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The Cost Channel of Monetary Policy; Further Evidence for the United States and the Euro Area

Rabanal, Pau - International Monetary Fund (IMF) - 2003

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase...

Persistent link: https://www.econbiz.de/10005768944

Cointegrated TFP Processes and International Business Cycles

Tuesta, Vicente; Rubio-Ramirez, Juan F.; Rabanal, Pau - International Monetary Fund (IMF) - 2009

A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error...

Persistent link: https://www.econbiz.de/10008559267

Policies for Macrofinancial Stability; Options to Deal with Real Estate Booms

Dell'Ariccia, Giovanni; Rabanal, Pau; Crowe, Christopher W. - International Monetary Fund (IMF) - 2011

DISCLAIMER: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published...

Persistent link: https://www.econbiz.de/10011245885

Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?

Rabanal, Pau; Rubio-Ramirez, Juan F. - International Monetary Fund (IMF) - 2012

Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple...

Persistent link: https://www.econbiz.de/10009650618

Forecasting U.S. Investment

Rabanal, Pau; Lee, Jaewoo - International Monetary Fund (IMF) - 2010

The driving force of U.S. economic growth is expected to rotate from the fiscal stimulus and inventory rebuilding in 2009 to private demand in 2010, with consumption and particularly investment expected to be important contributors to growth. The strength of U.S. investment will hence be a...

Persistent link: https://www.econbiz.de/10008727800

Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model; What is Important and What is Not

Tuesta, Vicente; Rabanal, Pau - International Monetary Fund (IMF) - 2006

variables. Third, introducing sticky prices in Local Currency Pricing improves the fit of the baseline model but does not …

Persistent link: https://www.econbiz.de/10005769212

Monetary Policy Rules and the U.S. Business Cycle; Evidence and Implications

Rabanal, Pau - International Monetary Fund (IMF) - 2004

This paper estimates Taylor-type interest rates for the United States allowing for both time and state dependence. It provides evidence that the coefficients of the Taylor rule change significantly over time, and that the behavior of the Federal Reserve over the cycle can be explained using a...

Persistent link: https://www.econbiz.de/10005605212

Technology Shocks and Aggregate Fluctuations; How Well Does the RBC Model Fit Postwar U.S. Data?

Galí, Jordi; Rabanal, Pau - International Monetary Fund (IMF) - 2004

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...

Persistent link: https://www.econbiz.de/10005605356

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Quint, Dominic; Rabanal, Pau - International Monetary Fund (IMF) - 2013

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...

Persistent link: https://www.econbiz.de/10010790358

Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia

Sandri, Damiano; Rabanal, Pau; Méjean, Isabelle - International Monetary Fund (IMF) - 2011

emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in … Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the … case where export prices remain constant in one country and increase in the other. Our results are robust to different …

Persistent link: https://www.econbiz.de/10008876596