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Aggregate Stability and Balanced-Budget Rules

Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...

Persistent link: https://www.econbiz.de/10010790380

Hysteresis in Unemployment and Jobless Recoveries

Plotnikov, Dmitry - International Monetary Fund (IMF) - 2014

This paper develops and estimates a general equilibrium rational expectations model with search and multiple equilibria where aggregate shocks have a permanent effect on the unemployment rate. If agents' wealth decreases, the unemployment rate increases for a potentially indefinite period. This...

Persistent link: https://www.econbiz.de/10010790439

Labor Market Issues in the Caribbean: Scope to Mobilize Employment Growth

Kandil, Magda E.; Lindow, Genevieve; Mansilla, Mario; … - International Monetary Fund (IMF) - 2014

The paper examines the determinants of employment growth, drawing on data available across a sample of Caribbean countries. To that end, the paper analyzes estimates of the employment-output elasticity and the response of employment growth to major sources of labor market determinants, in the...

Persistent link: https://www.econbiz.de/10010800970

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

The International Monetary System in the (Very) Long Run

Sussman, Nathan; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2000

This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...

Persistent link: https://www.econbiz.de/10005264089

Institutional Cash Pools and the Triffin Dilemma of the U.S. Banking System

Pozsar, Zoltan - International Monetary Fund (IMF) - 2011

Through the profiling of institutional cash pools, this paper explains the rise of the "shadow" banking system from a demand-side perspective. Explaining the rise of shadow banking from this angle paints a very different picture than the supply-side angle that views it as a story of banks'...

Persistent link: https://www.econbiz.de/10009293767

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

How to Fight Deflation in a Liquidity Trap; Committing to Being Irresponsible

Eggertsson, Gauti B. - International Monetary Fund (IMF) - 2003

can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by … solve the credibility problem. They involve printing money or nominal debt and either (1) cutting taxes, (2) buying real … these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation …

Persistent link: https://www.econbiz.de/10005599394

The ECBâ€™s Monetary Analysis Revisited

Berger, Helge; Harjes, Thomas; Stavrev, Emil - International Monetary Fund (IMF) - 2008

money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non … policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and …

Persistent link: https://www.econbiz.de/10005599686

Determinants of Dollarization; The Banking Side

Terrones, Marco; Catão, Luis - International Monetary Fund (IMF) - 2000

Dollarization in financial intermediation has exhibited a widely diverse pattern across countries. Empirical work relating it to macroeconomic variables has had only limited success in explaining the phenomenon. This paper presents a two-currency banking model to show that deposit and loan...

Persistent link: https://www.econbiz.de/10005604809

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