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Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy

International Monetary Fund - 2010

This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The paper uses these results to estimate a New Keynesian Phillips curve for Armenia,...

Persistent link: https://www.econbiz.de/10014398416

Fiscal Policy Independence in a European Monetary Union

International Monetary Fund - 1990

The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...

Persistent link: https://www.econbiz.de/10014396463

Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank

International Monetary Fund - 1998

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...

Persistent link: https://www.econbiz.de/10014400820

Sterilizing Capital inflows

International Monetary Fund - 1997

Developing countries fortunate enough to experience capital inflows haveseen rising levels of investment and enhanced economic growth. Capitalinflows have a negative side, however, in that they tend to appreciatethe domestic currency, making exports less competitive, and to encourageinflation....

Persistent link: https://www.econbiz.de/10014402762

The Transmission Mechanism in Armenia : New Evidence from a Regime Switching VAR Analysis

International Monetary Fund - 2010

The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to...

Persistent link: https://www.econbiz.de/10014403230

Staff Report on the Multilateral Consultation on Global Imbalances with China, the Euro Area, Japan, Saudi Arabia, and the United States

International Monetary Fund - 2007

Multilateral Consultations are a new tool of multilateral surveillance for the IMF, designed to foster action-oriented debate and policy actions on a problem of systemic or regional importance. The first multilateral consultation focused on facilitating the resolution of global imbalances while...

Persistent link: https://www.econbiz.de/10014409833

Inflation Dynamics in Kazakstan

International Monetary Fund - 1995

economy level …

Persistent link: https://www.econbiz.de/10014398244

Once Again, is Openness Good for Growth?

International Monetary Fund - 2004

Rodriguez and Rodrik (2000) argue that the relation between openness and growth is still an open question. One of the main problems in the assessment of the effect is the endogeneity of the relation. In order to address this issue, this paper applies the identification through heteroskedasticity...

Persistent link: https://www.econbiz.de/10014401435

France : Selected Issues

International Monetary Fund - 2000

slack in an economy. A comparison of these alternatives reveals that the evolution of the Nairu is crucial for understanding … recent cyclical developments in the French economy. A comprehensive reform of the personal income tax has been assessed. This … of an information and communication technology-based new economy …

Persistent link: https://www.econbiz.de/10014403325