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Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen

Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen »

Source: Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen

Volume/Issue: 2007/6

Series: IMF Working Papers

Author(s): Selim Elekdag , Nabil Ben Ltaifa , Todd Schneider , and Saade Chami

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865707

Keywords: inflation, central bank, money demand, Fiscal and Monetary Policy in Development,

Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation...

Achieving and Maintaining Price Stability in Nigeria

Achieving and Maintaining Price Stability in Nigeria »

Source: Achieving and Maintaining Price Stability in Nigeria

Volume/Issue: 2004/97

Series: IMF Working Papers

Author(s): Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451852059

Keywords: inflation, monetary policy, central bank, price stability, Fiscal and Monetary Policy in Development, Economywide Country Studies: Africa,

This paper reviews the historical performance of monetary policy in Nigeria and discusses the relative merits of alternative monetary policy strategies that Nigeria could adopt in the future, once the many operatio...

Introducing a Semi-Structural Macroeconomic Model for Rwanda

Introducing a Semi-Structural Macroeconomic Model for Rwanda »

Source: Introducing a Semi-Structural Macroeconomic Model for Rwanda

Volume/Issue: 2014/159

Series: IMF Working Papers

Author(s): Luisa Charry , Pranav Gupta , and Vimal Thakoor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2014

ISBN: 9781498398343

Keywords: Monetary Transmission Mechanisms, inflation, real interest rate, aggregate demand, monetary fund, Forecasting and Simulation, Monetary Policy (Targets, Instruments, and Effects), Fiscal and Monetary Policy in Development,

We develop a simple semistructural model for the Rwandan economy to better understand the monetary policy transmission mechanism. A key feature of the model is the introduction of a modified uncovered interest pari...

Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa »

Source: Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Volume/Issue: 2007/107

Series: IMF Working Papers

Author(s): Jan-Peter Olters

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2007

ISBN: 9781451866711

Keywords: Oil reserves, sustainability, oil production, oil and gas, gas reserves, National Deficit Surplus, Fiscal and Monetary Policy in Development,

Buoyant oil prices have allowed oil-producing countries in sub-Saharan Africa (SSA OPCs) to increase oil exports and fiscal revenues, providing them with resources necessary to address the pressing social needs. To...

Interest Rates, Credit Rationing, and Investment in Developing Countries

Interest Rates, Credit Rationing, and Investment in Developing Countries »

Source: Interest Rates, Credit Rationing, and Investment in Developing Countries

Volume/Issue: 2003/63

Series: IMF Working Papers

Author(s): Mwanza Nkusu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

ISBN: 9781451848441

Keywords: institutions, bank loans, macroeconomic stability, inflation, bank credit, banking, Financial Markets and the Macroeconomy, Fiscal and Monetary Policy in Development,

This paper examines the impact of interest rates and inflation on bank loans and investment within a framework that mimics the financial sectors prevailing in most low-income developing countries. The paper emphasi...

Food Inflation in India

Food Inflation in India »

Source: Food Inflation in India : The Role for Monetary Policy

Volume/Issue: 2014/178

Series: IMF Working Papers

Author(s): Rahul Anand , Ding Ding , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

ISBN: 9781484392096

Keywords: food inflation, monetary fund, inflation dynamics, real interest rate, Monetary Policy (Targets, Instruments, and Effects), Forecasting and Simulation, Fiscal and Monetary Policy in Development,

Indian food and fuel inflation has remained high for several years, and second-round effects on core inflation are estimated to be large. This paper estimates the size of second-round effects using an estimated red...

Farms, Fertiliser, and Financial Frictions

Farms, Fertiliser, and Financial Frictions »

Source: Farms, Fertiliser, and Financial Frictions : Yields from a DSGE Model

Volume/Issue: 2017/112

Series: IMF Working Papers

Author(s): Sébastien Walker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2017

ISBN: 9781475595772

Keywords: Africa, Monetary policy, financial frictions, foreign capital flows, DSGE models, supply shocks, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics

This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses dis...

Hedging Government Oil Price Risk

Hedging Government Oil Price Risk »

Source: Hedging Government Oil Price Risk

Volume/Issue: 2001/185

Series: IMF Working Papers

Author(s): James Daniel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

ISBN: 9781451859416

Keywords: spot price, crude oil, hedging strategies, futures prices, Fiscal and Monetary Policy in Development, Energy: Government Policy,

Many governments are heavily exposed to oil price risk, especially those dependent on revenue derived from oil production. For these governments, dealing with large price movements is difficult and costly. Traditio...

Domestic Petroleum Price Smoothing in Developing and Transition Countries

Domestic Petroleum Price Smoothing in Developing and Transition Countries »

Source: Domestic Petroleum Price Smoothing in Developing and Transition Countries

Volume/Issue: 2001/75

Series: IMF Working Papers

Author(s): Benedict Bingham , James Daniel , and Giulio Federico

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

ISBN: 9781451849738

Keywords: petroleum prices, petroleum products, spot price, petroleum pricing, Fiscal and Monetary Policy in Development, Energy: Government Policy,

This paper examines the case for government-led smoothing of domestic petroleum prices in the face of volatile international prices. Governments in most developing and transition countries engage in petroleum price...

Public Investment, Public Finance, and Growth

Public Investment, Public Finance, and Growth »

Source: Public Investment, Public Finance, and Growth : The Impact of Distortionary Taxation, Recurrent Costs, and Incomplete Appropriability

Volume/Issue: 2014/73

Series: IMF Working Papers

Author(s): Christopher Adam , and David Bevan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2014

ISBN: 9781484364819

Keywords: tax reform, recurrent costs, operations and maintenance, tax rates, fiscal reforms, budget constraint, General, Macroeconomic Analyses of Economic Development, Fiscal and Monetary Policy in Development,

Effective public investment requires governments to address the "recurrent cost problem" to ensure operations and maintenance (O&M) expenditures are sufficient to sustain the flow of productive public capital servi...