Phd Thesis On Inflation Targeting

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Moreover, monetary policy focus should be on long-run output expansion and short-run price-stability, rather than the converse.

This would have the benefit of moderating poverty and unemployment.

The relative importance of demand vis-à-vis supply factors as well as the cost and benefits of disinflation are thereafter determined.

These are analysed using both theoretical and empirical approaches.

The first essay reviews Ghana’s inflationary history from pre-independence to the current era and assesses the myriad of historical monetary policy frameworks and inflation management tools employed by successive political regimes.

Average inflation of 31% was recorded during the monetary targeting regime up to 1991 where credit controls were instituted.Recently, from 2014 the economy ushered in a new spell of moderate inflation with average annual inflation being 16%.We identify Ghana’s foremost macroeconomic problem as inflation persistence.Since the formal adoption of IT, a one percentage point drop in average inflation to 14% was recorded.Overall, a consistent decline in average inflation has been witnessed across the different policy frameworks.In recent times, monetary policy has increasingly adopted the interest rate as an instrument and inflation as the ultimate objective.This is congruous with the propositions of the New consensus macroeconomics (NCM) and synonymous with the somewhat widespread practice of inflation targeting.ENGLISH SUMMARY : This study empirically identifies various sector-specific threshold inflation levels in Ghana with annual and monthly data covering the period 1960 to 2017.The results of the assessment have been compiled into four essays. Inflation and Macroeconomic Effects of Inflation Targeting in Asia: Time-Series and Cross-Country Analysis (Thesis, Doctor of Philosophy (Ph D)). We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.


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