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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

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

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

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

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

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

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

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

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Silvia, John; Kueng, Lorenz; Coibion, Olivier; … - International Monetary Fund (IMF) - 2012

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....

Persistent link: https://www.econbiz.de/10010790323

Transmission Mechanisms of Monetary Policy in Armenia; Evidence from VAR Analysis

Dabla-Norris, Era; Floerkemeier, Holger - International Monetary Fund (IMF) - 2006

, the interest rate channel remains weak, even though there is some evidence of transmission to prices of changes in the …

Persistent link: https://www.econbiz.de/10005768895