Back Matter

Back Matter

Author(s):
Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin Hunt, and Ivan Tchakarov
Published Date:
November 2004
    Share
    • ShareShare
    Show Summary Details
    References

      Altig, D., L.Christiano, M.Eichenbaum, and J.Linde, 2003, “Technology Shocks and Aggregate Fluctuations” (unpublished).

      Balassa, Bela1964, “The Purchasing-Power Parity Doctrine: A Reappraisal,Journal of Political Economy, Vol. 72, pp. 58496.

      Bayoumi, Tamim, DouglasLaxton, and PaoloPesenti, 2004, “Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment,ECB Working Paper No. 341 (Frankfurt: European Central Bank).

      Bernanke, Ben, MarkGertler, and SimonGilchrist, 1999, “The Financial Accelerator in a Quantitative Business Cycle,in Handbook of Macroeconomics, ed. by John B. Taylor and Michael Woodford (Amsterdam, New York, and Oxford: Elsevier Science, North-Holland).

      Christiano, Lawrence J., MartinEichenbaum, and CharlesEvans, 2001, “Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy,NBER Working Paper No. 8403 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Corsetti, Giancarlo, and LucaDedola, 2002, “Macroeconomics of International Price Discrimination,Temi de Discussione, No. 461 (Rome: Bank of Italy).

      Dornbusch, Rudiger,1976, “Expectations and Exchange Rate Dynamics,Journal of Political Economy, Vol. 84, No. 6, pp. 116176.

      Erceg, C., L.Guerrieri, and C.Gust, 2003, “SIGMA: A New Open Economy Model for Policy Analysis,draft paper prepared for the Annual Central Bank Modelers’ Workshop in Amsterdam.

      Fleming, J. Marcus, 1962, “Domestic Financial Policies Under Fixed and Under Floating Exchange Rates,Staff Papers, International Monetary Fund, Vol. 9 (November), pp. 36979.

      Galí, J., M.Gertler, and J. D.López-Salido, 2002, “Markups, Gaps, and the Welfare Costs of Business Fluctuations,NBER Working Paper No. 8850 (Cambridge, Massachusetts: National Bureau of Economic Research).

      Hall, Robert E.1978, “Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence,Journal of Political Economy, Vol. 86, No. 6, pp. 97187.

      Hart, Oliver, and JohnMoore, 1994, “A Theory of Debt Based on the Inalienability of Human Capital,Quarterly Journal of Economics, Vol. 109, No. 4, pp. 84179.

      Hunt, Benjamin L., and AlessandroRebucci, 2003, “The U.S. Dollar and the Trade Deficit: What Accounts for the Late 1990s?IMF Working Paper No. 03/194 (Washington: International Monetary Fund).

      International Monetary Fund, 2000, “The Impact of Higher Oil Prices on the Global Economy;available via the Internet at http://www.imf.org/external/pubs/ft/oil/2000/oilrep.pdf.

      International Monetary Fund, 2001, “Business Cycle Linkages Among Major Advanced Economies,World Economic Outlook, October 2001, World Economic and Financial Surveys (Washington: International Monetary Fund).

      International Monetary Fund, 2003a, “How Concerned Should Developing Countries Be About G-3 Exchange Rate Volatility?World Economic Outlook, September 2003, World Economic and Financial Surveys (Washington: International Monetary Fund).

      International Monetary Fund, 2003b, “United States: Selected Issues,IMF Country Report No. 03/245 (Washington: International Monetary Fund).

      Kollman, Robert, 2002, “Monetary Policy Rules in the Open Economy: Effects on Welfare and Business Cycles,CEPR Discussion Paper No. 3279 (London: Centre for Economic Policy Research).

      Kydland, Finn E., and Edward C.Prescott, 1982, “Time to Build and Aggregate Fluctuations,Econometrica, Vol. 50 (November), pp. 134570.

      Lane, Philip R., 2001, “The New Open Economy Macroeconomics: A Survey,Journal of International Economics, Vol. 54 (August), pp. 23566.

      Laxton, Douglas, and PaoloPesenti, 2003, “Monetary Rules for Small, Open, Emerging Economies,Journal of Monetary Economics, Vol. 50, No. 5, pp. 110946.

      Lucas, Robert E., Jr.,1976, “Econometric Policy Evaluation: A Critique,Journal of Monetary Economics, Vol. 1, No. 2, pp. 1946.

      Masson, Paul R., Steven A.Symansky, and GuyMeredith, 1990, MULTIMOD Mark II: A Revised and Extended Model,IMF Occasional Paper No. 71 (Washington: International Monetary Fund).

      Mendoza, Enrique G., 1991, “Real Business Cycles in a Small Open Economy,American Economic Review, Vol. 81 (September), pp. 797818.

      Mundell, Robert A., 1963, “Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates,Canadian Journal of Economics and Political Science, Vol. 29, pp. 47585.

      Muth, J.F., 1961, “Rational Expectations and the Theory of Price Movements,Econometrica, Vol. 29, pp. 31535.

      Obstfeld, Maurice, 2001, “International Macroeconomics: Beyond the Mundell-Fleming Model,IMF Staff Papers, Special Issue, Vol. 47, pp. 139.

      Obstfeld, Maurice, KennethRogoff, 1995, “Exchange Rate Dynamics Redux,Journal of Political Economy, Vol. 103, pp. 62460.

      Organization for Economic Cooperation and Development, 1997, The OECD Report on Regulatory Reform, Vol. II: Thematic Studies (Paris: Organization for Economic Cooperation and Development).

      Samuelson, Paul A., 1964, “Theoretical Notes on Trade Problems,Review of Economics and Statistics, Vol. 46, pp. 14554.

      Schadler, Susan M., Paulo F.Drummond, LouisKuijs, ZuzanaMurgasova, Rachel N.van Elkan, 2004, Adopting the Euro in Central Europe: Challenges of the Next Step in European Integration,IMF Ocasional Paper No. 234 (Washington: International Monetary Fund; forthcoming).

      Smets, Frank and RafWouters, 2002, “An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area,ECB Working Paper No. 171 (Frankfurt: European Central Bank).

      Taylor, John1993, “Discretion Versus Policy Rules in Practice,Carnegie-Rochester Conference Series on Public Policy, Vol. 39 (December), pp. 195214.

    That said, not all of the results using VARs are plausible, such as the positive short-term response of prices to a hike in interest rates.

    As in earlier models, monetary policy in GEM affects the economy through the impact of changes in the real interest rate on consumers and producers, and depends on the interest sensitivity of spending as well as the impact on the exchange rate.

    That said, typically only 5–10 percent of net wealth in the major advanced economies is held in foreign assets (see IMF, 2001).

    Other work has used the same basic structure, but has focused on sudden stops in funding by assuming that countries can borrow up to the value of its collateral but not beyond, so that there is a change in behavior when the country hits its borrowing limit (Hart and Moore, 1994).

    Recent Occasional Papers of the International Monetary Fund

    239. GEM: A New International Macroeconomic Model, by Tamim Bayoumi, with assistance from Douglas Laxton, Hamid Faruqee, Benjamin Hunt, Philippe Karam, Jaewoo Lee, Alessandro Rebucci, and Ivan Tchakarov. 2004.

    238. Stabilization and Reforms in Latin America: A Macroeconomic Perspective on the Experience Since the Early 1990s, by Anoop Singh, Agnès Belaisch, Charles Collyns, Paula De Masi, Reva Krieger, Guy Meredith, and Robert Rennhack. 2004.

    237. Sovereign Debt Structure for Crisis Prevention, by Eduardo Borensztein, Marcos Chamon, Olivier Jeanne, Paolo Mauro, and Jeromin Zettelmeyer. 2004.

    236. Lessons from the Crisis in Argentina, by Christina Daseking, Atish R. Ghosh, Alun Thomas, and Timothy Lane. 2004.

    235. A New Look at Exchange Rate Volatility and Trade Flows, by Peter B. Clark, Natalia Tamirisa, and Shang-Jin Wei, with Azim Sadikov and Li Zeng. 2004.

    234. Adopting the Euro in Central Europe: Challenges of the Next Step in European Integration, by Susan Schadler, Paulo Drummond, Louis Kuijs, Zuzana Murgasova, and Rachel van Elkan. 2004.

    233. Germany’s Three-Pillar Banking System: Cross-Country Perspectives in Europe, by Allan Brunner, Jörg Decressin, Daniel Hardy, and Beata Kudela. 2004.

    232. China’s Growth and Integration into the World Economy: Prospects and Challenges, edited by Eswar Prasad. 2004.

    231. Chile: Policies and Institutions Underpinning Stability and Growth, by Eliot Kalter, Steven Phillips, Marco A. Espinosa-Vega, Rodolfo Luzio, Mauricio Villafuerte, and Manmohan Singh. 2004.

    230. Financial Stability in Dollarized Countries, by Anne-Marie Gulde, David Hoelscher, Alain Ize, David Marston, and Gianni De Nicoló. 2004.

    229. Evolution and Performance of Exchange Rate Regimes, by Kenneth S. Rogoff, Aasim M. Husain, Ashoka Mody, Robin Brooks, and Nienke Oomes. 2004.

    228. Capital Markets and Financial Intermediation in The Baltics, by Alfred Schipke, Christian Beddies, Susan M. George, and Niamh Sheridan. 2004.

    227. U.S. Fiscal Policies and Priorities for Long-Run Sustainability, edited by Martin Mühleisen and Christopher Towe. 2004.

    226. Hong Kong SAR: Meeting the Challenges of Integration with the Mainland, edited by Eswar Prasad, with contributions from Jorge Chan-Lau, Dora Iakova, William Lee, Hong Liang, Ida Liu, Papa N’Diaye, and Tao Wang. 2004.

    225. Rules-Based Fiscal Policy in France, Germany, Italy, and Spain, by Teresa Dában, Enrica Detragiache, Gabriel di Bella, Gian Maria Milesi-Ferretti, and Steven Symansky. 2003.

    224. Managing Systemic Banking Crises, by a staff team led by David S. Hoelscher and Marc Quintyn. 2003.

    223. Monetary Union Among Member Countries of the Gulf Cooperation Council, by a staff team led by Ugo Fasano. 2003.

    222. Informal Funds Transfer Systems: An Analysis of the Informal Hawala System, by Mohammed El Qorchi, Samuel Munzele Maimbo, and John F. Wilson. 2003.

    221. Deflation: Determinants, Risks, and Policy Options, by Manmohan S. Kumar. 2003.

    220. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence, by Eswar S. Prasad, Kenneth Rogoff, Shang-Jin Wei, and Ayhan Kose. 2003.

    219. Economic Policy in a Highly Dollarized Economy: The Case of Cambodia, by Mario de Zamaroczy and Sopanha Sa. 2003.

    218. Fiscal Vulnerability and Financial Crises in Emerging Market Economies, by Richard Hemming, Michael Kell, and Axel Schimmelpfennig. 2003.

    217. Managing Financial Crises: Recent Experience and Lessons for Latin America, edited by Charles Collyns and G. Russell Kincaid. 2003.

    216. Is the PRGF Living Up to Expectations?—An Assessment of Program Design, by Sanjeev Gupta, Mark Plant, Benedict Clements, Thomas Dorsey, Emanuele Baldacci, Gabriela Inchauste, Shamsuddin Tareq, and Nita Thacker. 2002.

    215. Improving Large Taxpayers’ Compliance: A Review of Country Experience, by Katherine Baer. 2002.

    214. Advanced Country Experiences with Capital Account Liberalization, by Age Bakker and Bryan Chapple. 2002.

    213. The Baltic Countries: Medium-Term Fiscal Issues Related to EU and NATO Accession, by Johannes Mueller, Christian Beddies, Robert Burgess, Vitali Kramarenko, and Joannes Mongardini. 2002.

    212. Financial Soundness Indicators: Analytical Aspects and Country Practices, by V. Sundararajan, Charles Enoch, Armida San José, Paul Hilbers, Russell Krueger, Marina Moretti, and Graham Slack. 2002.

    211. Capital Account Liberalization and Financial Sector Stability, by a staff team led by Shogo Ishii and Karl Habermeier. 2002.

    210. IMF-Supported Programs in Capital Account Crises, by Atish Ghosh, Timothy Lane, Marianne Schulze-Ghattas, Alesv Bulírv, Javier Hamann, and Alex Mourmouras. 2002.

    209. Methodology for Current Account and Exchange Rate Assessments, by Peter Isard, Hamid Faruqee, G. Russell Kincaid, and Martin Fetherston. 2001.

    208. Yemen in the 1990s: From Unification to Economic Reform, by Klaus Enders, Sherwyn Williams, Nada Choueiri, Yuri Sobolev, and Jan Walliser. 2001.

    207. Malaysia: From Crisis to Recovery, by Kanitta Meesook, Il Houng Lee, Olin Liu, Yougesh Khatri, Natalia Tamirisa, Michael Moore, and Mark H. Krysl. 2001.

    206. The Dominican Republic: Stabilization, Structural Reform, and Economic Growth, by a staff team led by Philip Young comprising Alessandro Giustiniani, Werner C. Keller, and Randa E. Sab and others. 2001.

    205. Stabilization and Savings Funds for Nonrenewable Resources, by Jeffrey Davis, Rolando Ossowski, James Daniel, and Steven Barnett. 2001.

    204. Monetary Union in West Africa (ECOWAS): Is It Desirable and How Could It Be Achieved? by Paul Masson and Catherine Pattillo. 2001.

    203. Modern Banking and OTC Derivatives Markets: The Transformation of Global Finance and Its Implications for Systemic Risk, by Garry J. Schinasi, R. Sean Craig, Burkhard Drees, and Charles Kramer. 2000.

    202. Adopting Inflation Targeting: Practical Issues for Emerging Market Countries, by Andrea Schaechter, Mark R. Stone, and Mark Zelmer. 2000.

    201. Developments and Challenges in the Caribbean Region, by Samuel Itam, Simon Cueva, Erik Lundback, Janet Stotsky, and Stephen Tokarick. 2000.

    200. Pension Reform in the Baltics: Issues and Prospects, by Jerald Schiff, Niko Hobdari, Axel Schimmelpfennig, and Roman Zytek. 2000.

    199. Ghana: Economic Development in a Democratic Environment, by Sérgio Pereira Leite, Anthony Pellechio, Luisa Zanforlin, Girma Begashaw, Stefania Fabrizio, and Joachim Harnack. 2000.

    198. Setting Up Treasuries in the Baltics, Russia, and Other Countries of the Former Soviet Union: An Assessment of IMF Technical Assistance, by Barry H. Potter and Jack Diamond. 2000.

    197. Deposit Insurance: Actual and Good Practices, by Gillian G.H. Garcia. 2000.

    196. Trade and Trade Policies in Eastern and Southern Africa, by a staff team led by Arvind Subramanian, with Enrique Gelbard, Richard Harmsen, Katrin Elborgh-Woytek, and Piroska Nagy. 2000.

    195. The Eastern Caribbean Currency Union—Institutions, Performance, and Policy Issues, by Frits van Beek, José Roberto Rosales, Mayra Zermeño, Ruby Randall, and Jorge Shepherd. 2000.

    194. Fiscal and Macroeconomic Impact of Privatization, by Jeffrey Davis, Rolando Ossowski, Thomas Richardson, and Steven Barnett. 2000.

    193. Exchange Rate Regimes in an Increasingly Integrated World Economy, by Michael Mussa, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andy Berg. 2000.

    Note: For information on the titles and availability of Occasional Papers not listed, please consult the IMF’s Publications Catalog or contact IMF Publication Services.

      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication