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An Empirical Exploration of Exchange Rate Target-Zones

An Empirical Exploration of Exchange Rate Target-Zones »

Source: An Empirical Exploration of Exchange Rate Target-Zones

Volume/Issue: 1991/15

Series: IMF Working Papers

Author(s): Donald Mathieson , Robert Flood , and Andrew Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1991

ISBN: 9781451843163

Keywords: EMS, exchange rates, nonlinear, target-zone., exchange rate, equation, nonlinear models, rate of change

In the context of a flexible-price monetary exchange rate model and the assumption of uncovered interest parity, we obtain a measure of the fundamental determinant of exchange rates. Daily data for the European Mon...

Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates

Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates »

Source: Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates

Volume/Issue: 2003/159

Series: IMF Working Papers

Author(s): Gene Leon , and Serineh Najarian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

ISBN: 9781451857696

Keywords: Nonlinearities, asymmetry, exchange rate, exchange rates, nonlinearity, statistics, real exchange rate,

This paper examines whether deviations from PPP are stationary in the presence of nonlinearity, and whether the adjustment toward PPP is symmetric from above and below. Using alternative nonlinear models, our resul...

Investing to Mitigate and Adapt to Climate Change

Investing to Mitigate and Adapt to Climate Change »

Source: Investing to Mitigate and Adapt to Climate Change : A Framework Model

Volume/Issue: 2016/164

Series: IMF Working Papers

Author(s): Anthony Bonen , Prakash Loungani , Willi Semmler , and Sebastian Koch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2016

ISBN: 9781475523690

Keywords: Climate Change, Fiscal Policy, Public Capital, Nonlinear Model Predictive Control

We propose a macroeconomic model to assess optimal public policy decisions in the the face of competing funding demands for climate change action versus traditional welfare-enhancing capital investment. How to prop...

Inequality Overhang*

Inequality Overhang* »

Source: Inequality Overhang

Volume/Issue: 2017/76

Series: IMF Working Papers

Author(s): Francesco Grigoli , and Adrian Robles

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 March 2017

ISBN: 9781475589634

Keywords: Income distribution, Income inequality, heterogeneity, Gini, income levels, growth, nonlinearities, General

The linearity of the relationship between income inequality and economic development has been long questioned. While theory provides arguments for which the shape of relationship may be positive for low levels of i...

Fiscal Multipliers and Institutions in Peru

Fiscal Multipliers and Institutions in Peru »

Source: Fiscal Multipliers and Institutions in Peru : Getting the Largest Bang for the Sol

Volume/Issue: 2016/144

Series: IMF Working Papers

Author(s): Svetlana Vtyurina , and Zulima Leal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2016

ISBN: 9781498381017

Keywords: Peru, fiscal policy, fiscal sustainability, nonlinear models, multipliers, public investment management, decentralization.

With the end of the commodity super cycle, Peru's potential growth has declined, raising questions of what government policies could do to help boost growth, including over the medium-term. Our econometric analysis...

Financial Stability and Interest-Rate Policy

Financial Stability and Interest-Rate Policy »

Source: Financial Stability and Interest-Rate Policy : A Quantitative Assessment of Costs and Benefits

Volume/Issue: 2016/73

Series: IMF Working Papers

Author(s): Andrea Pescatori , and Stefan Laseen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2016

ISBN: 9781475522679

Keywords: Monetary Policy, Endogenous Financial Risk, Bayesian VAR, Non-Linear Dynamics, Policy Evaluation.

Should monetary policy use its short-term policy rate to stabilize the growth in household credit and housing prices with the aim of promoting financial stability? We ask this question for the case of Canada. We fi...

Global Financial Spillovers to Emerging Market Sovereign Bond Markets1

Global Financial Spillovers to Emerging Market Sovereign Bond Markets1 »

Source: Global Financial Spillovers to Emerging Market Sovereign Bond Markets

Volume/Issue: 2015/141

Series: IMF Working Papers

Author(s): Christian Ebeke , and Annette Kyobe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2015

ISBN: 9781513552750

Keywords: Financial shocks, EM bond markets, Non-linearity, markets, currency, bond, holdings,

Foreign holdings of emerging markets (EMs) government bonds have increased substantially over the last decade. While foreign participation in local-currency sovereign bond markets provides an additional source of f...

Systemic Risk

Systemic Risk »

Source: Systemic Risk : A New Trade-off for Monetary Policy?

Volume/Issue: 2015/142

Series: IMF Working Papers

Author(s): Stefan Laseen , Andrea Pescatori , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2015

ISBN: 9781513579245

Keywords: Endogenous Financial Risk, DSGE models, Non-Linear Dynamics, Policy Evaluation, financial sector, welfare, prices, equity,

We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning-against-the-wind policy can reduce systemic risk and improve welfare. We find that an unexpecte...

Possible Effects of European Monetary Union on Switzerland

Possible Effects of European Monetary Union on Switzerland »

Source: Possible Effects of European Monetary Union on Switzerland : A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor

Volume/Issue: 1997/23

Series: IMF Working Papers

Author(s): Douglas Laxton , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1997

ISBN: 9781451844009

Keywords: EMU, nonlinearities, policy simulations, exchange rate, exchange rate appreciation, real exchange rate

This paper examines the possible effects on Switzerland of asset preference shifts in favor of Swiss-franc-denominated assets that could result from EMU. Alternative policy responses to temporary and persistent ass...

Are there Negative Returns to Aid? a Comment

Are there Negative Returns to Aid? a Comment »

Source: Are there Negative Returns to Aid? a Comment

Volume/Issue: 2004/212

Series: IMF Working Papers

Author(s): Mwanza Nkusu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

ISBN: 9781451874921

Keywords: and poverty, calibration, paper, equation, nonlinearity, Welfare and Poverty: General, Economic Growth and Aggregate Productivity: General,

Amid controversies surrounding aid effectiveness, an increasing number of empirical studies find support for the idea that aid can spur growth and that the aid-growth relationship is nonlinear. Lensink and White pr...