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Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
Quint, Dominic; Rabanal, Pau - International Monetary Fund (IMF) - 2013
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...
Persistent link: https://www.econbiz.de/10010790358
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The Euro Area Crisis; Need for a Supranational Fiscal Risk Sharing Mechanism?
Furceri, Davide; Zdzienicka, Aleksandra - International Monetary Fund (IMF) - 2013
The aim of this paper is to assess the effectiveness of risk sharing mechanisms in the euro area and whether a supranational fiscal risk sharing mechanism could insure countries against very severe downturns. Using an unbalanced panel of 15 euro area countries over the period 1979-2010, the...
Persistent link: https://www.econbiz.de/10011242326
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International Risk Sharing During the Globalization Era
Matsumoto, Akito; Flood, Robert P.; Marion, Nancy P. - International Monetary Fund (IMF) - 2009
Though theory suggests financial globalization should improve international risk sharing, empirical support has been limited. We develop a simple welfare-based measure that captures how far countries are from the ideal of perfect risk sharing. We then take it to data and find international risk...
Persistent link: https://www.econbiz.de/10008559272
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Trust As a Means of Improving Corporate Governance and Efficiency
Chami, Ralph; Fullenkamp, Connel - International Monetary Fund (IMF) - 2002
Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder,...
Persistent link: https://www.econbiz.de/10005826212
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Conditional Lending Under Altruism
Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2004
We analyze how the altruism of an international financial institution (IFI) towards its lowincome member countries …. Thus, IFI altruism and the inability to commit are sufficient reasons to equip loans with conditions. Conditional loans … produce an efficient allocation of resources, so altruism is not a fundamental reason that loans fail to increase welfare. …
Persistent link: https://www.econbiz.de/10005604948
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Demand Patterns in France, Germany, and Belgium: Can We Explain the Differences?
Lebrun, Igor; Ruiz, Esther Pérez - International Monetary Fund (IMF) - 2014
The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the core. This paper puts recent demand patterns in France, Germany, and Belgium into historical perspective. We find that, first, dynamics for private consumption, non-residential...
Persistent link: https://www.econbiz.de/10010959463
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Kingdom of the Netherlands-Netherlands: Selected Issues Paper
International Monetary Fund (IMF); International … - 2014
This Selected Issues paper analyzes the housing prices, consumption, and the household debt overhang in the Netherlands. Deflated housing prices that were fueled by robust borrowing often leave in their wake households with heavy debt burden. This “debt overhang†forces households into...
Persistent link: https://www.econbiz.de/10011244329
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Australia; Selected Issues
International Monetary Fund (IMF); International … - 2008
This Selected Issues paper on Australia highlights the IMF’s new Global Integrated Monetary and Fiscal Model (GIMF), which is used to examine the macroeconomic implications of alternative fiscal responses to higher revenue. Lower labor and capital income taxes, along with higher public...
Persistent link: https://www.econbiz.de/10011244382
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Ireland; Selected Issues
International Monetary Fund (IMF); International … - 2012
The Selected Issues paper describes the nexus between household wealth, saving, and consumption, and provides estimates for the medium-term path of household saving and consumption. The paper also discusses to what extent the credit market frictions are holding back Ireland's economic recovery....
Persistent link: https://www.econbiz.de/10011244469
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United States; Selected Issues
International Monetary Fund (IMF); International … - 2012
This Selected Issues paper for the United States discusses the microeconomics of the country—household wealth and savings. Households’ consumption-saving decisions have an important bearing on the U.S. economic outlook. This paper demonstrates how households with consistently lower...
Persistent link: https://www.econbiz.de/10011244682