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Bayesian Vars; A Survey of the Recent Literature with An Application to the European Monetary System

Ciccarelli, Matteo; Rebucci, Alessandro - International Monetary Fund (IMF) - 2003

This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs). After describing the Bayesian principle of estimation, we first present the methodology originally developed by Litterman (1986) and Doan et al. (1984) and review alternative...

Persistent link: https://www.econbiz.de/10005825693

Nominal Income Targeting; A Critical Evaluation

Argy, Victor E. - International Monetary Fund (IMF) - 1991

This paper evaluates the proposal that government authorities ought to target nominal income. It begins by viewing the … large country. There is then a general discussion of various issues posed by nominal income targeting. Finally, the paper … favor of nominal income targeting. When more realistic assumptions are made or econometric simulations are undertaken the …

Persistent link: https://www.econbiz.de/10005825863

The Implications of Cross-Border Monetary Aggregation

Lane, Timothy D.; Kremers, Jeroen J. M. - International Monetary Fund (IMF) - 1992

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European...

Persistent link: https://www.econbiz.de/10005264074

Inflation in Tajikistan; Forecasting Analysis and Monetary Policy Challenges

Vtyurina, Svetlana; Alturki, Fahad - International Monetary Fund (IMF) - 2010

This paper attempts to explain short- and long-term dynamics of-and forecast-inflation in Tajikistan using the Vector Error Correction Model (VECM) and Autoregressive Moving Average Model (ARMA). By analyzing different transmission channels through the VECM, we were able to evaluate their...

Persistent link: https://www.econbiz.de/10008519491

Broad Money Demand and Asset Substitution in China

Wu, Ge - International Monetary Fund (IMF) - 2009

income elasticity of less than unity. Current inflation is found to have a significant negative impact on the real money …

Persistent link: https://www.econbiz.de/10008528622

The Dominican Republic; Stabilization, Structural Reform, and Economic Growth

Cardoso, Jaime; Young, Philip M. - International Monetary Fund (IMF) - 2002

Persistent link: https://www.econbiz.de/10005590873

Modeling Demand for Money in Nepal

Ram Sharan Kharel Ph.D.; Tap Prasad Koirala Ph.D. - Nepal Rastra Bank - 2010

broadly defined real money demand ( 2 m ) are found to be a stable and predictable function of real income and interest rate … albeit disequilibrium corrects more rapidly in 1 m compared to 2 m . We reject the null hypothesis that income elasticity of …

Persistent link: https://www.econbiz.de/10010755787