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Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?
Iossifov, Plamen; Podpiera, Jiri - International Monetary Fund (IMF) - 2014
are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and … energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and …
Persistent link: https://www.econbiz.de/10010959481
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Financial Market Risk and U.S. Money Demand
Cook, David; Choi, Woon Gyu - International Monetary Fund (IMF) - 2007
This paper examines empirically U.S. broad money demand emphasizing the role of financial market risk. We find that money demand rises with the liquidity risk of stock markets or the credit risk of corporate bond markets. After controlling for the effect of financial market risk, money demand...
Persistent link: https://www.econbiz.de/10005248246
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Overshooting and Dollarization in the Democratic Republic of the Congo
Beaugrand, Philippe - International Monetary Fund (IMF) - 2003
of inflation. Differences between the rate of inflation and currency depreciation (over- or undershooting of the exchange …
Persistent link: https://www.econbiz.de/10005264134
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Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks; A Review of Theories
Beddies, Christian H. - International Monetary Fund (IMF) - 2000
In the past decades, much work has been geared toward solving the problem of time inconsistency in monetary policy and analyzing the coordination problem between fiscal and monetary policy. This paper provides a review of the theoretical background to these theories, while also focusing on their...
Persistent link: https://www.econbiz.de/10005826014
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Inflation and Monetary Reform
Agénor, Pierre-Richard; Lennblad, Anna - International Monetary Fund (IMF) - 1992
The introduction of a new currency has often occurred as part of a program to fight hyperinflation. In this context, non-uniform conversion rates for different types of assets and liabilities have been used as a means of reducing an initial “excess” stock of liquidity. The paper examines the...
Persistent link: https://www.econbiz.de/10005826265
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Independent Currency Authorities; An Analytic Primer
Osband, Kent; Villanueva, Delano - International Monetary Fund (IMF) - 1992
This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency against an exchange standard on demand and back such operations through a 100 percent marginal foreign reserve cover. They also impose...
Persistent link: https://www.econbiz.de/10005826316
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Fiscal Deficits and Inflation; A New Look At the Emerging Market Evidence
Terrones, Marco; Catão, Luis - International Monetary Fund (IMF) - 2001
and inflation in broad cross-country panels. This paper provides new econometric estimates for a panel of 23 emerging …-run relationship between the two variables controlling for differences in the inflation tax base. We find that a 1 percentage point … reduction in the ratio of fiscal deficit to GDP typically lowers long-run inflation by 1½ to 6 percentage points, depending on …
Persistent link: https://www.econbiz.de/10005768892
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Currency Substitution in Developing Countries; An Introduction
Calvo, Guillermo; Gramont, Carlos A. Végh - International Monetary Fund (IMF) - 1992
substitution affects the choice of nominal anchors in inflation stabilization programs; third, the effects of changes in the rate …
Persistent link: https://www.econbiz.de/10005769096
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Inflation Dynamics in Yemen; An Empirical Analysis
Almounsor, Abdullah - International Monetary Fund (IMF) - 2010
Yemen has had a high and volatile rate of inflation in recent years. This paper studies the underlying determinants of … inflation dynamics in Yemen using three different approaches: (i) a single equation model, (ii) a Structural Vector … Autoregression Model, and (iii) a Vector Error Correction Model. The outcomes suggest that inflation dynamics in Yemen are driven by …
Persistent link: https://www.econbiz.de/10008542979
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How to Fight Deflation in a Liquidity Trap; Committing to Being Irresponsible
Eggertsson, Gauti B. - International Monetary Fund (IMF) - 2003
these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation …
Persistent link: https://www.econbiz.de/10005599394