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A Fiscal Stimulus and Jobless Recovery

A Fiscal Stimulus and Jobless Recovery »

Source: A Fiscal Stimulus and Jobless Recovery

Volume/Issue: 2013/17

Series: IMF Working Papers

Author(s): Cristiano Cantore , Paul Levine , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2013

ISBN: 9781475595338

Keywords: deep habits, labor market search-match frictions, CES production function, government spending, jobless, fiscal stimulus, employment,

We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-el...

Fiscal Policy and Lending Relationships

Fiscal Policy and Lending Relationships »

Source: Fiscal Policy and Lending Relationships

Volume/Issue: 2013/141

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2013

ISBN: 9781484380277

Keywords: deep habits, lending relationships, government spending, fiscal stimulus, government spending shocks, budget constraint,

This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary gove...

Correlations Between Real Interest Rates and Output in a Dynamic International Model

Correlations Between Real Interest Rates and Output in a Dynamic International Model »

Source: Correlations Between Real Interest Rates and Output in a Dynamic International Model : Evidence from G-7 Countries

Volume/Issue: 1998/179

Series: IMF Working Papers

Author(s): Jahanara Zaman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

ISBN: 9781451859003

Keywords: Adjustment costs, Habit persistence, Interest rates, correlations, real interest rates, correlation, real interest rate, predictions

This paper examines the extent to which a dynamic international general equilibrium model can account for observed movements in real interest rates and interest rate differentials. Using data for Group of Seven, th...

Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities

Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities »

Source: Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities

Volume/Issue: 2003/5

Series: IMF Working Papers

Author(s): Yongseung Jung , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

ISBN: 9781451842203

Keywords: optimal monetary policy, small open economy, habit formations, inflation, terms of trade, inflation targeting, Open Economy Macroeconomics,

Introducing habit formation into an open economy macroeconomic model with price stickiness, we examine the characteristics of an optimal monetary policy. We find that, first, the optimal policy rule entails interes...

Habit Formation and Persistence in Individual Asset Portfolio Holdings

Habit Formation and Persistence in Individual Asset Portfolio Holdings »

Source: Habit Formation and Persistence in Individual Asset Portfolio Holdings : The Case of Italy

Volume/Issue: 2006/29

Series: IMF Working Papers

Author(s): Sònia Muñoz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862898

Keywords: Portfolio Allocations, Incomplete Markets, Habits, Multiperiod Multinomial Probit, bonds, financial assets, correlation, probability, probabilities, Personal Income

This paper uses six waves of the Bank of Italy Survey of Households Income and Wealth to explore the dynamics of asset portfolio ownership. The household asset portfolio decision is a choice among discrete alternat...

Exchange-Rate Dark Matter

Exchange-Rate Dark Matter »

Source: Exchange-Rate Dark Matter

Volume/Issue: 2012/66

Series: IMF Working Papers

Author(s): Martin Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463938437

Keywords: Exchange Rate Dynamics, Open-Economy Macro Models, Habits, Incomplete Markets, risk, consumption, exchange-rate, exchange rates, depreciation, Macroeconomic Aspects Of International Trade And Finance

Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in internat...

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy »

Source: Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon

Volume/Issue: 2006/193

Series: IMF Working Papers

Author(s): Jan-Peter Olters , and Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2006

ISBN: 9781451864533

Keywords: Sustainable fiscal policy, habit formation, permanent-income hypothesis, primary deficit, oil production, government spending, oil reserves, Macroeconomic - Aspects Of Public Finance, Macroeconomic Policy, And General Outlook

While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This pa...

What (Really) Accounts for the Fall in Hours After a Technology Shock?

What (Really) Accounts for the Fall in Hours After a Technology Shock? »

Source: What (Really) Accounts for the Fall in Hours After a Technology Shock?

Volume/Issue: 2012/211

Series: IMF Working Papers

Author(s): Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505610

Keywords: Firm entry and exit, Habit in consumption, Labor market frictions, Permanent technology shocks, Leontief production, Bayesian estimation., wages, wage, autocorrelation, standard deviation

The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and e...

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy »

Source: Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy : Lessons from the Republic of Congo

Volume/Issue: 2007/80

Series: IMF Working Papers

Author(s): Stéphane Carcillo , Mauricio Villafuerte , and Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866445

Keywords: Sustainable fiscal policy, habit formation, permanent-income hypothesis, catch-up growth, primary deficit, expenditure, government spending, public spending, Congo, Macroeconomic - Aspects Of Public Finance

In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to be depleted in a relatively short time frame. Ensuring that fiscal policy is on a sustainable...

A Fiscal Stimulus and Jobless Recovery

A Fiscal Stimulus and Jobless Recovery »

Volume/Issue: 2013/17

Series: IMF Working Papers

Author(s): Cristiano Cantore , Paul Levine , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2013

DOI: http://dx.doi.org/10.5089/9781475595338.001

ISBN: 9781475595338

Keywords: deep habits, labor market search-match frictions, CES production function, government spending, jobless, fiscal stimulus, employment,

We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-el...