass-through into prices in Peru: An empirical application using TVP-VAR-SV models,"
Journal of International Money and Finance, Elsevier, vol. 142(C).
- Roberto Calero & Gabriel Rodríguez & Rodrigo Salcedo Cisneros, 2022. "Evolution of the Exchange Rate Pass-Throught into Prices in Peru: An Empirical Application Using TVP-VAR-SV Models," Documentos de Trabajo / Working Papers 2022-510, Departamento de Economía - Pontificia Universidad Católica del Perú.
- Álvaro Rojas O. & Felipe Jaque S., 2003. "Determinants of the Chilean Sovereign Spread: is it Purely Fundamentals?," Money Affairs, CEMLA, vol. 0(2), pages 137-163, July-Dece.
- Tamara Burdisso & Verónica Cohen Sabban & Laura D'Amato, 2003. "The Argentine Banking and Exchange Crisis of 2001: Can we Learn Something New About Financial Crisis?," Money Affairs, CEMLA, vol. 0(2), pages 89-136, July-Dece.
- López-Villavicencio, Antonia & Mignon, Valérie, 2017.
"Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and central bank behavior matter?,"
Journal of International Money and Finance, Elsevier, vol. 79(C), pages 20-38.
- Valérie Mignon & Antonia Lopez Villavicencio, 2017. "Exchange rate pass-through in emerging countries: Do the inflation environment, monetary policy regime and central bank behavior matter?," Post-Print hal-01589202, HAL.
- Montes, Gabriel Caldas & Ferreira, Caio Ferrari, 2020. "Does monetary policy credibility mitigate the fear of floating?," Economic Modelling, Elsevier, vol. 84(C), pages 76-87.
- René Cabral & Francisco G. Carneiro & André Varella Mollick, 2020.
"Inflation targeting and exchange rate volatility in emerging markets,"
Empirical Economics, Springer, vol. 58(2), pages 605-626, February.
- Cabral,Rene & Carneiro,Francisco Galrao & Mollick,Andre Varella, 2016. "Inflation targeting and exchange rate volatility in emerging markets," Policy Research Working Paper Series 7712, The World Bank.
- Gerardo Licandro & José Antonio Licandro, 2001. "Anatomía y patología de la dolarización," Documentos de trabajo 2001003, Banco Central del Uruguay, revised Dec 2001.
- Tunç, Cengiz, 2017. "A Survey on Exchange Rate Pass through in Emerging Markets," Bulletin of Economic Theory and Analysis, BETA Journals, vol. 2(3), pages 205-233, July-Sept.
- Ha, Jongrim & Marc Stocker, M. & Yilmazkuday, Hakan, 2020.
"Inflation and exchange rate pass-through,"
Journal of International Money and Finance, Elsevier, vol. 105(C).
- Ha,Jongrim & Stocker,Marc & Yilmazkuday,Hakan, 2019. "Inflation and Exchange Rate Pass-Through," Policy Research Working Paper Series 8780, The World Bank.
- Jongrim Ha & M. Marc Stocker & Hakan Yilmazkuday, 2020. "Inflation and Exchange Rate Pass-Through," Working Papers 2004, Florida International University, Department of Economics.
More about this item
Keywords
credibility; exchange rate; financial integration; global investor; interest rate; intertemporal budget constraint; money; bonds and assets; pass-through;All these keywords.
JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
- F31 - International Economics - - International Finance - - - Foreign Exchange
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifweej:201933. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/iwkiede.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.