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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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China’s Path to Consumer-Based Growth; Reorienting Investment and Enhancing Efficiency
Lee, Il Houng; Syed, Murtaza H.; Xueyan, Liu - International Monetary Fund (IMF) - 2013
This paper proposes a possible framework for identifying excessive investment. Based on this method, it finds evidence … that some types of investment are becoming excessive in China, particularly in inland provinces. In these regions, private … consumption has on average become more dependent on investment (rather than vice versa) and the impact is relatively short …
Persistent link: https://www.econbiz.de/10011242435
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Albania; Selected Issues
International Monetary Fund (IMF); International … - 2010
Inflation in Southeastern European (SEE) countries has been comparable with euro area inflation, partly owing to on the one hand, high initial price levels. On the other hand, the exchange rate regime is of paramount importance, including the inflation-targeting regime pursued in Albania. The...
Persistent link: https://www.econbiz.de/10011245091
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Dollarization in Cambodia; Causes and Policy Implications
Duma, Nombulelo - International Monetary Fund (IMF) - 2011
investment, and aid, has benefitted the dollar based urban economy. The riel based rural economy has, however, lagged behind …
Persistent link: https://www.econbiz.de/10008876602
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On the Stability of Money Demand in Ghana; A Bounds Testing Approach
Kovanen, Arto; Dagher, Jihad - International Monetary Fund (IMF) - 2011
-run money demand for Ghana. The results provide strong evidence for the presence of a stable, well-identified long-run money … between money demand and its determinants while suggesting that deviations from the equilibrium are rather short-lived.1 …
Persistent link: https://www.econbiz.de/10009370536
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Does Money Matter for Inflation in Ghana?
Kovanen, Arto - International Monetary Fund (IMF) - 2011
Money has only limited information value for future inflation in Ghana over a typical monetary policy implementation …
Persistent link: https://www.econbiz.de/10009370543
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Alternative Monetary Policy Rules for India
Kapur, Muneesh; Patra, Michael Debabrata - International Monetary Fund (IMF) - 2012
This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of...
Persistent link: https://www.econbiz.de/10010790253
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Monetary Transaction Costs and the Term Premium
Espinoza, Raphael A.; Tsomocos, Dimitrios P. - International Monetary Fund (IMF) - 2013
-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified. …
Persistent link: https://www.econbiz.de/10010790281
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Inflation and Conflict in Iraq; The Economics of Shortages Revisited
Kock, Udo; Grigorian, David A. - International Monetary Fund (IMF) - 2010
Containing inflation has turned out to be one of the most challenging aspects of economic management in Iraq. This paper posits that conventional as well as unconventional factors explain inflation dynamics in the recent past. We build a theoretical model based on the insights into the workings...
Persistent link: https://www.econbiz.de/10008560425
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Testing the Transparency Benefits of Inflation Targeting; Evidence From Private Sector Forecasts
Crowe, Christopher W. - International Monetary Fund (IMF) - 2006
I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparency. This effect is robust to dropping observations, is strengthened by using...
Persistent link: https://www.econbiz.de/10005768867