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  • Keywords: Monetary Policy (Targets x
  • Keywords: Central banks and their policies x
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Quarterly Projection Model for India

Quarterly Projection Model for India »

Source: Quarterly Projection Model for India : Key Elements and Properties

Volume/Issue: 2017/33

Series: IMF Working Papers

Author(s): Jaromir Benes , Kevin Clinton , Asish George , Pranav Gupta , Joice John , Ondra Kamenik , Douglas Laxton , Pratik Mitra , G.V. Nadhanael , Rafael Portillo , Hou Wang , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

ISBN: 9781475578706

Keywords: Central banks and their policies, Monetary policy, Monetary transmission mechanism, Interest rate policy, Forecasting models, Inflation targeting, India, Asia and Pacific, inflation targeting; Reserve Bank of India; inflation episodes in India; forecasting models; monetary policy models; model calibration; monetary policy rules; monetary policy simulations, Reserve Bank of India

This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating for...

Rethinking Macro Policy II

Rethinking Macro Policy II »

Source: Rethinking Macro Policy II : Getting Granular

Volume/Issue: 2013/3

Series: Staff Discussion Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...

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 »

Source: 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

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...

Sectoral Labor Mobility and Optimal Monetary Policy*

Sectoral Labor Mobility and Optimal Monetary Policy* »

Source: 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

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 Analysis1

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis1 »

Source: 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

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...

Unconventional Monetary Policy in a Small Open Economy1

Unconventional Monetary Policy in a Small Open Economy1 »

Source: 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

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 »

Source: 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

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 »

Source: 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

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...