This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover...

This 2013 Article IV Consultation highlights that Suriname’s macroeconomic performance has strengthened markedly over the past decade. Since 2000, stronger policies and buoyant commodity prices, supported by political stability, have helped improve macroeconomic performance, enabling...

This paper discusses key findings of the pilot Fiscal Transparency Evaluation for the Russian Federation. Most aspects of Russia’s fiscal reporting and budgeting practices are in line with good or advanced practice under the July 2013 draft of the Fiscal Transparency Code. The disclosure...

The global recession of 2008-09 led to monetary and fiscal policy responses by central banks and government authorities that were often unconventional in size and scope. A study of expansionary measures employed during the recession suggests that overall, the policies were likely effective in...

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, SNS (Center for Business and Policy Studies) and SIFR (The Institute for Financial Research), Stockholm, Sweden

This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong,...

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, SNS (Center for Business and Policy Studies) and SIFR (The Institute for Financial Research), Stockholm, Sweden

Presented by Charles I. Plosser, President and Chief Executive Officer, Federal Reserve Bank of Philadelphia, Global Interdependence Center's Central Banking Series: Recovery 2013 — Strength or Stagnation?, Milan, Italy, May 16, 2013 ; Note: President Plosser presented similar remarks on May...

This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission...