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Improving the Monetary Policy Frameworks in Central America
International Monetary Fund (IMF); International … - 2011
Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengthening the monetary policy frameworks of CADR is key to improving the effectiveness of...
Persistent link: https://www.econbiz.de/10009369451
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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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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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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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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
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Measures of Central Bank Autonomy; Empirical Evidence for OECD, Developing, and Emerging Market Economies
Segalotto, Jean-François; Arnone, Marco; Laurens, Bernard - International Monetary Fund (IMF) - 2006
This paper presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a...
Persistent link: https://www.econbiz.de/10005826057
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Sri Lanka; Selected Issues and Statistical Appendix
International Monetary Fund (IMF); International … - 2004
This paper explores how monetary policy affects other macroeconomic variables, mainly output and inflation. First, it provides an overview of the framework for implementing monetary policy and then discusses the transmission mechanism itself. In this study, the following statistical data are...
Persistent link: https://www.econbiz.de/10005599120