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Explicit and Implicit Targets in Open Economies

Explicit and Implicit Targets in Open Economies »

Source: Explicit and Implicit Targets in Open Economies

Volume/Issue: 2005/176

Series: IMF Working Papers

Author(s): Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781451861952

Keywords: Inflation targeting, interest rate rules, exchange rates, inflation, central bank, inflation targeting regime, Money and Interest Rates: General,

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper...

Crisis in Competitive Versus Monopolistic Banking Systems

Crisis in Competitive Versus Monopolistic Banking Systems »

Source: Crisis in Competitive Versus Monopolistic Banking Systems

Volume/Issue: 2003/188

Series: IMF Working Papers

Author(s): Bruce Smith , Gianni De Nicolo , and John Boyd

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451859584

Keywords: Banking Crisis (Panic), Monetary General Equilibrium, banking, banking crisis, banking crises, banking system, banking systems, General Equilibrium and Disequilibrium: General, Money and Interest Rates: General,

We study a monetary, general equilibrium economy in which banks exist because they provide intertemporal insurance to risk-averse depositors. A "banking crisis" is defined as a case in which banks exhaust their res...

On The Welfare Benefits of an International Currency

On The Welfare Benefits of an International Currency »

Source: On The Welfare Benefits of an International Currency

Volume/Issue: 2007/49

Series: IMF Working Papers

Author(s): Prakash Kannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

ISBN: 9781451866131

Keywords: International currency, Search models of money, inflation, inflation rates, price level, monetary equilibria, monetary equilibrium, Money and Interest Rates: General, International Monetary Arrangements and Institutions, International Curency,

Is it beneficial for a country's currency to be used internationally? And, if so, can we quantify the benefit? Since the emergence of the euro, there has been great interest in the consequences of a transfer of the...

Consequences of Asset Shortages in Emerging Markets

Consequences of Asset Shortages in Emerging Markets »

Source: Consequences of Asset Shortages in Emerging Markets

Volume/Issue: 2012/102

Series: IMF Working Papers

Author(s): Patrick Imam , and Jiaqian Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

ISBN: 9781475502923

Keywords: Asset Shortage, Emerging Market, Crisis, Asset Bubble, financial assets, bond, bonds, asset bubbles, Money and Interest Rates: General, Financial Economics: General,

We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis, and the current account for a group of 41 Emerging markets for 1995-2008. The econometric esti...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Source: Causes of Asset Shortages in Emerging Markets

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...

Explicit and Implicit Targets in Open Economies

Explicit and Implicit Targets in Open Economies »

Volume/Issue: 2005/176

Series: IMF Working Papers

Author(s): Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451861952.001

ISBN: 9781451861952

Keywords: Inflation targeting, interest rate rules, exchange rates, inflation, central bank, inflation targeting regime, Money and Interest Rates: General,

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper...

World Crude Oil Markets

World Crude Oil Markets »

Source: World Crude Oil Markets : Monetary Policy and the Recent Oil Shock

Volume/Issue: 2006/62

Series: IMF Working Papers

Author(s): Noureddine Krichene

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863222

Keywords: elasticities, impulse responses, multipliers, volatility, natural gas, oil demand, crude oil price, Money and Interest Rates: General, Monetary Policy, Central Banking

This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilit...

Monetary Policy, Monetary Areas, and Financial Development with Electronic Money

Monetary Policy, Monetary Areas, and Financial Development with Electronic Money »

Source: Monetary Policy, Monetary Areas, and Financial Development with Electronic Money

Volume/Issue: 2004/122

Series: IMF Working Papers

Author(s): Marco Arnone , and Luca Bandiera

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451854527

Keywords: electronic money, central bank, atm, credit, reserve requirements, Money and Interest Rates: General, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, International Monetary Arrangements and Institutions,

Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially l...

Unemployment and Productivity in the Long Run

Unemployment and Productivity in the Long Run »

Source: Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility

Volume/Issue: 2010/259

Series: IMF Working Papers

Author(s): Paolo Surico , Luca Ricci , and Pierpaolo Benigno

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455209590

Keywords: macroeconomic volatility, downward wage rigidities, unemployment rate, employment, unemployment rates, rate of unemployment, Macroeconomics and Monetary Economics: General, Macroeconomics: Consumption, Saving, Production

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in long-run produc...

Crisis in Competitive Versus Monopolistic Banking Systems

Crisis in Competitive Versus Monopolistic Banking Systems »

Volume/Issue: 2003/188

Series: IMF Working Papers

Author(s): Bruce Smith , Gianni De Nicolo , and John Boyd

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

DOI: http://dx.doi.org/10.5089/9781451859584.001

ISBN: 9781451859584

Keywords: Banking Crisis (Panic), Monetary General Equilibrium, banking, banking crisis, banking crises, banking system, banking systems, General Equilibrium and Disequilibrium: General, Money and Interest Rates: General,

We study a monetary, general equilibrium economy in which banks exist because they provide intertemporal insurance to risk-averse depositors. A "banking crisis" is defined as a case in which banks exhaust their res...