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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?
Cheng, Kevin C. - International Monetary Fund (IMF) - 2006
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate … main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices … variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while …
Persistent link: https://www.econbiz.de/10005263733
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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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U.K. Inflation and Relative Prices Over the Last Decade; How Important Was Globalization?
Hunt, Ben - International Monetary Fund (IMF) - 2007
factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro …
Persistent link: https://www.econbiz.de/10005826211
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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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How to Evaluate Gdp-Linked Warrants; Price and Repayment Capacity
Miyajima, Ken - International Monetary Fund (IMF) - 2006
Following a brief review of the recent history of GDP-linked instruments, this paper proposes a set of tools to examine the quantitative properties of GDP-linked warrants. It argues that trigger conditions should be clearly identifiable and payment amounts easily calculable. Based on a design...
Persistent link: https://www.econbiz.de/10005604979
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Price Dynamics in China
International Monetary Fund (IMF); International … - 2010
factors, including those captured through upstream foreign commodity and producer prices, have been important drivers of non …
Persistent link: https://www.econbiz.de/10008671317
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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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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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International Policy Coordination and Simple Monetary Policy Rules
Berger, Wolfram; Wagner, Helmut - International Monetary Fund (IMF) - 2006
trade. Prices of final consumption goods are sticky in the consumer's currency. Pursuing an inward-looking policy, as … price indices is dominated by rules that allow for some fluctuations in prices such as nominal income or monetary targeting. …
Persistent link: https://www.econbiz.de/10005264091
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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