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The Challenge of Debt Reduction during Fiscal Consolidation

The Challenge of Debt Reduction during Fiscal Consolidation »

Source: The Challenge of Debt Reduction during Fiscal Consolidation

Volume/Issue: 2013/67

Series: IMF Working Papers

Author(s): Luc Eyraud , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2013

ISBN: 9781475553864

Keywords: fiscal multipliers, fiscal policy, fiscal tightening, Quantitative Policy Modeling, General,

Studies suggest that fiscal multipliers are currently high in many advanced economies. One important implication is that fiscal tightening could raise the debt ratio in the short term, as fiscal gains are partly wi...

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market »

Source: Scarcity Effects of Quantitative Easing on Market Liquidity: Evidence from the Japanese Government Bond Market

Volume/Issue: 2018/96

Series: IMF Working Papers

Author(s): Fei Han , and Dulani Seneviratne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2018

ISBN: 9781484353677

Keywords: Japan, Asia and Pacific, Quantitative easing, quantitative and qualitative monetary easing, market liquidity, Japanese government bond, scarcity effects, Models with Panel Data, Single Equation Models: Single Variables: Instrumental Variables (IV) Estimation, Quantitative Policy Modeling

Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity wh...

Structural Quarterly Projection Model for Belarus1

Structural Quarterly Projection Model for Belarus1 »

Source: Structural Quarterly Projection Model for Belarus

Volume/Issue: 2018/254

Series: IMF Working Papers

Author(s): Karel Musil , Mikhail Pranovich , and Jan Vlcek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484385616

Keywords: Belarus, Dollarization, Europe, Monetary policy, Quarterly Projection Model, Nominal Wages, Fiscal Impulse, Forecasting and Simulation, Monetary Policy (Targets, Instruments

Belarusian authorities contemplate transiting to inflation targeting. The paper suggests a small structural model at the core of the forecasting and policy analysis system. A well-researched canonical structure of...

Fiscal Multipliers in Bulgaria

Fiscal Multipliers in Bulgaria »

Source: Fiscal Multipliers in Bulgaria : Low But Still Relevant

Volume/Issue: 2013/49

Series: IMF Working Papers

Author(s): Dirk Muir , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2013

ISBN: 9781475560473

Keywords: business cycle, nonlinear analysis, fiscal multipliers, fiscal instruments, tax base, Quantitative Policy Modeling, Computable and Other Applied General Equilibrium Models, Forecasting and Simulation, Forecasting and Simulation, General,

With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper quantifies the short-te...

On Swing Pricing and Systemic Risk Mitigation

On Swing Pricing and Systemic Risk Mitigation »

Source: On Swing Pricing and Systemic Risk Mitigation

Volume/Issue: 2017/159

Series: IMF Working Papers

Author(s): Sheheryar Malik , and Peter Lindner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2017

ISBN: 9781484310151

Keywords: Financial crises, Liquidity management; Mutual funds; Redemptions; Systemic risk; Swing pricing, Liquidity management, Mutual funds, Redemptions, Systemic risk, Swing pricing, Model Construction and Estimation, Quantitative Policy Modeling

Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool, whi...

Fiscal Multipliers and the State of the Economy1

Fiscal Multipliers and the State of the Economy1 »

Source: Fiscal Multipliers and the State of the Economy

Volume/Issue: 2012/286

Series: IMF Working Papers

Author(s): Anja Baum , Marcos Poplawski-Ribeiro , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 December 2012

ISBN: 9781475565829

Keywords: business cycle, nonlinear analysis, fiscal multipliers, fiscal adjustment, government spending, fiscal consolidation, fiscal multipliers., Quantitative Policy Modeling,

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (...

Italy: Quantifying the Benefits of a Comprehensive Reform Package1

Italy: Quantifying the Benefits of a Comprehensive Reform Package1 »

Source: Italy: Quantifying the Benefits of a Comprehensive Reform Package

Volume/Issue: 2018/60

Series: IMF Working Papers

Author(s): Michal Andrle , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

ISBN: 9781484347614

Keywords: Labor market reforms, Wage bargaining, Europe, Italy, Banking sector, Fiscal policy, growth, competitiveness, product market reforms, DSGE models

This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy's inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package o...

(Not) Dancing Together

(Not) Dancing Together »

Source: (Not) Dancing Together : Monetary Policy Stance and the Government Spending Multiplier

Volume/Issue: 2015/114

Series: IMF Working Papers

Author(s): Vincent Belinga , and Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2015

ISBN: 9781513572185

Keywords: Spending multiplier, accommodative monetary policy, local projections, government spending, interest rates, interest, Quantitative Policy Modeling, Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy,

This paper provides estimates of the government spending multiplier over the monetary policy cycle. We identify government spending shocks as forecast errors of the growth rate of government spending from the Surve...

The Pacific Speed of Growth

The Pacific Speed of Growth »

Source: The Pacific Speed of Growth : How Fast Can It Be and What Determines It?

Volume/Issue: 2013/104

Series: IMF Working Papers

Author(s): Yongzheng Yang , Hong Chen , Shiu raj Singh , and Baljeet Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2013

ISBN: 9781484399040

Keywords: growth, convergence, remoteness, volatility, aid, investment exports, trading partners, output volatility, trade openness, exchange rate regime

This study aims to test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers. We find that PICs are disadvantaged by d...

Competitiveness and Wage Bargaining Reform in Italy1

Competitiveness and Wage Bargaining Reform in Italy1 »

Source: Competitiveness and Wage Bargaining Reform in Italy

Volume/Issue: 2018/61

Series: IMF Working Papers

Author(s): Alvar Kangur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

ISBN: 9781484347621

Keywords: Europe, Exports, Italy, Labor costs, competitiveness, exchange rate, labor market reforms, wage bargaining, search and matching, DSGE models

The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitivenes...