Furthermore, increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years. Turning to the monetary analysis, the latest data confirm the ongoing deceleration in broad money and credit growth.
See Goodfriend, M. (2016), “The Case for Unencumbering Interest Rate Policy at the Zero Bound”, prepared for the 2016 Economic Policy Symposium Proceedings, Jackson Hole: Federal Reserve Bank of Kansas City, 26 August; Agarwal, R. and M. Kimball (2015), “Breaking Through the Zero Lower Bound”, IMF Working Paper No 15/224; and Rogoff, K. (2014), “Costs and Benefits to Phasing Out Paper Currency”, NBER Working Paper No 20126.