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Practical Model-Based Monetary Policy Analysis; A How-To Guide

Laxton, Douglas; Berg, Andrew; Karam, Philippe D - International Monetary Fund (IMF) - 2006

This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips)...

Persistent link: https://www.econbiz.de/10005599522

International Spillovers of Macroeconomic Shocks; A Quantitative Exploration

Laxton, Douglas; Prasad, Eswar - International Monetary Fund (IMF) - 2000

This paper provides a quantitative exploration of international spillovers of macroeconomic shocks among the major industrial economies. The particular topical example analyzed here concerns the possible effects on the industrial economies of adverse shocks to the current U.S. economic...

Persistent link: https://www.econbiz.de/10005599725

The Macroeconomic Effects of Higher Oil Prices

Isard, Peter; Hunt, Ben; Laxton, Douglas - International Monetary Fund (IMF) - 2001

increases can pass through into core inflation, a possible explanation of the asymmetric relationship between oil prices and …

Persistent link: https://www.econbiz.de/10005605097

Endogenous Monetary Policy Credibility in a Small Macro Model of Israel

Argov, Eyal; Rose, David; Karam, Philippe D; Epstein, … - International Monetary Fund (IMF) - 2007

This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation …

Persistent link: https://www.econbiz.de/10005248242

A Small Quarterly Projection Model of the US Economy

Ermolaev, Igor; Juillard, Michel; Carabenciov, Ioan; … - International Monetary Fund (IMF) - 2008

This is the first 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 for studying both own-country and cross-country linkages. In this paper, we estimate a small...

Persistent link: https://www.econbiz.de/10005263685

Monetary Transmission in an Emerging Targeter; The Case of Brazil

Pagan, A. R.; Laxton, Douglas; Catão, Luis - International Monetary Fund (IMF) - 2008

changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a … key role in this connection. Importantly, the response of inflation to monetary policy shocks has grown stronger and the … output-inflation tradeoff improved since the introduction of inflation targeting. …

Persistent link: https://www.econbiz.de/10005263748

Monetary Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries

Papa M'B. P. N'Diaye; Laxton, Douglas - International Monetary Fund (IMF) - 2002

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation. …

Persistent link: https://www.econbiz.de/10005263831

Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility

Isard, Peter; Laxton, Douglas; Eliasson, Ann-Charlotte - International Monetary Fund (IMF) - 2001

a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed … inflation expectations respond endogenuously policy credibility strengthens the case for forward-looking inflation forecast …

Persistent link: https://www.econbiz.de/10005263924

A Small Quarterly Multi-Country Projection Model with Financial-Real Linkages and Oil Prices

Juillard, Michel; Freedman, Charles; Korshunov, Dmitry; … - International Monetary Fund (IMF) - 2008

This is the third 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/10005264080

Benefits and spillovers of greater competition in Europe

Bayoumi, Tamim; Laxton, Douglas; Pesenti, Paolo - 2004

Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the...

Persistent link: https://www.econbiz.de/10009639395