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Inflation-Forecast Targeting : Applying the Principle of Transparency
Clinton, Kevin - 2015
Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to … monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has …-fledged inflation targeting …
Persistent link: https://www.econbiz.de/10013019008
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Asymmetry in the U.S. Output-Inflation Nexus : Issues and Evidence
Laxton, Douglas - 2006
.S. output-inflation process, which implies that excess demand conditions are much more inflationary than excess supply … overheats because this will necessitate a severe tightening in monetary conditions in order to reestablish inflation control …. The small model of the U.S. output-inflation process developed in the paper shows that the seeds of large recessions, such …
Persistent link: https://www.econbiz.de/10012781883
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Capacity Constraints, Inflation and the Transmission Mechanism : Forward-Looking Versus Myopic Policy Rules
Laxton, Douglas - 2006
This paper develops a small model of the output-inflation process in the United States in order to examine the … interest rates respond contemporaneously to output and inflation and a forward-looking policy rule that exploits information … model of inflation where positive deviations of aggregate demand from potential are more inflationary than negative …
Persistent link: https://www.econbiz.de/10012781884
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Phillips Curves, Phillips Lines and the Unemployment Costs of Overheating
Clark, Peter B. - 2006
Most empirical work on the U.S. Phillips curve has had a strong tendency to impose global linearity on the data. The basic objective of this paper is to reconsider the issue of nonlinearity and to underscore its importance for policymaking. After briefly reviewing the history of the Phillips...
Persistent link: https://www.econbiz.de/10012782366
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A Simple Multivariate Filter for Estimating Potential Output
Blagrave, Patrick - 2015
Estimates of potential output are an important ingredient of structured forecasting and policy analysis. Using information on consensus forecasts, this paper extends the multivariate filter developed by Benes and others (2010). Although the estimates in real time are more robust relative to...
Persistent link: https://www.econbiz.de/10013023270
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A Small Quarterly Multi-Country Projection Model
Laxton, Jared; Ermolaev, Igor; Freedman, Charles; … - International Monetary Fund (IMF) - 2008
This is the second of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit for studying both own-country and cross-country linkages. In this paper, we estimate a small...
Persistent link: https://www.econbiz.de/10005825847
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DSGE Modeling At the Fund; Applications and Further Developments
Botman, Dennis P. J.; Rose, David; Laxton, Douglas; … - International Monetary Fund (IMF) - 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/10005826064
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Developing a Structured Forecasting and Policy Analysis System to Support Inflation-Forecast Targeting (IFT)
Laxton, Douglas; Scott, Alasdair; Rose, David - International Monetary Fund (IMF) - 2009
This paper presents a basic plan for developing a Forecast and Policy Analysis System designed to support an inflation …
Persistent link: https://www.econbiz.de/10005826216
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GPM6; The Global Projection Model with 6 Regions
Carabenciov, Ioan; Freedman, Charles; Garcia-Saltos, Roberto - International Monetary Fund (IMF) - 2013
This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this...
Persistent link: https://www.econbiz.de/10011242396
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Getting to Know GIMF; The Simulation Properties of the Global Integrated Monetary and Fiscal Model
Anderson, Derek; Hunt, Ben; Kortelainen, Mika; Kumhof, … - International Monetary Fund (IMF) - 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/10011242434