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Is the Quantity of Government Debt a Constraint for Monetary Policy?

Is the Quantity of Government Debt a Constraint for Monetary Policy? »

Source: Is the Quantity of Government Debt a Constraint for Monetary Policy?

Volume/Issue: 2007/62

Series: IMF Working Papers

Author(s): Srobona Mitra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

ISBN: 9781451866261

Keywords: Interest Rate Rule, inflation, central bank, inflation rate, real interest rate,

This paper derives an interest rate rule for monetary policy in which the interest rate response of the central bank toward an increase in expected inflation falls as debts increase beyond a certain threshold level...

Money As Indicator for the Natural Rate of Interest

Money As Indicator for the Natural Rate of Interest »

Source: Money As Indicator for the Natural Rate of Interest

Volume/Issue: 2012/6

Series: IMF Working Papers

Author(s): Helge Berger , and Henning Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463930554

Keywords: Natural interest rate, optimal monetary rule, central bank, correlation, inflation,

The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of...

'Monetary and Fiscal Rules in an Emerging Small Open Economy'

'Monetary and Fiscal Rules in an Emerging Small Open Economy' »

Source: 'Monetary and Fiscal Rules in an Emerging Small Open Economy'

Volume/Issue: 2009/22

Series: IMF Working Papers

Author(s): Paul Levine , Joseph Pearlman , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871692

Keywords: emerging economies, fiscal and monetary rules, financial accelerator, liability dollarization, inflation, fiscal rule, nominal interest rate,

We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensure...

Simple Monetary Policy Rules Under Model Uncertainty

Simple Monetary Policy Rules Under Model Uncertainty »

Source: Simple Monetary Policy Rules Under Model Uncertainty

Volume/Issue: 1999/75

Series: IMF Working Papers

Author(s): Ann-Charlotte Eliasson , Peter Isard , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1999

ISBN: 9781451849714

Keywords: monetary policy rules, NAIRU uncertainty, macroeconomic models, inflation, inflation rate, real interest rate

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...

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies »

Source: Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Volume/Issue: 2012/121

Series: IMF Working Papers

Author(s): Luis-Felipe Zanna , and Marco Airaudo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503500

Keywords: Small Open Economy, Interest Rate Rules, Taylor Rules, Multiple Equilibria, Chaos, Cycles and Endogenous Fluctuations, inflation, nominal interest rate, open economy, trade openness

We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest r...

Official Dollarization As a Monetary Regime

Official Dollarization As a Monetary Regime »

Source: Official Dollarization As a Monetary Regime : Its Effectson El Salvador

Volume/Issue: 2011/129

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455258390

Keywords: Taylor rule, monetary policy transmission, interest rate pass-through, currency risk, uncovered interest parity, exchange rate regime, interest rates, exchange rate, output growth, Studies of Particular Policy Episodes,

This paper examines El Salvador's transition to official dollarization by comparing aspects of this regime to the fixed exchange rate regime prevailing in the 1990s. Commercial bank interest rates are analyzed unde...

IMF Executive Board Modifies SDR Interest Rate Basket

IMF Executive Board Modifies SDR Interest Rate Basket »

Source: The SDR Interest Rate Basket--Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

Volume/Issue: 2014/088

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2014

ISBN: 9781498342476

Keywords: Amendments to Rules and Regulations, Euro, European Central Bank, Executive Board decisions, Rule T-1(c), SDR interest rate basket, SDR interest rates, Interest rates, Market interest rates, Financial instruments

The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of the end of 2014. The three-month Eurepo rate, administered by the European Money Market Institute...

The SDR Interest Rate Basket—Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

The SDR Interest Rate Basket—Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C) »

Source: The SDR Interest Rate Basket--Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

Volume/Issue: 2014/088

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2014

ISBN: 9781498342476

Keywords: Amendments to Rules and Regulations, Euro, European Central Bank, Executive Board decisions, Rule T-1(c), SDR interest rate basket, SDR interest rates, Interest rates, Market interest rates, Financial instruments

The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of the end of 2014. The three-month Eurepo rate, administered by the European Money Market Institute...

Monetary Policy Rules and the U.S. Business Cycle

Monetary Policy Rules and the U.S. Business Cycle »

Source: Monetary Policy Rules and the U.S. Business Cycle : Evidence and Implications

Volume/Issue: 2004/164

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451858020

Keywords: Switching Regime Models, Time-Varying Coefficients, Taylor Rule, inflation, central bank, nominal interest rate, real interest rate,

This paper estimates Taylor-type interest rates for the United States allowing for both time and state dependence. It provides evidence that the coefficients of the Taylor rule change significantly over time, and t...

Alternative Monetary Policy Rules for India

Alternative Monetary Policy Rules for India »

Source: Alternative Monetary Policy Rules for India

Volume/Issue: 2012/118

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503470

Keywords: McCallum Rule, Monetary Policy Reaction Function, Neutral Interest Rate, Taylor Rule, inflation, monetary base, monetary policy rules, central bank, Open Economy Macroeconomics,

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the...