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International Monetary Fund (IMF); International … - 2007

This Selected Issues paper discusses Romaniaâ€™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 staffâ€™s forecasts and policy assessments. A major advantage of this approach is that...

Persistent link: https://www.econbiz.de/10011245389

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

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

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

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

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

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

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

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

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity; The Main Considerations

Nyawata, Obert - International Monetary Fund (IMF) - 2012

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills … bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for …) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of …

Persistent link: https://www.econbiz.de/10009654145