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The Cyclicality of Sales, Regular and Effective Prices; Business Cycle and Policy Implications
Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee - International Monetary Fund (IMF) - 2012
We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective …" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas … prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers …
Persistent link: https://www.econbiz.de/10011242242
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Inflation Uncertainty and Relative Price Variability in WAEMU Countries
Gerling, Kerstin; Valdovinos, Carlos Fernandez - International Monetary Fund (IMF) - 2011
Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line...
Persistent link: https://www.econbiz.de/10008876598
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Estimating the Implicit Inflation Target of the South African Reserve Bank
Klein, Nir - International Monetary Fund (IMF) - 2012
This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in...
Persistent link: https://www.econbiz.de/10010790261
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The Cost Channel of Monetary Policy; Further Evidence for the United States and the Euro Area
Rabanal, Pau - International Monetary Fund (IMF) - 2003
This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase...
Persistent link: https://www.econbiz.de/10005768944
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Sources of Inflation in Sub-Saharan Africa
Peiris, Shanaka J.; Barnichon, Régis - International Monetary Fund (IMF) - 2007
This paper explores the sources of inflation in Sub-Saharan Africa by examining the relationship between inflation, the output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating vectors for the production function and the real...
Persistent link: https://www.econbiz.de/10005263752
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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
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Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization
Celasun, Oya - International Monetary Fund (IMF) - 2003
Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the literature has explained these empirical regularities with the lack of credibility of the...
Persistent link: https://www.econbiz.de/10005825871
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Canada; Selected Issues
International Monetary Fund (IMF); International … - 2008
The spillovers from the U.S. economy to Canada have been assessed. It uses structural vector autoregressions to analyze the role of financial linkages in real and financial spillovers from the United States to Canada. The implications of Canada’s predictable price level have been...
Persistent link: https://www.econbiz.de/10011243149
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Suriname; 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion for Suriname; and Statement by the Executive Director for Suriname
International Monetary Fund (IMF); International … - 2008
denominated in foreign currency. Aided by high commodity prices and improved confidence, GDP growth is estimated at 5½ percent …
Persistent link: https://www.econbiz.de/10011243364
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Slovak Republic; 2005 Article IV Consultation-Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund (IMF); International … - 2006
The Slovak Republic’s 2005 Article IV Consultation reports that sound macroeconomic management and a wide range of fundamental structural reforms are supporting nominal convergence with European Union norms. Real GDP growth accelerated to 6 percent in 2005, driven by an improvement in the...
Persistent link: https://www.econbiz.de/10011244180