Stabilizing Inflation in Iceland
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 frontie...
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ftrepec:oai:RePEc:imf:imfwpa:2006/262 2024-04-14T08:13:21+00:00 Stabilizing Inflation in Iceland Mr. Benjamin L Hunt Ms. Keiko Honjo http://www.imf.org/external/pubs/cat/longres.aspx?sk=19926 unknown http://www.imf.org/external/pubs/cat/longres.aspx?sk=19926 preprint ftrepec 2024-03-19T10:41:21Z 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. WP;inflation-output variability trade-off Report Iceland RePEc (Research Papers in Economics) Canada New Zealand |
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RePEc (Research Papers in Economics) |
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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. WP;inflation-output variability trade-off |
format |
Report |
author |
Mr. Benjamin L Hunt Ms. Keiko Honjo |
spellingShingle |
Mr. Benjamin L Hunt Ms. Keiko Honjo Stabilizing Inflation in Iceland |
author_facet |
Mr. Benjamin L Hunt Ms. Keiko Honjo |
author_sort |
Mr. Benjamin L Hunt |
title |
Stabilizing Inflation in Iceland |
title_short |
Stabilizing Inflation in Iceland |
title_full |
Stabilizing Inflation in Iceland |
title_fullStr |
Stabilizing Inflation in Iceland |
title_full_unstemmed |
Stabilizing Inflation in Iceland |
title_sort |
stabilizing inflation in iceland |
url |
http://www.imf.org/external/pubs/cat/longres.aspx?sk=19926 |
geographic |
Canada New Zealand |
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Canada New Zealand |
genre |
Iceland |
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Iceland |
op_relation |
http://www.imf.org/external/pubs/cat/longres.aspx?sk=19926 |
_version_ |
1796311319744348160 |