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Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency »

Source: Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Volume/Issue: 2018/25

Series: IMF Working Papers

Author(s): Steve Brito , Yan Carriere-Swallow , and Bertrand Gruss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2018

ISBN: 9781484339718

Keywords: Inflation targeting, Central banks and their policies, central bank transparency, inflation forecasts, Monetary Policy (Targets, Instruments, and Effects), Forecasting and Other Model Applications

We estimate the determinants of disagreement about future inflation in a large and diverse sample of countries, focusing on the role of monetary policy frameworks. We offer novel insights that allow us to reconcile...

Does Easing Monetary Policy Increase Financial Instability?

Does Easing Monetary Policy Increase Financial Instability? »

Source: Does Easing Monetary Policy Increase Financial Instability?

Volume/Issue: 2015/139

Series: IMF Working Papers

Author(s): Ambrogio Cesa-Bianchi , and Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2015

ISBN: 9781513588490

Keywords: Macro-prudential policies, credit frictions, interest rate rigidities, interest, interest rate, interest rates, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policies. There are two main results. First, real interest ra...

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? »

Source: Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Volume/Issue: 2017/65

Series: IMF Working Papers

Author(s): Stephen Cecchetti , Tommaso Mancini Griffoli , and Machiko Narita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2017

ISBN: 9781475588644

Keywords: Spillovers, Banks, Financial stability, nonbank financial institutions, prolonged monetary policy easing, financial vulnerability, risk-taking behavior, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find...

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1 »

Source: Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?

Volume/Issue: 2014/175

Series: IMF Working Papers

Author(s): Ales Bulir , Martin Cihak , and David-Jan Jansen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

ISBN: 9781498392914

Keywords: central bank communication, clarity, inflation reports, volatility, central bank, monetary policy, financial market, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, a...

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania »

Source: The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

Volume/Issue: 2018/55

Series: IMF Working Papers

Author(s): Guido della Valle , Erald Themeli , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

ISBN: 9781484345313

Keywords: Monetary policy, Europe, Albania, interest rate lower bound, euroization, Monetary Policy (Targets, Instruments, and Effects), Albania

Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to as...

The Effectiveness of Monetary Policy Transmission Under Capital Inflows

The Effectiveness of Monetary Policy Transmission Under Capital Inflows »

Source: The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia

Volume/Issue: 2012/265

Series: IMF Working Papers

Author(s): Sonali Jain-Chandra , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 November 2012

ISBN: 9781475525823

Keywords: Monetary policy transmission, dynamic factor model, structural VAR, long-term interest rates, bond yields, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The...

Effects of Monetary and Macroprudential Policies on Financial Conditions

Effects of Monetary and Macroprudential Policies on Financial Conditions »

Source: Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States

Volume/Issue: 2015/288

Series: IMF Working Papers

Author(s): Aleksandra Zdzienicka , Sally Chen , Federico Diaz Kalan , Stefan Laseen , and Katsiaryna Svirydzenka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 December 2015

ISBN: 9781513519159

Keywords: spillovers, international monetary fund, exchange rate, transmission mechanism, Monetary Policy (Targets, Instruments, and Effects), spillovers.,

The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically-especially com...

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies »

Source: The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Volume/Issue: 2015/18

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

ISBN: 9781498334037

Keywords: unconventional monetary policy, interest rates, exchange rate, international monetary fund, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have...

The Effects of Unconventional Monetary Policies on Bank Soundness

The Effects of Unconventional Monetary Policies on Bank Soundness »

Source: The Effects of Unconventional Monetary Policies on Bank Soundness

Volume/Issue: 2014/152

Series: IMF Working Papers

Author(s): Frederic Lambert , and Kenichi Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2014

ISBN: 9781498363563

Keywords: Bank Profitability, Bank Risk, Balance Sheet Repair, bond, government bond, bond yield, government bond yield, bond yields, Monetary Policy (Targets, Instruments

Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel...

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy »

Source: Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Volume/Issue: 2018/242

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2018

ISBN: 9781484382370

Keywords: Term premiums, Phillips curve, Low-for-long, Monetary Policy (Targets, Instruments, and Effects), Asset Pricing

Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows in...