Author's Keywords: Inflation expectations, central bank independence, inflation targeting, fixed exchange rate regime	Convention Convention is an application service for managing large or small academic conferences, annual meetings, and other types of events! Submission - Custom fields, multiple submission types, tracks, audio visual, multiple upload formats, automatic conversion to pdf. Review - Peer Review, Bulk reviewer assignment, bulk emails, ranking, z-score statistics, and multiple worksheets! Reports - Many standard and custom reports generated while you wait. Print programs with participant indexes, event grids, and more! Scheduling - Flexible and convenient grid scheduling within rooms and buildings. Conflict checking and advanced filtering. Communication - Bulk email tools to help your administrators send reminders and responses. Use form letters, a message center, and much more! Management - Search tools, duplicate people management, editing tools, submission transfers, many tools to manage a variety of conference management headaches! Click here for more information.
Association: Name: APSA 2008 Annual Meeting URL: http://www.apsanet.org
Citation: URL: http://www.allacademic.com/meta/p278816_index.html Direct Link: HTML Code:

Broz, Lawrence. and Plouffe, Michael. "The Effectiveness of Monetary Policy Anchors: Firm-Level Evidence" Paper presented at the annual meeting of the APSA 2008 Annual Meeting, Hynes Convention Center, Boston, Massachusetts, Aug 28, 2008 <Not Available>. 2009-05-23 <http://www.allacademic.com/meta/p278816_index.html>

Broz, L. and Plouffe, M. , 2008-08-28 "The Effectiveness of Monetary Policy Anchors: Firm-Level Evidence" Paper presented at the annual meeting of the APSA 2008 Annual Meeting, Hynes Convention Center, Boston, Massachusetts Online <APPLICATION/PDF>. 2009-05-23 from http://www.allacademic.com/meta/p278816_index.html

Publication Type: Conference Paper/Unpublished Manuscript Abstract: Analyses of monetary policy posit that exchange-rate pegs, inflation targets, and central bank independence discipline monetary policy decision-making and serve as anchors for private sector inflation expectations. Yet there are few direct empirical tests of these arguments. We offer cross-national, micro-level evidence on the effectiveness of monetary anchors in controlling private sector inflation expectations. Using firm-level data from the World Bank’s World Business Environment Survey (81 countries, ~10,000 firms), we find that fixed exchange rate regimes (de facto and de jure) reduce firm owners’ concerns about inflation, improve their assessments of economic policy predictability, and increase their regard for the quality of the central bank. By contrast, central bank independence (de facto and de jure) and inflation targets are unrelated to firm owners' inflation concerns, perceptions of policy predictability, and ratings of central bank quality. Overall, our results suggest that private sector perceptions are only sensitive to the most transparent, constraining, and costly of monetary anchors: exchange rate pegs.

Exchange Rates and the Private Sector. How Interest Group Vulnerabilities Influence Exchange Rate Policy Choices

Exchange Rate Regimes and Independent Central Banks: A Correlated Choice of Imperfectly Credible Institutions