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Persistent link: https://www.econbiz.de/10004051164
This paper shows that price level trends in many of the EMU countries evolve with different patterns and that these patterns will not converge in the long-run. We propose that the hypothesis of price convergence should be evaluated and tested employing the relative prices. To this aim, we: (i)...
Persistent link: https://www.econbiz.de/10011276132
This paper provides three policy lessons to take full advantage of the opportunity afforded by EU funds. The main features of the global integrated monetary and fiscal (GIMF) model and how it was modified to account for income convergence are discussed. The impact of EU funds as exhibited in the...
Persistent link: https://www.econbiz.de/10011244276
analyze the inflation outlook and monetary policy challenges. The Bank of Indonesia (BI) introduced its Inflation Targeting … Framework in July 2005 with the goal to reduce inflation in the medium term to 3 percent. BI’s official mandate is stability … of the rupiah, both internal and external, and BI views the inflation targeting regime with a floating exchange rate as …
Persistent link: https://www.econbiz.de/10011244290
This Selected Issues paper discusses the policy response by a sample of central banks to the ongoing oil and food price shocks in South Africa, drawing some lessons, which can help put in context developments in the country. The paper discusses first- and second-round effects of “supply...
Persistent link: https://www.econbiz.de/10011244349
Uruguay’s inflation and inflation expectations exceed the inflation target, and the gap has been widening in recent …
Persistent link: https://www.econbiz.de/10011244441
This paper presents a simple structural model of inflation adapted for Nigeria based on the methodology of Berg, Karam …
Persistent link: https://www.econbiz.de/10011244544
The analysis of inflation developments in Belarus is hampered by widespread price controls. Persistence of common … inflation is generally higher than that of actual inflation. Factor analysis assumes that covariation among time series can be …
Persistent link: https://www.econbiz.de/10011244559
The U.S. economy continued to grow strongly over the year even in the face of a withdrawal of monetary stimulus and high oil prices. Executive Directors commended the Federal Reserve for its monetary tightening. They recognized that the financial sector has proven innovative and resilient. They...
Persistent link: https://www.econbiz.de/10011244857
This paper quantifies the dynamic effects of fiscal policy using a structural model, the Global Integrated Monetary and Fiscal Model (GIMF). The analysis finds that success of fiscal policy in enhancing macroeconomic stability depends on the type of shock, the response of monetary policy, and...
Persistent link: https://www.econbiz.de/10011244998