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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

Inflation Targeting and Country Risk; An Empirical Investigation

Fouejieu, Armand; Roger, Scott - International Monetary Fund (IMF) - 2013

The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countriesâ€™ fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is to estimate how adoption of inflation targeting (IT) affects spreads. It is...

Persistent link: https://www.econbiz.de/10011242286

Non-Performing Loans in CESEE; Determinants and Impact on Macroeconomic Performance

Klein, Nir - International Monetary Fund (IMF) - 2013

The paper investigates the non-performing loans (NPLs) in Central, Eastern and South-Eastern Europe (CESEE) in the period of 1998–2011. The paper finds that the level of NPLs can be attributed to both macroeconomic conditions and banks’ specific factors, though the latter set of factors was...

Persistent link: https://www.econbiz.de/10011242324

Monetary Policy, Bond Risk Premia, and the Economy

Ireland, Peter - Department of Economics, Boston College - 2014

This paper develops an affine model of the term structure of interest rates in which bond yields are driven by observable and unobservable macroeconomic factors. It imposes restrictions to identify the effects of monetary policy and other structural disturbances on output, inflation, and...

Persistent link: https://www.econbiz.de/10010736814

Alternative Monetary Policy Rules for India

Kapur, Muneesh; Patra, Michael Debabrata - International Monetary Fund (IMF) - 2012

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of...

Persistent link: https://www.econbiz.de/10010790253

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Zanna, Luis-Felipe; Airaudo, Marco - International Monetary Fund (IMF) - 2012

We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest rate responds more than proportionally to inflation. We show that conditions under...

Persistent link: https://www.econbiz.de/10010790376

The Relationship Between the Foreign Exchange Regime and Macroeconomic Performance in Eastern Africa

International Monetary Fund (IMF); International … - 2012

This study examines the relationship between the foreign exchange regime and macroeconomic performance in Eastern Africa. The study focuses on seven countries, five of which decisively liberalized their foreign exchange regimes. The study assesses the relationship between (i) growth and various...

Persistent link: https://www.econbiz.de/10010790391

Does central bank independence really matter? Re-assessing the role of the independence of monetary policy-makers in macroeconomic outcomes

Zervoyianni, Athina; Anastasiou, Athanasios; … - In: International Journal of Economics and Business Research 8 (2014) 4, pp. 427-473

Despite the growing literature, central bank independence (CBI) is still one of the most controversial and frequently discussed issues in macroeconomics. This paper re-examines the role of central bank independence in macroeconomic outcomes, seeking to add to the existing empirical literature in...

Persistent link: https://www.econbiz.de/10010944854

What Can Low-Income Countries Expect From Adopting Inflation Targeting?

Peter, Alexandra; Jahan, Sarwat; Gemayel, Edward R. - International Monetary Fund (IMF) - 2011

Inflation targeting (IT) is a relatively new monetary policy framework for low-income countries (LICs). The limited number of LICs with an IT framework and the short time that has elapsed since the adoption of this framework explains why there are no previous empirical studies on the performance...

Persistent link: https://www.econbiz.de/10009370563

Why Inflation Targeting?

Freedman, Charles; Laxton, Douglas - International Monetary Fund (IMF) - 2009

This is the second chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion...

Persistent link: https://www.econbiz.de/10004999955