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ABBA: An Agent-Based Model of the Banking System

ABBA: An Agent-Based Model of the Banking System »

Source: ABBA: An Agent-Based Model of the Banking System

Volume/Issue: 2017/136

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2017

ISBN: 9781484300688

Keywords: Financial stability, Banks, Liquidity, Interconnectedness, agent-based model, regulation, solvency, NetLogo, Government Policy and Regulation

A thorough analysis of risks in the banking system requires incorporating banks' inherent heterogeneity and adaptive behavior in response to shocks and changes in business conditions and the regulatory environment....

Accounting for Macrofinancial Fluctuations and Turbulence

Accounting for Macrofinancial Fluctuations and Turbulence »

Source: Accounting for Macrofinancial Fluctuations and Turbulence

Volume/Issue: 2018/238

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484381571

Keywords: Macrofinancial analysis; World economy; Dynamic stochastic general equilibrium model; Autoregressive conditional heteroskedasticity, Macrofinancial analysis, World economy, Dynamic stochastic general equilibrium model, Autoregressive conditional heteroskedasticity, General, Monetary Policy (Targets, Instruments, and Effects)

This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with stru...

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru »

Source: The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru

Volume/Issue: 2017/208

Series: IMF Working Papers

Author(s): Francisco Roch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320648

Keywords: Western Hemisphere, Peru, Chile, Colombia, JEL Classification Numbers: E62, F14, H50, O13 Commodity Prices, Fiscal Policy, Flexible Exchange Rates

This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses o...

Aftershocks of Monetary Unification

Aftershocks of Monetary Unification »

Source: Aftershocks of Monetary Unification : Hysteresis with a Financial Twist

Volume/Issue: 2017/55

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Barry Eichengreen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

ISBN: 9781475586220

Keywords: Monetary unions, Euro Area, United States, Developed countries, Regional shocks, Supply and demand, Econometric models, Optimum currency area, hysterisis, Financial Markets and the Macroeconomy

Once upon a time, in the 1990s, it was widely agreed that neither Europe nor the United States was an optimum currency area, although moderating this concern was the finding that it was possible to distinguish a re...

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data1

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data1 »

Source: The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

Volume/Issue: 2018/83

Series: IMF Working Papers

Author(s): Davide Furceri , Prakash Loungani , and Jonathan Ostry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2018

ISBN: 9781484350898

Keywords: Globalization, Inequality, Capital Account Openness, Crises, Institutions

We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows-financial globalization. Both country- and industry-level results suggest that such policies ha...

Aging, Secular Stagnation and the Business Cycle

Aging, Secular Stagnation and the Business Cycle »

Source: Aging, Secular Stagnation and the Business Cycle

Volume/Issue: 2018/67

Series: IMF Working Papers

Author(s): Callum Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 March 2018

ISBN: 9781484345405

Keywords: Great Recession, Demographics, Zero Lower Bound, Forward Guidance, General, Demographic Trends and Forecasts

As of 2015, U.S. log output per capita was 12 percent below what its pre-2008 linear trend would predict. To understand why, I develop and estimate a model of the US with demographics, real and monetary shocks, and...

The Algebraic Galaxy of Simple Macroeconomic Models

The Algebraic Galaxy of Simple Macroeconomic Models »

Source: The Algebraic Galaxy of Simple Macroeconomic Models : A Hitchhiker's Guide

Volume/Issue: 2017/123

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2017

ISBN: 9781484300619

Keywords: New Keynesian Model, IS Curve, Taylor Rule, Marshall-Lerner Condition, Undergraduate, Forecasting and Simulation

Simple macroeconomic frameworks like the IS/LM have survived because they help us conceptualize complex problems while also providing ‘back of the envelope' estimates of macroeconomic outcomes. Herein, a bare-bones...

An Algorithmic Crystal Ball: Forecasts-based on Machine Learning1

An Algorithmic Crystal Ball: Forecasts-based on Machine Learning1 »

Source: An Algorithmic Crystal Ball: Forecasts-based on Machine Learning

Volume/Issue: 2018/230

Series: IMF Working Papers

Author(s): Jin-Kyu Jung , Manasa Patnam , and Anna Ter-Martirosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2018

ISBN: 9781484380635

Keywords: Machine learning, forecasts, forecast errors, Forecasting and Other Model Applications, Neural Networks and Related Topics

Forecasting macroeconomic variables is key to developing a view on a country's economic outlook. Most traditional forecasting models rely on fitting data to a pre-specified relationship between input and output var...

Analysis of the Yield on Foreign Exchange Bearer Certificates: Rationality and Financial Behavior in Pakistan

Analysis of the Yield on Foreign Exchange Bearer Certificates: Rationality and Financial Behavior in Pakistan »

Source: Analysis of the Yield on Foreign Exchange Bearer Certificates: Rationality and Financial Behavior in Pakistan

Volume/Issue: 1994/156

Series: IMF Working Papers

Author(s): Karim Abdel-Motaal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1994

ISBN: 9781616352455

Keywords: Interest rates, Economic models

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, incl...

An Application of Distribution-Neutral Fiscal Policy

An Application of Distribution-Neutral Fiscal Policy »

Source: An Application of Distribution-Neutral Fiscal Policy

Volume/Issue: 2018/12

Series: IMF Working Papers

Author(s): Sanjeev Gupta , Sugata Marjit , and Sandip Sarkar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2018

ISBN: 9781484338568

Keywords: Strong Pareto Superiority; Inequality; Compensation mechanism;, Strong Pareto Superiority, Inequality, Compensation mechanism, Neoclassical Models of Trade, Equity, Justice, and Other Normative Criteria and Measurement, General

Distribution neutral fiscal policy refers to a structure of taxes and transfers that keep the income distribution unchanged even after positive or negative shocks to an economy. This is referred to as a Strong Pare...