Notes on a composite leading indicator of inflation
نویسنده
چکیده
The main objective of monetary policy1 is to protect the value of the currency. This task is complicated by the long and variable lags between changes in the monetary policy stance and its ultimate effect on inflation. The delay between changes in monetary policy and their full effect on inflation could be as long as two and a half years. This means that monetary policy decisions have to be forward-looking and that policy-makers should avail themselves of information which could provide insight into future inflation. Reliable forecasts of inflation are therefore important.
منابع مشابه
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The views expressed in this paper are not necessarily those held by the Bank and are the personal responsibility of the authors. Comments and criticisms are welcome.
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تاریخ انتشار 2002