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The Great Recession and the Inflation Puzzle
Matheson, Troy; Stavrev, Emil - International Monetary Fund (IMF) - 2013
Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …
Persistent link: https://www.econbiz.de/10010790401
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A Phillips Curve with Anchored Expectations and Short-Term Unemployment
Ball, Laurence M.; Mazumder, Sandeep - International Monetary Fund (IMF) - 2015
This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve … based on the assumptions that inflation expectations are fully anchored at the Federal Reserve’s target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including …
Persistent link: https://www.econbiz.de/10011242402
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Perspectiveson High Real Interest Rates in Turkey
Kannan, Prakash - International Monetary Fund (IMF) - 2008
The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors- doubts about the...
Persistent link: https://www.econbiz.de/10005248241
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Testing Real Interest Parity in Emerging Markets
Banerjee, Abhisek; Singh, Manmohan - International Monetary Fund (IMF) - 2006
The paper finds significant deviations between short-term emerging market real interest rates and world real interest rates primarily due to the inflationary expectations of the local investor base. We test for long-run real interest convergence in emerging markets using a time varying panel...
Persistent link: https://www.econbiz.de/10005263976
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Sovereign Risk, Fiscal Policy, and Macroeconomic Stability
Kuester, Keith; Mueller, Gernot J.; Corsetti, Giancarlo; … - International Monetary Fund (IMF) - 2012
This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a "sovereign risk channel" through which sovereign default risk raises funding costs in the...
Persistent link: https://www.econbiz.de/10009650633
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The Global Macroeconomic Costs of Raising Bank Capital Adequacy Requirements
Vitek, Francis; Roger, Scott - International Monetary Fund (IMF) - 2012
This paper examines the transitional macroeconomic costs of a synchronized global increase in bank capital adequacy requirements under Basel III, as well as a capital increase covering globally systemically important banks. The analysis, using an estimated multi-country model, contributed to the...
Persistent link: https://www.econbiz.de/10009654168
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Fire Sales and the Financial Accelerator
Choi, Woon Gyu; Cook, David - International Monetary Fund (IMF) - 2010
During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous recovery rates in a dynamic stochastic general equilibrium model of the financial accelerator....
Persistent link: https://www.econbiz.de/10008560453
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Turkey at the Crossroads; From Crisis Resolution to EU Accession
McGettigan, Donal; Debrun, Xavier; Griffiths, Mark E. L.; … - International Monetary Fund (IMF) - 2005
levels. This paper reviews Turkey’s policy performance in terms of growth, inflation, debt, fiscal and financial sector …
Persistent link: https://www.econbiz.de/10005767368
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Hybrid Inflation Targeting Regimes
Garcia, Carlos; Restrepo, Jorge; Roger, Scott - International Monetary Fund (IMF) - 2009
, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially …
Persistent link: https://www.econbiz.de/10008540934
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Economic Growth and Integration in Central America
Schipke, Alfred; Desruelle, Dominique - International Monetary Fund (IMF) - 2007
system development, sovereign debt vulnerabilities, and ways to sustain progress in reducing inflation by strengthening the …
Persistent link: https://www.econbiz.de/10005590924