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Inflation and Fiscal Deficits; The Irrelevance of Debt and Money Financing
Barrionuevo, José M. - International Monetary Fund (IMF) - 1992
The purpose of this paper is to present a model that circumvents the requirement of explicitly setting a period in which the fiscal budget is to be balanced, yet implies that increases in the growth of public debt are bound to increase inflation when there is no perceived commitment to reduce...
Persistent link: https://www.econbiz.de/10005263970
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Lessons for Monetary Policy; What Should the Consensus Be?
Issing, Otmar - International Monetary Fund (IMF) - 2011
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10009019599
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The International Monetary System in the (Very) Long Run
Sussman, Nathan; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2000
This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...
Persistent link: https://www.econbiz.de/10005264089
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Money, Meat, and Inflation; Using Price Data to Understand An Export Shock in Sudan
Ramcharan, Rodney - International Monetary Fund (IMF) - 2002
Sudanese inflation dramatically fell in 2000. But just prior to the sharp decline, an export ban was placed on Sudanese livestock. Motivated by this clue, and in the absence of any reliable income or employment data, this paper systematically develops simultaneous models of the consumer price...
Persistent link: https://www.econbiz.de/10005825891
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How to Fight Deflation in a Liquidity Trap; Committing to Being Irresponsible
Eggertsson, Gauti B. - International Monetary Fund (IMF) - 2003
can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by … solve the credibility problem. They involve printing money or nominal debt and either (1) cutting taxes, (2) buying real … 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
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The ECB’s Monetary Analysis Revisited
Berger, Helge; Harjes, Thomas; Stavrev, Emil - International Monetary Fund (IMF) - 2008
money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non … policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and …
Persistent link: https://www.econbiz.de/10005599686
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Inflation in Pakistan; Money or Wheat?
Khan, Mohsin S.; Schimmelpfennig, Axel - International Monetary Fund (IMF) - 2006
Pakistan. A stylized inflation model is specified that includes standard monetary variables (money supply, credit to the …
Persistent link: https://www.econbiz.de/10005604974
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Money and Inflation in the Islamic Republic of Iran
Bonato, Leo - International Monetary Fund (IMF) - 2007
real money balances, the approach followed here focuses on the relationship between nominal variables and inflation. The … at the end of the sample. The estimates confirm the strong relationship between money and inflation when M1 is used, with …
Persistent link: https://www.econbiz.de/10005605268
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Money and Collateral
Singh, Manmohan; Stella, Peter - International Monetary Fund (IMF) - 2012
of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains …
Persistent link: https://www.econbiz.de/10010790405
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A Monetary Policy Model without Money for India
Kapur, Muneesh; Patra, Michael Debabrata - International Monetary Fund (IMF) - 2010
A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and persistent when it sets in, irrespective of the source. Exchange...
Persistent link: https://www.econbiz.de/10008646425