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Barriers to Retail Competition and Prices; Evidence From Spain
Hoffmaister, Alexander W. - International Monetary Fund (IMF) - 2006
Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in … illustrate the effect of barriers on prices. A unique data set-derived from an extensive analysis of competition policies in … Spain- provides evidence that barriers to entry increase regional prices. The evidence also suggests that, consistent with …
Persistent link: https://www.econbiz.de/10005826506
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Kenya; Selected Issues and Statistical Appendix
International Monetary Fund (IMF); International … - 2009
Like most Sub-Saharan African countries, Kenya’s economic growth appears to have been primarily driven by factor accumulation. The Selected Issues paper and Statistical Appendix for Kenya examines economic developments and policies. During the last two decades, Kenya has been plagued by...
Persistent link: https://www.econbiz.de/10011244155
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A New Method of Testing Models of Portfolios Choice : Application to International Diversification.
Glassman, D.A.; Riddick, L.A. - Department of Economics, University of Washington - 1990
Persistent link: https://www.econbiz.de/10005784994
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Systemic Risks and the Macroeconomy
Lucchetta, Marcella; Nicoló, Gianni De - International Monetary Fund (IMF) - 2010
This paper presents a modeling framework that delivers joint forecasts of indicators of systemic real risk and systemic financial risk, as well as stress-tests of these indicators as impulse responses to structural shocks identified by standard macroeconomic and banking theory. This framework is...
Persistent link: https://www.econbiz.de/10008519509
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The Hedonic Country Product Dummy Method and Quality Adjustments for Purchasing Power Parity Calculations
Silver, Mick - International Monetary Fund (IMF) - 2009
estimates are potentially inefficient and open to omitted variable bias for two reasons. First, they use average prices across … outlets as the left-hand-side variable. Second, quality-adjusted prices of non-comparable replacements, required when products …
Persistent link: https://www.econbiz.de/10008497615
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A New Method of Testing Models of Portfolios Choice : Application to International Diversification.
Glassman, D.A.; Riddick, L.A. - Department of Economics, University of Washington - 1990
Persistent link: https://www.econbiz.de/10005657400
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Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Bertola, Giuseppe; Bartolini, Leonardo; Prati, Alessandro - International Monetary Fund (IMF) - 2000
We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each “reserve maintenance period,” when the...
Persistent link: https://www.econbiz.de/10005825728
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Post-Laspeyres; The Case for a New Formula for Compiling Consumer Price Indexes
Armknecht, Paul A.; Silver, Mick - International Monetary Fund (IMF) - 2012
Consumer price indexes (CPIs) are compiled at the higher (weighted) level using Laspeyres-type arithmetic averages. This paper questions the suitability of such formulas and considers two counterpart alternatives that use geometric averaging, the Geometric Young and the (price-updated) Geometric...
Persistent link: https://www.econbiz.de/10011242235
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Systemic Real and Financial Risks; Measurement, Forecasting, and Stress Testing
Lucchetta, Marcella; Nicoló, Gianni De - International Monetary Fund (IMF) - 2012
This paper formulates a novel modeling framework that delivers: (a) forecasts of indicators of systemic real risk and systemic financial risk based on density forecasts of indicators of real activity and financial health; (b) stress-tests as measures of the dynamics of responses of systemic risk...
Persistent link: https://www.econbiz.de/10009654174
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Globalization, the Business Cycle, and Macroeconomic Monitoring
Aruoba, S. Boragan; Terrones, Marco; Kose, M. Ayhan; … - International Monetary Fund (IMF) - 2011
We propose and implement a framework for characterizing and monitoring the global business cycle. Our framework utilizes high-frequency data, allows us to account for a potentially large amount of missing observations, and is designed to facilitate the updating of global activity estimates as...
Persistent link: https://www.econbiz.de/10008839326