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The Fisher Hypothesis and Inflation Persistence

The Fisher Hypothesis and Inflation Persistence »

Source: The Fisher Hypothesis and Inflation Persistence : Evidence From Five Major Industrial Countries

Volume/Issue: 1995/118

Series: IMF Working Papers

Author(s): Wensheng Peng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

ISBN: 9781451940824

Keywords: nominal interest rates, nominal interest rate, monetary authorities, inflation rates

This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major indust...

Macroeconomic Responses to Terms-of-Trade Shocks

Macroeconomic Responses to Terms-of-Trade Shocks »

Source: Macroeconomic Responses to Terms-of-Trade Shocks : A Framework for Policy Analysis for the Argentine Economy

Volume/Issue: 2009/117

Series: IMF Working Papers

Author(s): Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872644

Keywords: inflationary pressures, nominal interest rates

This paper presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy. The model replicates the effect of the strong improvement in Argentina's terms of...

Interest Rate Policy in Central and Eastern Europe

Interest Rate Policy in Central and Eastern Europe »

Source: Interest Rate Policy in Central and Eastern Europe : The Influence of Monetary Overhangs and Weak Enterprise Discipline

Volume/Issue: 1992/68

Series: IMF Working Papers

Author(s): Susan Schadler , and Adam Bennett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1992

ISBN: 9781451848946

Keywords: interest rates, nominal interest rates, real interest rates, nominal interest rate

Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrumen...

Exchange-Rate-Based Stabilization under Imperfect Credibility

Exchange-Rate-Based Stabilization under Imperfect Credibility »

Source: Exchange-Rate-Based Stabilization under Imperfect Credibility

Volume/Issue: 1991/77

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1991

ISBN: 9781451849912

Keywords: exchange rate, real exchange rate, inflation rate, nominal interest rate

This paper analyzes stabilization policy under predetermined exchange rates in a cash-in-advance, staggered-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and p...

Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters

Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters »

Source: Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters

Volume/Issue: 2012/208

Series: IMF Working Papers

Author(s): Alun Thomas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505580

Keywords: Exchange Rate, Interest Rate, nominal exchange rate, effective exchange rate, nominal effective exchange rate,

The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity condition...

Optimal Taxation Policies in the EMS

Optimal Taxation Policies in the EMS »

Source: Optimal Taxation Policies in the EMS : A Two-Country Model of Public Finance

Volume/Issue: 1989/40

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 1989

ISBN: 9781451976977

Keywords: inflation, inflation tax, nominal interest rate, inflation rates, nominal interest rates

This paper analyzes, in a public finance context, how the optimal use of the inflation and the consumption tax is affected by incorporating into the model constraints on policy decisions that are likely to develop...

Targeting the Real Exchange Rate

Targeting the Real Exchange Rate »

Source: Targeting the Real Exchange Rate : Theory and Evidence

Volume/Issue: 1994/22

Series: IMF Working Papers

Author(s): Carlos Végh Gramont , Guillermo Calvo , and Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

ISBN: 9781451921212

Keywords: exchange rate, real exchange rate, nominal interest rate, inflation tax

This paper presents a theoretical and empirical analysis of policies aimed at setting a more depreciated level of the real exchange rate. An intertemporal optimizing model suggests that, in the absence of changes i...

Nominal Exchange Rates and Nominal Interest Rate Differentials

Nominal Exchange Rates and Nominal Interest Rate Differentials »

Source: Nominal Exchange Rates and Nominal Interest Rate Differentials

Volume/Issue: 1999/141

Series: IMF Working Papers

Author(s): Francisco Nadal De Simone , and Weshah Razzak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451856163

Keywords: Exchange rates, interest rate differential, bonds market, cointegration, common cycles, exchange rate, nominal exchange rate, bond, nominal interest rate

This paper reexamines some unsettled theoretical and empirical issues regarding the relationship between nominal exchange rates and interest rate differentials and provides a model for the behavior of exchange rate...

Money Supply and Interest Rate Policy in a New-Keynesian Framework1/

Money Supply and Interest Rate Policy in a New-Keynesian Framework1/ »

Source: Money Supply and Interest Rate Policy in a New-Keynesian Framework

Volume/Issue: 1990/119

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1990

ISBN: 9781451940039

Keywords: inflation, nominal interest rate, inflation rate, real money

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

International Spillovers of Macroeconomic Shocks

International Spillovers of Macroeconomic Shocks »

Source: International Spillovers of Macroeconomic Shocks : A Quantitative Exploration

Volume/Issue: 2000/101

Series: IMF Working Papers

Author(s): Douglas Laxton , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451852509

Keywords: Macroeconomic shocks, international spillovers, nominal interest rate floor, macroeconometric simulations, inflation, nominal interest rates, nominal interest rate, monetary policy, unemployment rate

This paper provides a quantitative exploration of international spillovers of macroeconomic shocks among the major industrial economies. The particular topical example analyzed here concerns the possible effects on...