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  • Keywords: Central banks and their policies x
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Sectoral Labor Mobility and Optimal Monetary Policy

Sectoral Labor Mobility and Optimal Monetary Policy »

Volume/Issue: 2017/40

Series: IMF Working Papers

Author(s): Alessandro Cantelmo , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 March 2017

DOI: http://dx.doi.org/10.5089/9781475584783.001

ISBN: 9781475584783

Keywords: Central banks and their policies, Labor mobility, Optimal monetary policy, durable goods, DSGE, Monetary Policy (Targets, Instruments, and Effects)

In an estimated two-sector New-Keynesian model with durable and nondurable goods, an inverse relationship between sectoral labor mobility and the optimal weight the central bank should attach to durables inflation...

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis »

Volume/Issue: 2017/213

Series: IMF Working Papers

Author(s): Hippolyte Balima , Eric Kilama , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

DOI: http://dx.doi.org/10.5089/9781484320754.001

ISBN: 9781484320754

Keywords: Central banks and their policies, Inflation targeting, Meta-regression analysis, Monetary Policy (Targets, Instruments, and Effects)

Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequ...

The Long-Run Trend of Residential Investment in China

The Long-Run Trend of Residential Investment in China »

Volume/Issue: 2018/251

Series: IMF Working Papers

Author(s): Ding Ding , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484385371.001

ISBN: 9781484385371

Keywords: Asia and Pacific, China, People's Republic of, Central banks and their policies, China housing market, residential investment, rebalancing, Bayesian Analysis, Time-Series Models, Monetary Policy (Targets, Instruments

In this paper we analyze the fundamental drivers of China's residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were...

The Macroeconomic Effects of Trade Tariffs
			: Revisiting the Lerner Symmetry Result

The Macroeconomic Effects of Trade Tariffs : Revisiting the Lerner Symmetry Result »

Volume/Issue: 2017/151

Series: IMF Working Papers

Author(s): Jesper Lindé , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 July 2017

DOI: http://dx.doi.org/10.5089/9781484306116.001

ISBN: 9781484306116

Keywords: Central banks and their policies, Import Tariffs; Export Subsidies; Lerner Condition, Incomplete Markets; Complete Markets, Border Adjustment Tax, Trade War, New Keynesian open-economy model, Import Tariffs, Export Subsidies, Lerner Condition, Incomplete Markets

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export subsidy...

The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area

The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area »

Volume/Issue: 2018/258

Series: IMF Working Papers

Author(s): William Arrata , Benoit Nguyen , Imene Rahmouni-Rousseau , and Miklos Vari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484386910.001

ISBN: 9781484386910

Keywords: Interest rates, Monetary policy, Money markets, Central banks and their policies, Central banks and their policies, Repurchase agreements, Assets, Specialness, repo market, asset purchases

Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincide...

Unconventional Monetary Policy in a Small Open Economy

Unconventional Monetary Policy in a Small Open Economy »

Volume/Issue: 2017/268

Series: IMF Working Papers

Author(s): Margaux MacDonald , and Micha? Ksawery Popiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330944.001

ISBN: 9781484330944

Keywords: Central banks and their policies, Small open economy; unconventional monetary policy; Bayesian structural VAR; zero lower bound; international monetary policy transmission, Small open economy, unconventional monetary policy, Bayesian structural VAR, zero lower bound, international monetary policy transmission, Monetary Policy (Targets, Instruments, and Effects)

This paper investigates the effects of unconventional monetary policy in a small open economy. Using recently proposed shadow interest rates to capture unconventional monetary policy at the zero lower bound (ZLB) w...

Understanding India’s Food Inflation

Understanding India’s Food Inflation »

Volume/Issue: 2016/2

Series: IMF Working Papers

Author(s): Rahul Anand , Naresh Kumar , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2016

DOI: http://dx.doi.org/10.5089/9781513581347.001

ISBN: 9781513581347

Keywords: food inflation, cereal buffer stocks, food, cereals, rice, wheat, food supply, Forecasting and Simulation, Monetary Policy (Targets, Instruments

Over the past decade, India has seen a prolonged period of high inflation, to a large extent driven by persistently-high food inflation. This paper investigates the demand and supply factors behind the contribution...

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks

Who Pays for Financial Crises? Price and Quantity Rationing of Different Borrowers by Domestic and Foreign Banks »

Volume/Issue: 2018/158

Series: IMF Working Papers

Author(s): Allen Berger , Tanakorn Makaew , and Rima Turk-Ariss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2018

DOI: http://dx.doi.org/10.5089/9781484358191.001

ISBN: 9781484358191

Keywords: Central banks and their policies, Western Hemisphere, Chile, Monetary policy, Credit Rationing, Foreign Banks, Financial Crises, Relationship Lending, central bank communication, central bank predictability

Financial crises result in price and quantity rationing of otherwise creditworthy business borrowers, but little is known about the relative severity of these two types of rationing, which borrowers are rationed mo...

Assessing China's Residential Real Estate Market

Assessing China's Residential Real Estate Market »

Volume/Issue: 2017/248

Series: IMF Working Papers

Author(s): Ding Ding , Xiaoyu Huang , Tao Jin , and W. Raphael Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2017

DOI: http://dx.doi.org/10.5089/9781484324813.001

ISBN: 9781484324813

Keywords: Asia and Pacific, Macroprudential Policy, Central banks and their policies, China real estate market, housing bubbles, Monetary Policy (Targets, Instruments, and Effects), Housing Supply and Markets, Bayesian Analysis

China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks...

Indian Financial Sector

Indian Financial Sector »

Source: Indian Financial Sector : Structure, Trends and Turns

Volume/Issue: 2017/7

Series: IMF Working Papers

Author(s): Rakesh Mohan , and Partha Ray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 January 2017

ISBN: 9781475570168

Keywords: Central banks and their policies, Banks, Banking, Asia and Pacific, Capital markets, External sector, Financial sector, Insurance, India, Nonbank financial sector

This paper traces the story of Indian financial sector over the period 1950-2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., (a) the 1950s a...