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Monetary Policy and Inflation Dynamics in ASEAN Economies

This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying...

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Bibliographic Details
Main Author: Dany-Knedlik, Geraldine
Other Authors: Garcia, Juan Angel
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2018
Series:IMF Working Papers
Subjects:
Energy: Demand And Supply
Inflation
Import Prices
Oil Prices
Dynamic Treatment Effect Models
Monetary Economics
Inflation Targeting
Deflation
Monetary Policy Frameworks
Diffusion Processes
Time-series Models
Price Level
Prices
Macroeconomics
Monetary Policy
Dynamic Quantile Regressions
Money And Monetary Policy
Imports
Thailand
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying parameters. The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time
Physical Description:37 pages
ISBN:9781484363041

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