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Conformism and Public News

Conformism and Public News »

Source: Conformism and Public News

Volume/Issue: 2011/33

Series: IMF Working Papers

Author(s): Celine Rochon , and Gabriel Desgranges

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2011

ISBN: 9781455217939

Keywords: Asymmetric Information, Conformism, Beauty Contest, investors, equation, correlation, polynomial, investment decisions, Asymmetric and Private Information,

We study a model where investment decisions are based on investors' information about the unknown and endogenous return of the investment. The information of investors consists of endogenously determined messages s...

Trust As a Means of Improving Corporate Governance and Efficiency

Trust As a Means of Improving Corporate Governance and Efficiency »

Source: Trust As a Means of Improving Corporate Governance and Efficiency

Volume/Issue: 2002/33

Series: IMF Working Papers

Author(s): Ralph Chami , and Connel Fullenkamp

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

ISBN: 9781451845198

Keywords: asymmetric information, efficiency, trust, altruism, wage, profit sharing, compensation, Relation of Economics to Social Values, Production and Organizations: General, Asymmetric and Private Information

Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring a...

Does Demand Volatility Lower Growth and Raise Inflation? Evidence from the Caribbean

Does Demand Volatility Lower Growth and Raise Inflation? Evidence from the Caribbean »

Source: Does Demand Volatility Lower Growth and Raise Inflation? Evidence from the Caribbean

Volume/Issue: 2014/67

Series: IMF Working Papers

Author(s): Magda Kandil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

ISBN: 9781484359679

Keywords: Demand Shocks Asymmetric Effects Contractionary and Inflationary Biases, aggregate demand, price inflation, real output, money supply, Asymmetric Effects, Contractionary and Inflationary Biases., Demand Shocks, General,

The paper investigates asymmetry in the allocation of aggregate demand shocks between real output growth and price inflation over the business cycle in a sample of fifteen Caribbean countries. In most countries, th...

The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

Imperfect Information and Saving in a Small Open Economy

Imperfect Information and Saving in a Small Open Economy »

Source: Imperfect Information and Saving in a Small Open Economy

Volume/Issue: 2011/60

Series: IMF Working Papers

Author(s): Agustin Roitman , and Christian Daude

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455221042

Keywords: saving, uncertainty, Bayesian learning, Markov switching, autocorrelation, stochastic process, correlation, probabilities, statistics, Asymmetric and Private Information,

Emerging markets are more volatile and face different types of shocks, in size and nature, compared to their developed counterparts. Accurate identification of the stochastic properties of shocks is difficult. We s...

Asymmetric Effects of the Financial Crisis

Asymmetric Effects of the Financial Crisis »

Source: Asymmetric Effects of the Financial Crisis : Collateral-Based Investment-Cash Flow Sensitivity Analysis

Volume/Issue: 2012/97

Series: IMF Working Papers

Author(s): Vadim Khramov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

ISBN: 9781475502879

Keywords: Asymmetric Effects, Investment-Cash Flow Sensitivity, cash flow, investment-cash flow sensitivities, pre-crisis,

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment-cash flow sensitivity, the value of a firm's assets that can be used as collateral should be taken...

Inflation Targeting Under Asymmetric Preferences*

Inflation Targeting Under Asymmetric Preferences* »

Source: Inflation Targeting Under Asymmetric Preferences

Volume/Issue: 2001/161

Series: IMF Working Papers

Author(s): Francisco Ruge-Murcia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451857818

Keywords: inflation targets, asymmetric preferences, credibility, inflation, inflation deviation, inflation target, average inflation,

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target ca...

Testing the Transparency Benefits of Inflation Targeting

Testing the Transparency Benefits of Inflation Targeting »

Source: Testing the Transparency Benefits of Inflation Targeting : Evidence from Private Sector Forecasts

Volume/Issue: 2006/289

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

ISBN: 9781451865493

Keywords: inflation forecasts, central bank transparency, propensity score matching, central bank, Asymmetric and Private Information,

I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparenc...

The Asymmetric Effects of Exchange Rate Fluctuations

The Asymmetric Effects of Exchange Rate Fluctuations »

Source: The Asymmetric Effects of Exchange Rate Fluctuations : Theory and Evidence From Developing Countries

Volume/Issue: 2000/184

Series: IMF Working Papers

Author(s): Magda Kandil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2000

ISBN: 9781451859355

Keywords: Exchange rate, rational expectations, asymmetric fluctuations, inflation, price inflation, real output

The paper examines the asymmetric effects of exchange rate fluctuations on real output and price in developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unantic...

Limits of Conditionality in Poverty Reduction Programs

Limits of Conditionality in Poverty Reduction Programs »

Source: Limits of Conditionality in Poverty Reduction Programs

Volume/Issue: 2002/115

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , and Tito Cordella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2002

ISBN: 9781451853872

Keywords: Asymmetric Information, social spending, poverty alleviation, Information And Uncertainty, Welfare And Poverty,

When donors and recipients have different preferences over budgetary allocations, conditionality helps the implementation of donor-financed poverty reduction programs. However, if donors cannot perfectly monitor al...