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The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model »

Source: The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

Volume/Issue: 2020/201

Series: IMF Working Papers

Author(s): Thitipat Chansriniyom , Natan Epstein , and Valeriu Nalban

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557717

Keywords: Inflation, Output gap, Central bank policy rate, Inflation targeting, Price stabilization, WP, tag0, graphic tag0, mi, inflation expectation

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflat...

IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic

IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic »

Source: IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic

Volume/Issue: 2020/208

Series: IMF Working Papers

Author(s): Nicola Pierri , and Yannick Timmer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557755

Keywords: Unemployment rate, Unemployment, COVID-19 , Labor, Technology, WP, tag0, graphic tag0, mi, IT adoption

We study the economic effects of information technology (IT) adoption during the COVID-19 pandemic. Using data on IT adoption covering almost three million establishments in the US, we find that technology adoption...

A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia1

A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia1 »

Source: A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia

Volume/Issue: 2020/202

Series: IMF Working Papers

Author(s): Daniel Baksa , Ales Bulir , and Dyna Heng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513556857

Keywords: Real exchange rates, Exchange rates, Real interest rates, Return on investment, Output gap, WP, tag0, inline-graphic tag0, mi, nominal exchange rate

The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. Our canonical model is adapted to Cambodia and we demonstrate its application with an illustrative sce...

Benchmark-Driven Investments in Emerging Market Bond Markets: Taking Stock

Benchmark-Driven Investments in Emerging Market Bond Markets: Taking Stock »

Source: Benchmark-Driven Investments in Emerging Market Bond Markets: Taking Stock

Volume/Issue: 2020/192

Series: IMF Working Papers

Author(s): Serkan Arslanalp , Dimitris Drakopoulos , Rohit Goel , and Robin Koepke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557588

Keywords: Emerging and frontier financial markets, Bonds, Mutual funds, Securities markets, Capital flows, WP, tag0, investment, graphic tag0, investor

This paper reviews the role of benchmark-driven investments in EM local bond markets. We provide an overview of how key EM bond benchmark indices are constructed, how they affect the behavior of investment funds, a...

The Macroeconomic Effects of Structural Reforms in Latin America and the Caribbean1

The Macroeconomic Effects of Structural Reforms in Latin America and the Caribbean1 »

Source: The Macroeconomic Effects of Structural Reforms in Latin America and the Caribbean

Volume/Issue: 2020/195

Series: IMF Working Papers

Author(s): Antonio David , Takuji Komatsuzaki , and Samuel Pienknagura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557632

Keywords: Structural reforms, Employment protection, Commodity markets, Total factor productivity, Trade liberalization, WP, tag0, graphic tag0, reform, product market

This paper estimates the macroeconomic effects of structural reforms in Latin America and the Caribbean (LAC) using the dataset constructed by Alesina et al. (2020). We find that large changes in the reform index h...

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers? »

Source: To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

Volume/Issue: 2020/194

Series: IMF Working Papers

Author(s): Kangni Kpodar , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557625

Keywords: Fuel prices, Energy subsidies, Oil prices, Inflation, Consumption, WP, tag0, price, pass-through, country

While many developing countries limit the international fuel price pass through to domestic fuel prices, others do not. Against this backdrop, we examine the factors that determine whether governments allow interna...

Demographics and the Housing Market: Japan's Disappearing Cities

Demographics and the Housing Market: Japan's Disappearing Cities »

Source: Demographics and the Housing Market: Japan's Disappearing Cities

Volume/Issue: 2020/200

Series: IMF Working Papers

Author(s): Yuko Hashimoto , Gee Hee Hong , and Xiaoxiao Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557700

Keywords: Housing prices, Population and demographics, Housing, Population growth, Inflation, WP, tag0, house price, mi, price

How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the...

Costa Rica

Costa Rica »

Source: Costa Rica : Technical Assistance Report-The National Accounts Statistics Capacity Development Mission

Volume/Issue: 192020/287

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2020

ISBN: 9781513558738

Keywords: Financial statements, Stocks, National accounts, Fiscal accounting and reporting, Securities, ISCR, CR, td valign, tag0, balance sheet

A technical assistance (TA) mission, conducted by CAPTAC-DR, took place during August 27 to September 7, in San Jose, Costa Rica, to assist the Central Bank of Costa Rica (CBCR) in compiling the non-financial and f...

In the Eye of the Storm Firms and Capital Destruction in India*

In the Eye of the Storm Firms and Capital Destruction in India* »

Source: In the Eye of the Storm Firms and Capital Destruction in India

Volume/Issue: 2020/203

Series: IMF Working Papers

Author(s): Martino Pelli , Jeanne Tschopp , Natalia Bezmaternykh , and Kodjovi Eklou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513554488

Keywords: Comparative advantage, Total factor productivity, Capital productivity, Natural disasters, Productivity, WP, graphic tag0, ISIC firm, single-establishment firm, tropical storm

This paper examines the response of firms to capital destruction, using a new measure of firm exposure to tropical storms as a negative exogenous shock on firms' capital stock. Drawing on a panel of Indian manufact...

Worker Mobility and Domestic Production Networks

Worker Mobility and Domestic Production Networks »

Source: Worker Mobility and Domestic Production Networks

Volume/Issue: 2020/205

Series: IMF Working Papers

Author(s): Marvin Cardoza , Francesco Grigoli , Nicola Pierri , and Cian Ruane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557724

Keywords: Labor mobility, Wages, Productivity, Human capital, Trade balance, WP, graphic tag0, production network, connected firm, firm pair control

We show that domestic production networks shape worker flows between firms. Data on the universe of firm-to-firm transactions for the Dominican Republic, matched with employer-employee records, reveals that about 2...