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Reflating Japan : time to get unconventional?

Arbatli, Elif; Botman, Dennis P. J.; Clinton, Kevin; … - 2016

Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus …

Persistent link: https://www.econbiz.de/10011715113

International Liquidity : The Fiscal Dimension

Obstfeld, Maurice - 2011

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

Persistent link: https://www.econbiz.de/10012461279

Getting to know GIMF : the simulation properties of the global integrated monetary and fiscal model

Anderson, Derek; Hunt, Benjamin F.; Kortelainen, Mika; … - 2013

Persistent link: https://www.econbiz.de/10009726538

EMU : Ready, or Not?

Obstfeld, Maurice - 1999

In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...

Persistent link: https://www.econbiz.de/10012471509

Monetary and Fiscal Remedies for Deflation

Auerbach, Alan - 2004

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short … benefits and facilitate the use of powerful fiscal policy tools even in a liquidity trap. In this paper, we consider an … alternative approach that has been suggested for use in a liquidity trap, a scheduled increase in consumption tax rates. We find …

Persistent link: https://www.econbiz.de/10012468404

How to improve inflation targeting in Canada

Obstfeld, Maurice; Clinton, Kevin; Kamenik, Ondra; … - 2016

Routine publication of the forecast path for the policy interest rate (i.e. 'conventional forward guidance') would improve the transparency of monetary policy. It would also improve policy effectiveness through its influence on expectations, particularly when there is a risk of low inflation,...

Persistent link: https://www.econbiz.de/10011715420

DSGE Modeling At the Fund : Applications and Further Developments

Botman, Dennis P. J. - 2007

Researchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of these models. The Global Economy Model is a quarterly model that features a large...

Persistent link: https://www.econbiz.de/10014400433

Getting to Know GIMF : The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Anderson, Derek - 2013

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. Using a 5-region version of the GIMF, this paper illustrates the model’s...

Persistent link: https://www.econbiz.de/10014395368

The Global Integrated Monetary and Fiscal Model (GIMF) : Theoretical Structure

Laxton, Douglas - 2010

This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is used by the IMF for a variety of tasks including policy analysis, risk analysis, and surveillance

Persistent link: https://www.econbiz.de/10014402511

Fiscal Stimulus to the Rescue? : Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits

Laxton, Douglas - 2009

This paper uses the IMF''s Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...

Persistent link: https://www.econbiz.de/10014402228