Browsing by Author "Mukhitdinov, Murajan"

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    INFLATION TARGETING IN KAZAKHSTAN
    (Nazarbayev University Graduate School of Business, 2023) Mukhitdinov, Murajan
    This Master's thesis is dedicated to a comprehensive exploration of inflation targeting in Kazakhstan, with a specific focus on its applicability within the country's economic framework. Through a meticulous analysis of the factors influencing inflation targeting and its effectiveness, this research seeks to enhance our understanding of monetary policy frameworks and their impact on macroeconomic stability in Kazakhstan. The study delves into the theoretical foundations, empirical efficacy, and unique challenges associated with implementing inflation targeting in the Kazakhstani context, giving special attention to the crucial role of the National Bank of Kazakhstan. Drawing from a diverse range of empirical studies, the thesis underscores potential benefits, including the reduction of inflation rates and heightened transparency in monetary policy. Employing rigorous case studies and empirical analysis, the research emphasizes inflation targeting's positive impact on macroeconomic outcomes, providing crucial insights for successful implementation. Furthermore, the thesis introduces a method for determining the optimal inflation target for Kazakhstan, utilizing the framework proposed by Ball and Sheridan (2005), highlighting the feasibility of estimating a positive inflation target based on accessible data..