Similar Search Results

Inflation Targeting Under Imperfect Policy Credibility

Fund, International Monetary - 2009

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function …

Persistent link: https://www.econbiz.de/10012677693

Policy Credibility and Sovereign Credit--The Case of New EU Member States

Kumar, Manmohan S. - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature …)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique … experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key …

Persistent link: https://www.econbiz.de/10012677845

U.S. Inflation Dynamics : What Drives Them Over Different Frequencies?

Balakrishnan, Ravi - 2006

Persistent link: https://www.econbiz.de/10012691119

Optimal Prudential Regulation of Banks and the Political Economy of Supervision

Tressel, Thierry; Verdier, Thierry - International Monetary Fund (IMF) - 2014

We consider a moral hazard economy in banks and production to study how incentives for risk taking are affected by the quality of supervision. We show that low interest rates may generate excessive risk taking. Because of a pecuniary externality, the market equilibrium may not be optimal and...

Persistent link: https://www.econbiz.de/10010790384

From "Hindu Growth" to Productivity Surge; The Mystery of the Indian Growth Transition

Rodrik, Dani; Subramanian, Arvind - International Monetary Fund (IMF) - 2004

This paper explores the causes of India's productivity surge around 1980, more than a decade before serious economic reforms were initiated. Trade liberalization, expansionary demand, a favorable external environment, and improved agricultural performance did not play a role. We find evidence...

Persistent link: https://www.econbiz.de/10005825610

Monetary Union in West Africa; Who Might Gain, Who Might Lose, and Why?

Masson, Paul R.; Debrun, Xavier; Pattillo, Catherine A. - International Monetary Fund (IMF) - 2002

We develop a multicountry model in which governments aim at excessive spending in order to serve the narrow interests of the group in power. This puts pressure on the monetary authorities to extract seigniorage, and thus affects the incentives countries would have to participate in a monetary...

Persistent link: https://www.econbiz.de/10005825633

In Search of a Dramatic Equilibrium; Was the Armenian Dram Overvalued?

Oomes, Nienke; Stepanyan, Vahram; Minasyan, Gohar; … - International Monetary Fund (IMF) - 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/10005825670

Cataclysms and Currencies; Does the Exchange Rate Regime Matter for Real Shocks?

Ramcharan, Rodney - International Monetary Fund (IMF) - 2005

Does the choice of exchange rate regime affect the way an economy's adjustment to real shocks? Exploiting the randomness of natural shocks, this paper assesses empirically the often contrasting answers found in the theoretical literature. The evidence supports key themes in this literature, and...

Persistent link: https://www.econbiz.de/10005825697

A Political-Economic Model of the Choice of Exchange Rate Regime

Sun, Yan - International Monetary Fund (IMF) - 2002

Facing electoral uncertainty, a government chooses its exchange regime in a trade-off among three incentives: (i) tying the hands of its opponent should it lose the election; (ii) facilitating its own future policy implementation should it win the election; and (iii) increasing its chance of...

Persistent link: https://www.econbiz.de/10005825721

The Transition Economies After Ten Years

Fischer, Stanley; Sahay, Ratna - International Monetary Fund (IMF) - 2000

This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes,...

Persistent link: https://www.econbiz.de/10005825770

1
2
3
4
5
6
7
8
9
10
Next
Last