About: Assessing future inflation in inflation targeting: forecasts or simulations?

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An Entity of Type : http://linked.opendata.cz/ontology/domain/vavai/Vysledek, within Data Space : linked.opendata.cz associated with source document(s)

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	Inflation targeting is a regime based to a great extent on communication and, more specifically,on using and communicating assessments of future inflation. The central banking literature,however, devotes surprisingly little attention to some important issues connected with suchassessments. There are some non-trivial choices that need to be made regarding future inflationassessments on three distinct levels: construction, decision making and communication. One ofthe most important choices relates to the treatment of the central bank's behaviour within theassessment. We first differentiate between two basic ways of assessing future inflation: forecastand simulation. A forecast is the most likely picture of the future. In a forecast, all agents areassumedto behave in the most likely way. A simulation, on the other hand, is the most likelypicture of the future if the behaviour of one agent follows a predetermined path or is generatedusing a selected reaction function. Inflation targeting is a regime based to a great extent on communication and, more specifically,on using and communicating assessments of future inflation. The central banking literature,however, devotes surprisingly little attention to some important issues connected with suchassessments. There are some non-trivial choices that need to be made regarding future inflationassessments on three distinct levels: construction, decision making and communication. One ofthe most important choices relates to the treatment of the central bank's behaviour within theassessment. We first differentiate between two basic ways of assessing future inflation: forecastand simulation. A forecast is the most likely picture of the future. In a forecast, all agents areassumedto behave in the most likely way. A simulation, on the other hand, is the most likelypicture of the future if the behaviour of one agent follows a predetermined path or is generatedusing a selected reaction function. (en)
Title	Assessing future inflation in inflation targeting: forecasts or simulations? Assessing future inflation in inflation targeting: forecasts or simulations? (en)
skos:prefLabel	Assessing future inflation in inflation targeting: forecasts or simulations? Assessing future inflation in inflation targeting: forecasts or simulations? (en)
skos:notation	RIV/61989100:27510/03:00007499!RIV/2004/MSM/275104/N
http://linked.open.../vavai/riv/strany	147-157
http://linked.open...avai/riv/aktivita	Z
http://linked.open...avai/riv/aktivity	Z(MSM 275100015)
http://linked.open...vai/riv/dodaniDat	2004
http://linked.open...aciTvurceVysledku	Kotlán, Viktor
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Vysoká škola báňská - Technická univerzita Ostrava / Ekonomická fakulta
http://linked.open...dnocenehoVysledku	599157
http://linked.open...ai/riv/idVysledku	RIV/61989100:27510/03:00007499
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Monetary policy, Inflation projection (en)
http://linked.open.../riv/klicoveSlovo	Monetary policy Inflation projection
http://linked.open...ontrolniKodProRIV	[D7154C33DFCF]
http://linked.open...v/mistoKonaniAkce	Basilej, Švýcarsko
http://linked.open...i/riv/mistoVydani	Basilej
http://linked.open...i/riv/nazevZdroje	Proceedings from the BIS conference %22Monetary policy in a changing environment%22
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...ocetUcastnikuAkce	0 (xsd:int)
http://linked.open...nichUcastnikuAkce	0 (xsd:int)
http://linked.open...UplatneniVysledku	2003
http://linked.open...iv/tvurceVysledku	Kotlán, Viktor Skořepa, M.
http://linked.open...vavai/riv/typAkce	WRD - Světová
http://linked.open.../riv/zahajeniAkce	2002-10-14 (xsd:date)
http://linked.open...n/vavai/riv/zamer	http://linked.opendata.cz/resource/domain/vavai/zamer/MSM%20275100015
number of pages	15 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Bank for International Settlements (BIS), Basilej
http://localhost/t...ganizacniJednotka	27510

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