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The Flexible System of Global Models â€“ FSGM

Andrle, Michal; Blagrave, Patrick; Espaillat, Pedro; … - International Monetary Fund (IMF) - 2015

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...

Persistent link: https://www.econbiz.de/10011242191

The Cyclicality of Sales, Regular and Effective Prices; Business Cycle and Policy Implications

Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee - International Monetary Fund (IMF) - 2012

We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective …" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas … prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers …

Persistent link: https://www.econbiz.de/10011242242

Estimating the Implicit Inflation Target of the South African Reserve Bank

Klein, Nir - International Monetary Fund (IMF) - 2012

This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in...

Persistent link: https://www.econbiz.de/10010790261

A Theory of Domestic and International Trade Finance

Ahn, JaeBin - International Monetary Fund (IMF) - 2011

This paper provides a theory model of trade finance to explain the "great trade collapse." The model shows that, first, the riskiness of international transactions rises relative to domestic transactions during economic downturns, and second, the exclusive use of a letter of credit in...

Persistent link: https://www.econbiz.de/10009370564

A Solution to Two Paradoxes of International Capital Flow

Wei, Shang-Jin; Ju, Jiandong - International Monetary Fund (IMF) - 2006

International capital flows from rich to poor countries can be regarded as either too low (the Lucas paradox in a one-sector model) or too high (when compared with the logic of factor price equalization in a two-sector model). To resolve the paradoxes, we introduce a non-neoclassical model which...

Persistent link: https://www.econbiz.de/10005768844

A Simultaneous Equation Model for World Crude Oil and Natural Gas Markets

Krichene, Noureddine - International Monetary Fund (IMF) - 2005

shocks. The paper establishes a relationship between oil prices, changes in the nominal effective exchange rate (NEER) of the … rates and the NEER are shown to influence crude prices inversely. The results imply that crude oil prices should be included …

Persistent link: https://www.econbiz.de/10005768887

The Cost Channel of Monetary Policy; Further Evidence for the United States and the Euro Area

Rabanal, Pau - International Monetary Fund (IMF) - 2003

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase...

Persistent link: https://www.econbiz.de/10005768944

What Attracts tourists to Paradise?

Tsounta, Evridiki - International Monetary Fund (IMF) - 2008

This paper investigates the determinants of tourism demand in the Eastern Caribbean Currency Union. We estimate the demand function in a panel setting using annual data from 1979 to 2005. Results show that tourism arrivals are significantly affected by economic developments in the source...

Persistent link: https://www.econbiz.de/10005769110

Decomposing Financial Risks and Vulnerabilities in Eastern Europe

Worrell, DeLisle; Maechler, Andrea M.; Mitra, Srobona - International Monetary Fund (IMF) - 2007

This paper assesses how various types of financial risk such as credit risk, market risk, and liquidity risk affect banking stability in the ten countries that joined the European Union most recently, and eight neighboring countries. It also examines how the quality of supervisory standards may...

Persistent link: https://www.econbiz.de/10005769124

The Effects of Exchange Rate Fluctuationson Output and Prices; Evidence From Developing Countries

Kandil, Magda E.; Mirzaie, Ida Aghdas - International Monetary Fund (IMF) - 2003

The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to...

Persistent link: https://www.econbiz.de/10005769253