Estonian Economy and Monetary Policy 1996
Inflation and Monetary Policy 1996
CONTENTS
- INTRODUCTION
- 1. MONETARY POLICY
- Aim of Monetary Policy
- Strategic Choices of Monetary Policy
- 1. Monetary Targeting
- 2. Exchange Rate Targeting
- 3. Inflation Targeting
- Monetary Policy Instruments
- 1. Open Market Operations
- 2. Standing Facilities
- 3. Reserve Requirement
- 2. EVOLUTION OF INFLATION IN ESTONIA
- General Trends
- Adjustment of Relative Prices
- Changes in the Structure of the Prices of Goods and Services
- About International Price Convergence
- Evaluation of Underlying Inflation
- 1. Net Price Index
- 2. Indicator UCPIX
- 3. Fischer's Ideal Index
- 4. Weighted Median
- 5. Adjusted Average Indicators
- 3. PRINCIPLES OF THE INFLATION MECHANISM
- External Factors
- Internal Factors
- Convergence of Prices in the Economic Sectors Open to Foreign Competition
- Increase in Labour Productivity and Inflation
- 4. ON PROBLEMS RELATED TO PRICE CONVERGENCE
- Monetary Policy, Capital Inflow and Convergence Process
- Impact of Monetary Policy So Far
- Capital Inflow and Inflation
- On the Prices of Real Estate and Financial Assets in the Context of the Inflation Discussion
- On Price Convergence, Real Exchange Rate of the Kroon and Competitiveness
- IN CONCLUSION