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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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Romania; Selected Issues
International Monetary Fund (IMF); International … - 2007
This Selected Issues paper discusses Romania’s modeling monetary policy. A simple Forecasting and Policy Analysis System (FPAS) for Romania has been designed to help in the preparation of the IMF staff’s forecasts and policy assessments. A major advantage of this approach is that...
Persistent link: https://www.econbiz.de/10011245389
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Imperfect Central Bank Communication; Information Versus Distraction.
Orphanides, Athanasios; Dale, Spencer; Österholm, Pär - International Monetary Fund (IMF) - 2008
benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the … value of communicating imperfect information is ambiguous. There is a risk that the central bank can distract the public …; this means that the central bank may prefer to focus its communication policies on the information it knows most about …
Persistent link: https://www.econbiz.de/10005248250
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Sources of Inflation in Sub-Saharan Africa
Peiris, Shanaka J.; Barnichon, Régis - International Monetary Fund (IMF) - 2007
This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating vectors for the production function and the real...
Persistent link: https://www.econbiz.de/10005263752
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Monetary Policy and Corporate Behaviour in India
International Monetary Fund (IMF); International … - 2005
-reform period 1992-2003. The findings suggest that a contractionary monetary policy lowers overall debt including bank debt …, although the lagged response is positive, and listed firms increase their short-term bank borrowings, after monetary tightening …
Persistent link: https://www.econbiz.de/10005263785
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Recent Inflationary Trends in World Commodities Markets
Krichene, Noureddine - International Monetary Fund (IMF) - 2008
Expansionary monetary policies in key industrial countries and sharply depreciating U.S. dollar exchange rate sent commodities prices soaring at unprecedented rates during 2003-2007. Food prices rose to alarming levels threatening malnutrition and food riots. In contrast, consumer price indices,...
Persistent link: https://www.econbiz.de/10005263936
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How Useful is Monetary Econometrics in Low-Income Countries? T+L3104he Case of Money Demand and the Multipliers in Rwanda
Bella, Gabriel Di; Hauner, David - International Monetary Fund (IMF) - 2005
This paper revisits the usefulness of econometric monetary analysis in low-income countries in a case study on Rwanda, an interesting case given its floating exchange rate and reliance on indirect monetary policy instruments on the one hand, and its somewhat typical data and institutional...
Persistent link: https://www.econbiz.de/10005263938
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On the Welfare Benefits of An International Currency
Kannan, Prakash - International Monetary Fund (IMF) - 2007
Is it beneficial for a country's currency to be used internationally? And, if so, can we quantify the benefit? Since the emergence of the euro, there has been great interest in the consequences of a transfer of the US dollar's premier international role to the euro. Building on recent...
Persistent link: https://www.econbiz.de/10005263955
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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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Is the Quantity of Government Debt a Constraint for Monetary Policy?
Mitra, Srobona - International Monetary Fund (IMF) - 2007
This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank …
Persistent link: https://www.econbiz.de/10005264121