Download or read book Is the Phillips Curve Really a Curve Some Evidence for Canada the United Kingdom and the United States written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1996-10-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.
Download or read book Research Activities of the IMF January 1991 December 1998 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-09-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selective index of major research papers prepared by IMF staff in 1991-98.
Download or read book The Monetary Transmission Process written by D. Bundesbank and published by Springer. This book was released on 2001-01-29 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1997-01-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]
Download or read book How Monetary Policy Works written by Lavan Mahadeva and published by Routledge. This book was released on 2004-08-02 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
Download or read book EBOOK Advanced Macroeconomics written by ROMER and published by McGraw Hill. This book was released on 2018-02-22 with total page 738 pages. Available in PDF, EPUB and Kindle. Book excerpt: EBOOK: Advanced Macroeconomics
Download or read book Estimates of Potential Output and the Neutral Rate for the U S Economy written by Ali Alichi and published by International Monetary Fund. This book was released on 2018-07-06 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to significant revisions. This paper extends the structural multivariate filter methodology by adding a monetary policy block, which allows estimating the neutral rate of interest for the U.S. economy. The addition of the monetary policy block further improves the reliability of the structural multivariate filter.
Download or read book EMU One Year on written by OECD and published by OECD Publishing. This book was released on 2000-03-29 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.
Download or read book Research Activities of the IMF January 1991 December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.
Download or read book Handbook of Monetary and Fiscal Policy written by Alan A. Rabin and published by CRC Press. This book was released on 2001-12-19 with total page 1848 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth.
Download or read book Handbook of Monetary Policy written by Jack Rabin and published by CRC Press. This book was released on 2020-04-30 with total page 1009 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook explains the development and implementation of monetary policy. It examines theories and issues related to the preservation of economic activity and explores why the preservation of economic stability is a principal goal of public policy.
Download or read book Monetary Policy in Sub Saharan Africa written by Andrew Berg and published by Oxford University Press. This book was released on 2018-02-23 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Low-income countries in sub-Saharan Africa present unique monetary policy challenges, from the high share of volatile food in consumption to underdeveloped financial markets; however most academic and policy work on monetary policy is aimed at much richer countries. Can economic models and methods invented for rich countries even be adapted and applied here? How does and should monetary policy work in sub-Saharan African? Monetary Policy in Sub-Saharan Africa answers these questions and provides practical tools and policy guidance to respond to the complex challenges of this region. Most countries in sub-Saharan Africa have made great progress in stabilizing inflation over the past two decades. As they have achieved a degree of basic macroeconomic stability, policymakers are looking to avoid policy misalignments and respond appropriately to shocks in order to achieve stability and growth. Officially, they often have adopted "money targeting" frameworks, a regime that has long disappeared from almost all advanced and even emerging-market discussions. In practice, though, they are in many cases finding current regimes lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. Monetary Policy in Sub-Saharan Africa takes a new approach by applying dynamic general equilibrium models suitably adapted to reflect key features of low-income countries for the analysis of monetary policy in sub-Saharan African countries. Using a progressive approach derived from the International Monetary Fund's extensive practice and research, Monetary Policy in Sub-Saharan Africa seeks to address what we know about the empirics of monetary transmission in low-income countries, how monetary policy can work in countries characterized by underdeveloped financial markets and opaque policy regimes, and how we can use empirical and theoretical methods largely derived in advanced countries to answer these questions. It then uses these key topics to guide policymakers as they attempt to adjust food price, terms of trade, aid shocks, and the effects of the global financial crisis.
Download or read book Simple Monetary Policy Rules Under Model Uncertainty written by Ann-Charlotte Eliasson and published by International Monetary Fund. This book was released on 1999-05-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.
Download or read book Possible Effects of European Monetary Union on Switzerland written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1997-03-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the possible effects on Switzerland of asset preference shifts in favor of Swiss-franc-denominated assets that could result from EMU. Alternative policy responses to temporary and persistent asset preference shifts and the consequent pressures for exchange rate appreciation are examined. Simulations of a stylized macroeconomic model of the Swiss economy indicate that monetary policy is likely to be the most effective tool for stabilizing output in the short run, but at the cost of a temporary increase in inflationary pressures. The simulations highlight the dilemmas faced by policymakers in an environment with low inflation and nominal interest rates.
Download or read book The Shifting and Steepening of Phillips Curves During the Pandemic Recovery International Evidence and Some Theory written by Tryggvi Gudmundsson and published by International Monetary Fund. This book was released on 2024-01-12 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the global inflation surge during the pandemic recovery and the implications for aggregate and sectoral Phillips curves. We provide evidence that Phillips curves shifted up and steepened across advanced economies, and that differences in the inflation response across sectors imply the relative price of goods has been pro-cyclical this time around rather than a-cyclical as during previous cycles. We show analytically that these three features emerge endogenously in a two-sector new-Keynesian model when we introduce unbalanced recoveries that run against a supply constraint in the goods sector. A calibrated exercise shows that the resulting changes to the output-inflation relation are quantitatively important and improve the model's ability to replicate the inflation surge during this period.
Download or read book India at the Crossroads Sustaining Growth and Reducing Poverty written by Mr.Tim Callen and published by International Monetary Fund. This book was released on 2001-02-15 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the numerous structural and policy changes Indian authorities have adopted since the 1991 balance of payments crisis; how these changes helped India weather the Asian financial crisis of 1997-98; the risks to fiscal sustainability and their implications for growth; the challenges facing monetary policy in the face of financial market liberalization; and the benefits of structural reform and fiscal policy for growth, poverty, and the reduction of regional disparities.
Download or read book World Economic Outlook written by International Monetary Fund and published by International Monetary Fund. This book was released on 1997-10-15 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an outlook for the world economy for 1997–98. With world output expected to expand by some 41⁄4 percent in both 1997 and 1998, the strongest pace in a decade, the global economy is enjoying the fourth episode of relatively rapid growth since the early 1970s. The expansion is underpinned by continued solid growth with low inflation in the United States and the United Kingdom; a strengthening recovery in Canada; a broadening of recovery across continental western Europe, notwithstanding persistent weakness in domestic demand in some of the largest countries.
