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Optimal Macroprudential Policy and Asset Price Bubbles

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Optimal Macroprudential Policy and Asset Price Bubbles »

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513511078.001

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

Optimal Macroprudential Policy and Asset Price Bubbles

New
Optimal Macroprudential Policy and Asset Price Bubbles »

Source: Optimal Macroprudential Policy and Asset Price Bubbles

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Source: The Negative Mean Output Gap

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation »

Volume/Issue: 2019/178

Series: IMF Working Papers

Author(s): Sebastian Acevedo Mejia , Claudio Baccianti , Mico Mrkaic , Natalija Novta , Evgenia Pugacheva , and Petia Topalova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

DOI: http://dx.doi.org/10.5089/9781513509853.001

ISBN: 9781513509853

Keywords: Economic policy, Economic growth, Economic recovery, Financial crises, Total factor productivity, Climate change, Climate policy, Adaptation to climate change, Weather shock, structural policy

We explore the extent to which macroeconomic policies, structural policies, and institutions can mitigate the negative relationship between temperature shocks and output in countries with warm climates. Empirical e...

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation1

Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation1 »

Source: Weather Shocks and Output in Low-Income Countries: The Role of Policies and Adaptation

Volume/Issue: 2019/178

Series: IMF Working Papers

Author(s): Sebastian Acevedo Mejia , Claudio Baccianti , Mico Mrkaic , Natalija Novta , Evgenia Pugacheva , and Petia Topalova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2019

ISBN: 9781513509853

Keywords: Economic policy, Economic growth, Economic recovery, Financial crises, Total factor productivity, Climate change, Climate policy, Adaptation to climate change, Weather shock, structural policy

We explore the extent to which macroeconomic policies, structural policies, and institutions can mitigate the negative relationship between temperature shocks and output in countries with warm climates. Empirical e...

Public Sector Balance Sheet Strength and the Macro Economy

Public Sector Balance Sheet Strength and the Macro Economy »

Volume/Issue: 2019/170

Series: IMF Working Papers

Author(s): Seyed Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2019

DOI: http://dx.doi.org/10.5089/9781513508955.001

ISBN: 9781513508955

Keywords: Balance sheets, Sovereign wealth funds, Financial markets, Risk-weighted asset, Social security funds, Public sector balance sheet, Fiscal policy, Net financial worth, Net worth, balance sheet

This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and i...

Public Sector Balance Sheet Strength and the Macro Economy

Public Sector Balance Sheet Strength and the Macro Economy »

Source: Public Sector Balance Sheet Strength and the Macro Economy

Volume/Issue: 2019/170

Series: IMF Working Papers

Author(s): Seyed Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 August 2019

ISBN: 9781513508955

Keywords: Balance sheets, Sovereign wealth funds, Financial markets, Risk-weighted asset, Social security funds, Public sector balance sheet, Fiscal policy, Net financial worth, Net worth, balance sheet

This paper introduces concepts of public sector balance sheet (PSBS) strength, taking into account different aspects of what governments own in addition to what they owe. It develops measures of PSBS strength and i...

Fiscal Buffers for Natural Disasters in Pacific Island Countries1

Fiscal Buffers for Natural Disasters in Pacific Island Countries1 »

Source: Fiscal Buffers for Natural Disasters in Pacific Island Countries

Volume/Issue: 2019/152

Series: IMF Working Papers

Author(s): Hidetaka Nishizawa , Scott Roger , and Huan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

ISBN: 9781498320801

Keywords: Access to foreign markets, Accounting, Accounting standards, Agriculture, Aid flows, Balance of payments, Bank deposits, Bank financing, Banks, Bonds

Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spend...

Fiscal Buffers for Natural Disasters in Pacific Island Countries

Fiscal Buffers for Natural Disasters in Pacific Island Countries »

Volume/Issue: 2019/152

Series: IMF Working Papers

Author(s): Hidetaka Nishizawa , Scott Roger , and Huan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

DOI: http://dx.doi.org/10.5089/9781498320801.001

ISBN: 9781498320801

Keywords: Access to foreign markets, Accounting, Accounting standards, Agriculture, Aid flows, Balance of payments, Bank deposits, Bank financing, Banks, Bonds

Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spend...