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Central Banking Technical Assistance to Countries in Transition : Papers and Proceedings of the Meeting of Donor and Recipient Central Banks and International Institutions

Almuina, Susana - 1995

This book, edited by J.B. Zulu, Ian S. McCarthy, Susana Almuiña, and Gabriel Sensenbrenner, presents the proceedings of the special Joint Meetings on Central Banking Technical Assistance held in St. Petersburg, Russia in 1994, and provides detailed information on important issues in central...

Persistent link: https://www.econbiz.de/10014402889

An Estimated Dynamic Stochastic General Equilibrium Model of the Jordanian Economy

Poghosyan, Tigran - 2011

This paper presents and estimates a small open economy dynamic stochastic general-equilibrium model (DSGE) for the Jordanian economy. The model features nominal and real rigidities, imperfect competition and habit formation in the consumer’s utility function. Oil imports are explicitly modeled...

Persistent link: https://www.econbiz.de/10014402907

The Effects of Housing Prices and Monetary Policy in a Currency Union

Rabanal, Pau - 2011

The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as … the appropriate policy response. We analyze the case of Spain, where housing prices have soared since it joined the EMU … frictions do. Finally, we show that when the central bank reacts to house prices, the non-durable sector suffers an important …

Persistent link: https://www.econbiz.de/10014402908

The Macroeconomics of Medium-Term Aid Scaling-Up Scenarios

Portillo, Rafael - 2010

We develop a model to analyze the macroeconomic effects of a scaling-up of aid and assess the implications of different policy responses. The model features key structural characteristics of low-income countries, including varying degrees of public investment efficiency and a learning-by-doing...

Persistent link: https://www.econbiz.de/10014402924

Weathering the Global Storm : The Benefits of Monetary Policy Reform in the La5 Countries

International Monetary Fund - 2010

This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades...

Persistent link: https://www.econbiz.de/10014402930

Learning About Inflation Measures for Interest Rate Rules

Zanna, Luis-Felipe - 2010

Empirical evidence suggests that goods are highly heterogeneous with respect to the degree of price rigidity. We develop a DSGE model featuring heterogeneous nominal rigidities across two sectors to study the equilibrium determinacy and stability under adaptive learning for interest rate rules...

Persistent link: https://www.econbiz.de/10014402931

A Framework for Independent Monetary Policy in China

Goodfriend, Marvin - 2006

As China''s economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become increasingly important. Employing modern principles of monetary policy in light of the...

Persistent link: https://www.econbiz.de/10014402970

Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries

Everaert, Luc - 2006

Using the IMF''s Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most...

Persistent link: https://www.econbiz.de/10014402975

International Policy Coordination and Simple Monetary Policy Rules

Berger, Wolfram - 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/10014402993

Fixed Exchange Rates and the Autonomy of Monetary Policy : The Franc Zone Case

Veyrune, Romain - 2007

This paper compares monetary policy of currency boards with that of the franc zone during the period 1956-2005. It concludes that monetary policy in the zone was more autonomous than under a currency board, even though both systems faced the same exchange rate constraint. So far, the contingency...

Persistent link: https://www.econbiz.de/10014403010