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What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure*

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure* »

Source: What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure

Volume/Issue: 2018/211

Series: IMF Working Papers

Author(s): Tim Willems

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

ISBN: 9781484378229

Keywords: Output, Inflation, Monetary policy, Monetary Policy (Targets, Instruments, and Effects)

As the 'Volcker shock' is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach...

Central Banking in Latin America

Central Banking in Latin America »

Source: Central Banking in Latin America : From the Gold Standard to the Golden Years

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

ISBN: 9781484303184

Keywords: banks, bank, capital, Monetary Policy (Targets, Instruments, and Effects),

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods...

Nordic Economic Policy Review
			: Economics of Education

Nordic Economic Policy Review : Economics of Education »

Series: Nordic Council of Ministers

Publisher: Nordic Council of Ministers

Publication Date: 01 June 2012

ISBN: 9789289323840

Keywords: Nordic, Norden, Baltic, Baltics, Economic Policy Review, Nordic Council of Ministers, Leading Professional Economists, Nordic Economic Associations, Economics of Education, Policies and Effects

The Nordic Economic Policy Review is published by the Nordic Council of Ministers and addresses policy issues in a way that is useful for in-formed non-specialists as well as for professional economists. All articl...

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania »

Source: The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

Volume/Issue: 2018/55

Series: IMF Working Papers

Author(s): Guido della Valle , Erald Themeli , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

ISBN: 9781484345313

Keywords: Monetary policy, Europe, Albania, interest rate lower bound, euroization, Monetary Policy (Targets, Instruments, and Effects), Albania

Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to as...

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis1

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis1 »

Source: Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis

Volume/Issue: 2017/213

Series: IMF Working Papers

Author(s): Hippolyte Balima , Eric Kilama , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320754

Keywords: Central banks and their policies, Inflation targeting, Meta-regression analysis, Monetary Policy (Targets, Instruments, and Effects)

Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequ...

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy »

Source: Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Volume/Issue: 2018/242

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2018

ISBN: 9781484382370

Keywords: Term premiums, Phillips curve, Low-for-long, Monetary Policy (Targets, Instruments, and Effects), Asset Pricing

Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows in...

Expectations' Anchoring and Inflation Persistence*

Expectations' Anchoring and Inflation Persistence* »

Source: Expectations' Anchoring and Inflation Persistence

Volume/Issue: 2018/280

Series: IMF Working Papers

Author(s): Rudolfs Bems , Francesca Caselli , Francesco Grigoli , Bertrand Gruss , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

ISBN: 9781484388846

Keywords: Inflation expectations, Inflation persistence, Anchoring, credibility, terms of trade, Monetary Policy (Targets, Instruments, and Effects)

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation....

Policy Uncertainty in Japan

Policy Uncertainty in Japan »

Source: Policy Uncertainty in Japan

Volume/Issue: 2017/128

Series: IMF Working Papers

Author(s): Elif Arbatli , Steven Davis , Arata Ito , Naoko Miake , and Ikuo Saito

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2017

ISBN: 9781484300671

Keywords: Asia and Pacific, Japan, Policy uncertainty, aggregate investment, General, Monetary Policy (Targets, Instruments, and Effects)

We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that c...

The Rich and the Great Recession

The Rich and the Great Recession »

Source: The Rich and the Great Recession

Volume/Issue: 2014/225

Series: IMF Working Papers

Author(s): Bas Bakker , and Joshua Felman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 December 2014

ISBN: 9781498307376

Keywords: wealth inequality, wealth, income, assets, reserve, Monetary Policy (Targets, Instruments, and Effects),

Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argu...

Effects of Monetary and Macroprudential Policies on Financial Conditions

Effects of Monetary and Macroprudential Policies on Financial Conditions »

Source: Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States

Volume/Issue: 2015/288

Series: IMF Working Papers

Author(s): Aleksandra Zdzienicka , Sally Chen , Federico Diaz Kalan , Stefan Laseen , and Katsiaryna Svirydzenka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 December 2015

ISBN: 9781513519159

Keywords: spillovers, international monetary fund, exchange rate, transmission mechanism, Monetary Policy (Targets, Instruments, and Effects), spillovers.,

The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically-especially com...