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Islamic Finance
			: Opportunities, Challenges, and Policy Options

Islamic Finance : Opportunities, Challenges, and Policy Options »

Volume/Issue: 2015/5

Series: Staff Discussion Notes

Author(s): Alfred Kammer , Mohamed Norat , Marco Pinon , Ananthakrishnan Prasad , Christopher Towe , and Zeine Zeidane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2015

DOI: http://dx.doi.org/10.5089/9781498325035.006

ISBN: 9781498325035

Keywords: Islamic finance, Islamic banking, participation finance, financial regulations, Sukuk markets, infrastructure finance, financial inclusion, monetary policy, macroprudential policy, tax policy

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance m...

Labor and Product Market Reforms in Advanced Economies
			: Fiscal Costs, Gains, and Support

Labor and Product Market Reforms in Advanced Economies : Fiscal Costs, Gains, and Support »

Volume/Issue: 2017/3

Series: Staff Discussion Notes

Author(s): Angana Banerji , Valerio Crispolti , Era Dabla-Norris , Romain Duval , Christian Ebeke , Davide Furceri , Takuji Komatsuzaki , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

DOI: http://dx.doi.org/10.5089/9781475583977.006

ISBN: 9781475583977

Keywords: Business cycles, Developed countries, Employment, Fiscal policy, Fiscal reforms, Labor market reforms, Legislation, Fiscal Policy; Structural Reforms; Public Debt; Labor Market; Product Market; Deregulation; Employment Protection; Unemployment Benefits; Labor Tax; Active Labor Market Policy, Structural Reforms, Public Debt

Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effect...

Macroeconomic Management When Policy Space is Constrained
			: A Comprehensive, Consistent and Coordinated Approach to Economic Policy

Macroeconomic Management When Policy Space is Constrained : A Comprehensive, Consistent and Coordinated Approach to Economic Policy »

Volume/Issue: 2016/9

Series: Staff Discussion Notes

Author(s): Vitor Gaspar , Maurice Obstfeld , Ratna Sahay , Douglas Laxton , Dennis Botman , Kevin Clinton , Romain Duval , Kotaro Ishi , Zoltan Jakab , Laura Jaramillo , Constant Lonkeng Ngouana , Tommaso Mancini Griffoli , Joannes Mongardini , Susanna Mursula , Erlend Nier , Yulia Ustyugova , Hou Wang , and Oliver Wuensch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2016

DOI: http://dx.doi.org/10.5089/9781475537543.006

ISBN: 9781475537543

Keywords: Banks, Canada, Developed countries, Economic policy, Fiscal policy, Financial sector, Fiscal reforms, Incomes policy, Japan, Monetary policy

The recovery in GDP growth since the global financial crisis has been halting and weak. Concern is widespread that countercyclical policies have run out of space or lack the power to raise growth or deal with the n...

Rethinking Macro Policy II
			: Getting Granular

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

DOI: http://dx.doi.org/10.5089/9781484363478.006

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...

A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam

A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam »

Volume/Issue: 2015/273

Series: IMF Working Papers

Author(s): Allan Dizioli , and Jochen M. Schmittmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2015

DOI: http://dx.doi.org/10.5089/9781513595665.001

ISBN: 9781513595665

Keywords: Bayesian Estimation, exchange rate, interest rates, monetary policy rule, central bank, Forecasting and Simulation, Monetary Policy (Targets, Instruments, and Effects),

The paper develops a small New-Keynesian FPAS model for Vietnam. The model closely matches actual data from 2000-2014. We derive an optimal monetary policy rule that minimizes variability of output, inflation, and...

A Model for Monetary Policy Analysis in Uruguay

A Model for Monetary Policy Analysis in Uruguay »

Volume/Issue: 2015/170

Series: IMF Working Papers

Author(s): Rafael Portillo , and Yulia Ustyugova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2015

DOI: http://dx.doi.org/10.5089/9781513501703.001

ISBN: 9781513501703

Keywords: Money Targeting, money, inflation, demand, interest rates, Monetary Policy (Targets, Instruments, and Effects), Forecasting and Simulation, Fiscal and Monetary Policy in Development,

Uruguay has recently reverted to a money targeting (MT) framework in the context of a disinflation strategy. We develop a quantitative model for monetary policy analysis incorporating money targets in the policy fr...

A New Methodology for Estimating the Output Gap in the United States

A New Methodology for Estimating the Output Gap in the United States »

Volume/Issue: 2015/144

Series: IMF Working Papers

Author(s): Ali Alichi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 June 2015

DOI: http://dx.doi.org/10.5089/9781513507569.001

ISBN: 9781513507569

Keywords: Macroeconomic Modeling, Output Gap, output, inflation, unemployment rate, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects),

The gap between potential and actual output-the output gap-is a key variable for policymaking. This paper adapts the methodology developed in Blagrave and others (2015) to estimate the path of output gap in the U.S...

A Simple Multivariate Filter for Estimating Potential Output

A Simple Multivariate Filter for Estimating Potential Output »

Volume/Issue: 2015/79

Series: IMF Working Papers

Author(s): Patrick Blagrave , Roberto Garcia-Saltos , Douglas Laxton , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2015

DOI: http://dx.doi.org/10.5089/9781475565133.001

ISBN: 9781475565133

Keywords: Macroeconomic Modeling, output, economy, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects),

Estimates of potential output are an important ingredient of structured forecasting and policy analysis. Using information on consensus forecasts, this paper extends the multivariate filter developed by Benes and o...

A Volatility and Persistence-Based Core Inflation

A Volatility and Persistence-Based Core Inflation »

Volume/Issue: 2015/8

Series: IMF Working Papers

Author(s): Tito Nícias Teixeira da Silva Filho , and Francisco Marcos Rodrigues Figueiredo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2015

DOI: http://dx.doi.org/10.5089/9781484387818.001

ISBN: 9781484387818

Keywords: Core inflation, persistence, volatility, triple weighted, price, prices, price changes, Index Numbers and Aggregation, Monetary Policy (Targets, Instruments

Intuitively core inflation is understood as a measure of inflation where noisy price movements are avoided. This is typically achieved by either excluding or downplaying the importance of the most volatile items. H...

Accounting for Macrofinancial Fluctuations and Turbulence

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

DOI: http://dx.doi.org/10.5089/9781484381571.001

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...