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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...

Credible Commitment to Optimal Escape from a Liquidity Trap

Credible Commitment to Optimal Escape from a Liquidity Trap »

Source: Credible Commitment to Optimal Escape from a Liquidity Trap : The Role of the Balance Sheet of an Independent Central Bank

Volume/Issue: 2004/162

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451857900

Keywords: Zero lower bound for interest rates, central bank, inflation, money supply, price level, Open Economy Macroeconomics,

An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate peg. This way, the central bank can implement the optimal escap...

Lower Bound Beliefs and Long-Term Interest Rates*

Lower Bound Beliefs and Long-Term Interest Rates* »

Source: Lower Bound Beliefs and Long-Term Interest Rates

Volume/Issue: 2017/62

Series: IMF Working Papers

Author(s): Christian Grisse , Signe Krogstrup , and Silvio Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2017

ISBN: 9781475588224

Keywords: Monetary policy, Negative interest rates, lower bound, yield curve, term structure, Monetary Policy (Targets, Instruments, and Effects)

We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structu...

Frontiers of Monetary Policymaking

Frontiers of Monetary Policymaking »

Source: Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Liquidity Trap and Excessive Leverage

Liquidity Trap and Excessive Leverage »

Source: Liquidity Trap and Excessive Leverage

Volume/Issue: 2014/129

Series: IMF Working Papers

Author(s): Anton Korinek , and Alp Simsek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2014

ISBN: 9781498370943

Keywords: Leverage, liquidity trap, zero lower bound, aggregate demand externality, efficiency, aggregate demand, inflation, real interest rate, contractionary monetary policy, Financial Markets and the Macroeconomy

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to f...

The Euro-Area Government Spending Multiplier at the Effective Lower Bound*

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The Euro-Area Government Spending Multiplier at the Effective Lower Bound* »

Source: The Euro-Area Government Spending Multiplier at the Effective Lower Bound

Volume/Issue: 2019/133

Series: IMF Working Papers

Author(s): Adalgiso Amendola , Mario di Serio , Matteo Fragetta , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

ISBN: 9781498314947

Keywords: Government expenditures, Negative interest rates, Real interest rates, Interest rate policy, Business cycles, Fiscal multiplier, Zero lower bound, Panel VAR, Factor models, Euro Area.

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the...

Rethinking Macro Policy II: Getting Granular

Rethinking Macro Policy II: Getting Granular »

Source: Rethinking Macro Policy II : Getting Granular

Volume/Issue: 2013/3

Series: Staff Discussion Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: Bank of Communications/New Finance

Publication Date: 15 April 2013

Language: Chinese

ISBN: 9781484393369

Keywords: Monetary policy, Central banks, Inflation targeting, Liquidity, Interest rates, Capital flows, Fiscal policy, Public debt, Fiscal consolidation, Macroprudential Policy

This is a Chinese translation of "Rethinking Macro Policy II" (SDN/13/03). This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments i...

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 »

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

DOI: http://dx.doi.org/10.5089/9781484345313.001

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...

Credible Commitment to Optimal Escape from a Liquidity Trap
			: The Role of the Balance Sheet of an Independent Central Bank

Credible Commitment to Optimal Escape from a Liquidity Trap : The Role of the Balance Sheet of an Independent Central Bank »

Volume/Issue: 2004/162

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

DOI: http://dx.doi.org/10.5089/9781451857900.001

ISBN: 9781451857900

Keywords: Zero lower bound for interest rates, central bank, inflation, money supply, price level, Open Economy Macroeconomics,

An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate peg. This way, the central bank can implement the optimal escap...

Rethinking Macro Policy II

Rethinking Macro Policy II »

Source: Rethinking Macro Policy II : Getting Granular

Volume/Issue: 2013/3

Series: Staff Discussion Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...