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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

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

Emerging market business cycles : the role of labor market frictions

Boz, Emine; Durdu, Ceyhun Bora; Li, Nan - 2012

Emerging economies are characterized by higher consumption and real wage variability relative to output and a strongly countercyclical current account. A real business cycle model of a small open economy that embeds a Mortensen-Pissarides type of search-matching frictions and countercyclical...

Persistent link: https://www.econbiz.de/10009659836

In Search of a Dramatic Equilibrium

Oomes, Nienke - 2009

This papers estimates the equilibrium exchange rate for Armenia using three different approaches: the purchasing power parity (PPP) approach, the behavioral equilibrium exchange rate (BEER) approach, and the external sustainability (ES) approach. All three approaches suggest that the dram was...

Persistent link: https://www.econbiz.de/10012677748

Search in the Labor Market Under Imperfectly Insurable Income Risk

Roca, Mauro - 2009

This paper develops a general equilibrium model with unemployment and noncooperative wage determination to analyze the importance of incomplete markets when risk-averse agents are subject to idiosyncratic employment shocks. A version of the model calibrated to the U.S. shows that market...

Persistent link: https://www.econbiz.de/10012677860

Equilibrium Wage Dispersion : An Example

Gaumont, Damien - 2006

Persistent link: https://www.econbiz.de/10012691151

The Information Content of Money in Forecasting Euro Area Inflation

Stavrev, Emil - 2008

This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of … money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of … structural and empirical models in a consistent framework using Bayesian and other estimation techniques. We find that money …

Persistent link: https://www.econbiz.de/10012677626

The ECBâ s Monetary Analysis Revisited

Berger, Helge - 2008

-- III. Survey of the Theoretical Debate -- IV. The Importance of Money for Inflation Forecasts -- V. Disaggregated Monetary …

Persistent link: https://www.econbiz.de/10012682180

Money, Meat, and Inflation; Using Price Data to Understand An Export Shock in Sudan

Ramcharan, Rodney - International Monetary Fund (IMF) - 2002

Sudanese inflation dramatically fell in 2000. But just prior to the sharp decline, an export ban was placed on Sudanese livestock. Motivated by this clue, and in the absence of any reliable income or employment data, this paper systematically develops simultaneous models of the consumer price...

Persistent link: https://www.econbiz.de/10005825891

Fixing the Fixings; What Road to a More Representative Money Market Benchmark?

Brousseau, V.; Chailloux, Alexandre; Durré, A. - International Monetary Fund (IMF) - 2013

, 2009), this paper discusses various options to move towards a new benchmarking system in the money market. It proposes a …

Persistent link: https://www.econbiz.de/10011242252