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Spillovers in the Nordic Countries
Mircheva, Borislava; Muir, Dirk - International Monetary Fund (IMF) - 2015
Denmark, Finland, Norway, and Sweden form a tightly integrated region which has strong ties with the euro area as well … of integration among the four Nordic economies. These differences are driven by the fact that Denmark and Finland have no … independent monetary policy, and Denmark and Norway are net energy exporters while Finland and Sweden are energy importers. We …
Persistent link: https://www.econbiz.de/10011242239
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Republic of Korea; Selected Issues
International Monetary Fund (IMF); International … - 2011
The recent global financial crisis has exposed the limitations of a conventional inflation targeting framework in insulating an economy from all shocks, and demonstrated that its rigid application may aggravate the effect of shocks on output and inflation. Possible refinements to the inflation...
Persistent link: https://www.econbiz.de/10011244762
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Does Inflation in China Affect the United States and Japan?
Willard, Luke; Feyzioglu, Tarhan - International Monetary Fund (IMF) - 2006
With China's share in global trade increasing rapidly, some argued in 2002-03 that China was exporting deflation to other countries as it was dumping cheap goods in mature markets. Later, others argued that China was sucking in commodities and thus causing sharp increases in global prices. The...
Persistent link: https://www.econbiz.de/10005263709
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Asset Market Participation, Monetary Policy Rules, and the Great Inflation
Bilbiie, Florin; Straub, Roland - International Monetary Fund (IMF) - 2006
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at...
Persistent link: https://www.econbiz.de/10005263711
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Public Debt, Money Supply, and Inflation; A Cross-Country Study and its Application to Jamaica
Kwon, Goohoon; McFarlane, Lavern; Robinson, Wayne - International Monetary Fund (IMF) - 2006
This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, we find that...
Persistent link: https://www.econbiz.de/10005263906
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Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility
Isard, Peter; Laxton, Douglas; Eliasson, Ann-Charlotte - International Monetary Fund (IMF) - 2001
Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated...
Persistent link: https://www.econbiz.de/10005263924
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Central Bank Independence and Transparency; Evolution and Effectiveness
Crowe, Christopher W.; Meade, Ellen E. - International Monetary Fund (IMF) - 2008
This paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries...
Persistent link: https://www.econbiz.de/10005263935
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Inflation Targeting in the Context of IMF-Supported Adjustment Programs
Schwartz, Gerd; Rabanal, Pau; Bléjer, Mario I.; Leone, … - International Monetary Fund (IMF) - 2001
This paper argues that the IMF's traditional monetary conditionality-a ceiling on net domestic assets of the central bank and a floor on its net international reserves-should be adapted in IMF-supported adjustment programs with countries which have a framework of explicit inflation targets for...
Persistent link: https://www.econbiz.de/10005264163
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Monetary and Exchange Rate Policies in Colombia; Progress and Challenges
Clavijo, Sergio - International Monetary Fund (IMF) - 2004
This paper focuses on monetary and exchange rate policies in Colombia, with particular emphasis on the period 1999-2002, when flotation of the peso and inflation targeting were adopted. We argue, first, in favor of adopting "operational inflation target ranges" and, second, in favor of...
Persistent link: https://www.econbiz.de/10005264192
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Can a Rule-Based Monetary Policy Framework Work in a Developing Country? the Case of Yemen
Elekdag, Selim; Ltaifa, Nabil Ben; Schneider, Todd; … - International Monetary Fund (IMF) - 2007
Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy...
Persistent link: https://www.econbiz.de/10005825743