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:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Monetary Policy and Inflation Dynamics in ASEAN Economies  |c Geraldine Dany-Knedlik, Juan Angel Garcia 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2018 
300 |a 37 pages 
651 4 |a Thailand 
653 |a Energy: Demand and Supply 
653 |a Inflation 
653 |a Import prices 
653 |a Oil prices 
653 |a Dynamic Treatment Effect Models 
653 |a Monetary economics 
653 |a Inflation targeting 
653 |a Deflation 
653 |a Monetary policy frameworks 
653 |a Diffusion Processes 
653 |a Time-Series Models 
653 |a Price Level 
653 |a Prices 
653 |a Macroeconomics 
653 |a Monetary policy 
653 |a Dynamic Quantile Regressions 
653 |a Monetary Policy 
653 |a Money and Monetary Policy 
653 |a Imports 
700 1 |a Garcia, Juan Angel 
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520 |a 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