Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including...

Variants of nonbank credit intermediation differ greatly. We provide a conceptual framework to help distinguish various characteristics-structural features, economic motivations, and risk implications-associated with different forms of nonbank credit intermediation. Anchored by this framework,...

This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and...

We propose the conditional volatility of GDP spanned by financial factors as a "Volatility Financial Conditions Index" (VFCI) and show it is closely tied to the market price of risk. The VFCI exhibits superior explanatory power for stock and bond risk premia compared to other FCIs. We use a...