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Monetary Transaction Costs and the Term Premium

Espinoza, Raphael A.; Tsomocos, Dimitrios P. - International Monetary Fund (IMF) - 2013

-term liquidity effects, where monetary costs act as transaction costs and the quantity theory of money is verified. …

Persistent link: https://www.econbiz.de/10010790281

Igan, Deniz; Kabundi, Alain N.; Simone, Francisco Nadal-De - International Monetary Fund (IMF) - 2013

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets...

Persistent link: https://www.econbiz.de/10010790431

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

A Practical Model-Based Approach to Monetary Policy Analysis: Overview

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

This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary...

Persistent link: https://www.econbiz.de/10005768925

Money Demand and Inflation in Dollarized Economies; The Case of Russia

Ohnsorge, Franziska; Oomes, Nienke - International Monetary Fund (IMF) - 2005

inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which … effect on short-run inflation. …

Persistent link: https://www.econbiz.de/10005769060

Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate

Prati, Alessandro; Bertola, Giuseppe; Bartolini, Leonardo - International Monetary Fund (IMF) - 2000

We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly...

Persistent link: https://www.econbiz.de/10005769266

China; Strengthening Monetary Policy Implementation

Laurens, Bernard; Maino, Rodolfo - International Monetary Fund (IMF) - 2007

The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the...

Persistent link: https://www.econbiz.de/10005769272

Pricing Policies and Inflation Inertia

Kumhof, Michael; Céspedes, Luis Felipe; Parrado, Eric - International Monetary Fund (IMF) - 2003

shocks this model generates the empirically observed slow (inertial) and prolonged (persistent) reaction of the inflation … shocks mostly through a change in the long-run or inflation updating component of their pricing policies. With staggered … pricing policies there is a time lag before this is reflected in aggregate inflation. …

Persistent link: https://www.econbiz.de/10005599311

Exchange Rate Regime Choice in Historical Perspective

Bordo, Michael D. - International Monetary Fund (IMF) - 2003

In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the...

Persistent link: https://www.econbiz.de/10005599457

The Austrian Theory of Business Cycles; Old Lessons for Modern Economic Policy?

Oppers, Stefan E. - International Monetary Fund (IMF) - 2002

This paper reviews the "Austrian" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society's long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …

Persistent link: https://www.econbiz.de/10005599459