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Fiscal and Monetary Anchors for Price Stability; Evidence From Sub-Saharan Africa

International Monetary Fund (IMF); International … - 2008

dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries … primary surpluses to public debt; or by a consistent adoption of a monetary dominant regime. However, a number of countries … public debt affect price variability via aggregate demand effects, suggesting that fiscal outcomes could be a direct source …

Persistent link: https://www.econbiz.de/10005769262

Commodity Prices and Inflation in the Middle East, North Africa, and Central Asia

International Monetary Fund (IMF); International … - 2010

Inflation followed a strikingly uniform pattern in all countries of the Middle East, North Africa, and Central Asia during the period 1996-2009, falling until about 2000 and then rising. International fuel prices do not help explain this pattern. This conclusion is robust even when different...

Persistent link: https://www.econbiz.de/10008542985

Interest rate rules are infeasible and fail to complete macroeconomic models

Hoehn, James G. - Federal Reserve Bank of Cleveland - 1987

A discussion of the circumstances under which interest rate rules are consistent with nominal determinacy in macroeconomic models.

Persistent link: https://www.econbiz.de/10005526598

Inflation Targeting and Output Growth; Empirical Evidence for the European Union

International Monetary Fund (IMF); International … - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10005605065

Is Monetary Policy Effective When Credit is Low?

International Monetary Fund (IMF); International … - 2008

Monetary policy, at least in part, operates through both an interest rate and credit channel. The question arises, therefore, whether monetary policy is a less potent a device in affecting output and inflation in countries that have low levels of credit and where investment and consumption are...

Persistent link: https://www.econbiz.de/10005605381

Weathering the Global Storm; The Benefits of Monetary Policy Reform in the La5 Countries

International Monetary Fund (IMF); International … - 2010

This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades...

Persistent link: https://www.econbiz.de/10008777018

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

International Monetary Fund (IMF); International … - 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/10008777023

Non-nested specification tests and the intermediate target for monetary policy

Toida, Mitsuru; Gavin, William T. - Federal Reserve Bank of Cleveland - 1983

An examination of a procedure for comparing non-nested models to the problem of choosing an intermediate target for monetary policy. Six models of economic activity, based on six different monetary aggregates, are compared.

Persistent link: https://www.econbiz.de/10005428295

Monetary policy and real interest rates: new evidence from the money stock announcements

Gavin, William T.; Karamouzis, Nicholas V. - Federal Reserve Bank of Cleveland - 1984

This paper presents new evidence on how asset prices respond to new information about the money stock. It shows that the information content of money stock announcements and the response of asset prices to new information in the announcements vary with changes in the monetary policy regime, the...

Persistent link: https://www.econbiz.de/10005428402

Some benefits of cyclical monetary policy

Cavalcanti, Ricardo de O.; Nosal, Ed - Federal Reserve Bank of Cleveland - 2005

In this paper, we present a simple random-matching model in which different seasons translate into different propensities to consume and produce. We find that the cyclical creation and destruction of money is beneficial for welfare under a wide variety of circumstances. Our model of seasons can...

Persistent link: https://www.econbiz.de/10005428405

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