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On Fixed and Variable Fiscal Surplus Rules

International Monetary Fund - 2004

Fiscal rules are being increasingly used by both emerging and developed economies. This paper analyzes two alternative fiscal policy rules in terms of their impact on debt sustainability: a rule that fixes the ratio of primary surplus to GDP (""fixed surplus rule"") and one that sets the primary...

Persistent link: https://www.econbiz.de/10014404172

Saving-Investment Correlations : Immobile Capital. Government Policy or Endogenous Behavior?

International Monetary Fund - 1989

This paper analyzes reasons for the high post-war correlations of saving and investment, both across countries and over time. It is concluded that the main reason for the observed high correlations over the recent period is probably government policy

Persistent link: https://www.econbiz.de/10014396226

Moreon the Effectiveness of Public Spendingon Health Care and Education : A Covariance Structure Model

International Monetary Fund - 2002

Using data for a sample of developing and transition countries, this paper estimates the relationship between government spending on health care and education, and social indicators. Unlike previous studies, where social indicators are used as proxies for the unobservable health and education...

Persistent link: https://www.econbiz.de/10014399239

On the Estimation of Term Structure Models and An Application to the United States

International Monetary Fund (IMF); International … - 2010

This paper discusses the estimation of models of the term structure of interest rates. After reviewing the term structure models, specifically the Nelson-Siegel Model and Affine Term- Structure Model, this paper estimates the terms structure of Treasury bond yields for the United States with...

Persistent link: https://www.econbiz.de/10008727797

Fat Tails and their (Un)Happy Endings; Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

International Monetary Fund (IMF); International … - 2011

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim … holdersâ€™ preferred degree of asset correlation in portfolios held by the firm. Using the copula capital structure model, it … is shown that the correlation bias shifts shareholder preferences towards highly correlated assets, making financial …

Persistent link: https://www.econbiz.de/10009019569

A Noteon Saving-Investment Correlations in the EMS

International Monetary Fund - 1990

This paper extends recent work by Feldstein and Horioka (1980) and Bayoumi (1990), and examines saving-investment correlations for industrial countries in the post-war period. The focus of the enquiry is on differences observed between EMS and non-EMS countries. It is seen that the EMS countries...

Persistent link: https://www.econbiz.de/10014396141

Fat Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

International Monetary Fund - 2011

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim … holders’ preferred degree of asset correlation in portfolios held by the firm. Using the copula capital structure model, it is … shown that the correlation bias shifts shareholder preferences towards highly correlated assets, making financial …

Persistent link: https://www.econbiz.de/10014401318

Deconstructing the International Business Cycle; Why Does a U.S. Sneeze Give the Rest of the World a Cold?

International Monetary Fund (IMF); International … - 2010

VAR (SVAR) using pre-crisis data. Our new method freely estimates the contemporaneous correlation matrix for underlying …

Persistent link: https://www.econbiz.de/10008727802

Adding Latin America to the Global Projection Model

International Monetary Fund (IMF); International … - 2009

This is the fourth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In...

Persistent link: https://www.econbiz.de/10004999967

Russian Federation; Selected Issues

International Monetary Fund (IMF); International … - 2005

This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of...

Persistent link: https://www.econbiz.de/10005591269