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The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience

The paper examines whether the Ghanaian Inflation Targeting (IT) framework has performed the role of the nominal anchor in the economy or not as well as the process through which the monetary authority determines the monetary instrument - interest rate, in the economy.Using the Generalized Method of...

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Main Authors: Dahalan, Jauhari, Umar, Mohammed
Format: Conference or Workshop Item
Language:English
Published: 2015
Subjects:
HC Economic History and Conditions
HJ Public Finance
Online Access:http://repo.uum.edu.my/15497/1/6.pdf
http://repo.uum.edu.my/15497/
http://www.akes.or.kr/akes/eng/conferences/conferences_02.asp
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spelling my.uum.repo.154972016-04-13T04:13:25Z http://repo.uum.edu.my/15497/ The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience Dahalan, Jauhari Umar, Mohammed HC Economic History and Conditions HJ Public Finance The paper examines whether the Ghanaian Inflation Targeting (IT) framework has performed the role of the nominal anchor in the economy or not as well as the process through which the monetary authority determines the monetary instrument - interest rate, in the economy.Using the Generalized Method of Moments (GMM) estimators, the baseline and augmented forward looking monetary policy rules were estimated for the pre, post-IT adoption and full sample periods.The findings vary across regimes.The result prior to the adoption of the IT framework does not follow the IT principle, whereas that of the post IT adoption and full sample periods is characterized as a forward-looking IT framework.The paper further uses the augmented monetary policy rule to identify the factors that determine the monetary policy instrument in the economy.The result confirms that the Ghanaian monetary economy practice full pledge IT principle immediately after the adoption of the IT framework and that the monetary policy rule serve as a nominal anchor for the Ghanaian economy. 2015-08-06 Conference or Workshop Item PeerReviewed application/pdf en http://repo.uum.edu.my/15497/1/6.pdf Dahalan, Jauhari and Umar, Mohammed (2015) The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience. In: The International Conference of the Association of Korean Economic Studies (AKES) on Korea and the World Economy XIV, August 6-8, 2015, Renmin University of China, Beijing, China. http://www.akes.or.kr/akes/eng/conferences/conferences_02.asp
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutionali Repository
url_provider http://repo.uum.edu.my/
language English
topic HC Economic History and Conditions
HJ Public Finance
spellingShingle HC Economic History and Conditions
HJ Public Finance
Dahalan, Jauhari
Umar, Mohammed
The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
description The paper examines whether the Ghanaian Inflation Targeting (IT) framework has performed the role of the nominal anchor in the economy or not as well as the process through which the monetary authority determines the monetary instrument - interest rate, in the economy.Using the Generalized Method of Moments (GMM) estimators, the baseline and augmented forward looking monetary policy rules were estimated for the pre, post-IT adoption and full sample periods.The findings vary across regimes.The result prior to the adoption of the IT framework does not follow the IT principle, whereas that of the post IT adoption and full sample periods is characterized as a forward-looking IT framework.The paper further uses the augmented monetary policy rule to identify the factors that determine the monetary policy instrument in the economy.The result confirms that the Ghanaian monetary economy practice full pledge IT principle immediately after the adoption of the IT framework and that the monetary policy rule serve as a nominal anchor for the Ghanaian economy.
format Conference or Workshop Item
author Dahalan, Jauhari
Umar, Mohammed
author_facet Dahalan, Jauhari
Umar, Mohammed
author_sort Dahalan, Jauhari
title The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
title_short The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
title_full The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
title_fullStr The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
title_full_unstemmed The monetary policy of inflation targeting as a nominal anchor: The Ghanaian experience
title_sort monetary policy of inflation targeting as a nominal anchor: the ghanaian experience
publishDate 2015
url http://repo.uum.edu.my/15497/1/6.pdf
http://repo.uum.edu.my/15497/
http://www.akes.or.kr/akes/eng/conferences/conferences_02.asp
_version_ 1644281731483697152
score 13.211869

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