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Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting
			: The Case of France

Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting : The Case of France »

Volume/Issue: 1997/44

Series: IMF Working Papers

Author(s): Joaquim Levy , and Ioannis Halikias

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1997

DOI: http://dx.doi.org/10.5089/9781451974751.001

ISBN: 9781451974751

Keywords: Monetary Policy Transmission, EMU, monetary transmission, monetary transmission mechanism, monetary authorities, aggregate demand

This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is...

Central Bank Independence
			: Issues and Experience

Central Bank Independence : Issues and Experience »

Volume/Issue: 1991/58

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1991

DOI: http://dx.doi.org/10.5089/9781451966428.001

ISBN: 9781451966428

Keywords: central bank, inflation, price stability, monetary policy independence

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence aga...

Explaining International Comovements of Output and Asset Returns
			: The Role of Money and Nominal Rigidities

Explaining International Comovements of Output and Asset Returns : The Role of Money and Nominal Rigidities »

Volume/Issue: 1999/84

Series: IMF Working Papers

Author(s): Robert Kollman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

DOI: http://dx.doi.org/10.5089/9781451850628.001

ISBN: 9781451850628

Keywords: Cross-country correlation of output and asset returns, money, nominal rigidities, international transmission of business cycles, money supply, monetary policy, price level, money stock, inflation

Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in...

Information Rigidity and the Expectations Formation Process
			: A Simple Framework and New Facts

Information Rigidity and the Expectations Formation Process : A Simple Framework and New Facts »

Volume/Issue: 2012/296

Series: IMF Working Papers

Author(s): Olivier Coibion , and Yuriy Gorodnichenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2012

DOI: http://dx.doi.org/10.5089/9781475519242.001

ISBN: 9781475519242

Keywords: Numbers, Information Rigidity, Survey Forecasts, inflation, rational expectations, monetary policy, inflation forecasts, monetary economics, Survey Forecasts., General,

We propose a new approach to test the full-information rational expectations hypothesis which can identify whether rejections of the arise from information rigidities. This approach quantifies the economic signifi...

Monetary Policy Under EMU
			: Differences in the Transmission Mechanism?

Monetary Policy Under EMU : Differences in the Transmission Mechanism? »

Volume/Issue: 2001/102

Series: IMF Working Papers

Author(s): Benedict Clements , Zenon Kontolemis , and Joaquim Levy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

DOI: http://dx.doi.org/10.5089/9781451852615.001

ISBN: 9781451852615

Keywords: Transmission Mechanism, inflation, monetary transmission, central bank, monetary transmission mechanism, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation, Monetary Policy, Central Banking

This study identifies differences in the monetary policy transmission mechanism across the countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary poli...

Price and Monetary Dynamics Under Alternative Exchange Rate Regimes

Price and Monetary Dynamics Under Alternative Exchange Rate Regimes »

Volume/Issue: 1999/67

Series: IMF Working Papers

Author(s): M. Bleaney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1999

DOI: http://dx.doi.org/10.5089/9781451848885.001

ISBN: 9781451848885

Keywords: Price, exchange rates, money, monetary policy, monetary growth, price inflation, gdp deflator

According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for...

Inflation Hedging for Long-Term Investors

Inflation Hedging for Long-Term Investors »

Volume/Issue: 2009/90

Series: IMF Working Papers

Author(s): Shaun Roache , and Alexander Attie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

DOI: http://dx.doi.org/10.5089/9781451872378.001

ISBN: 9781451872378

Keywords: Investments, Portfolio Allocation, Diversification, monetary policy, effects of inflation, real interest rates, monetary policy regime,

Long-term investors face a common problem-how to maintain the purchasing power of their assets over time and achieve a level of real returns consistent with their investment objectives. While inflation-linked bonds...

Some Simulation Properties of the Major Euro Area Economies in Multimod

Some Simulation Properties of the Major Euro Area Economies in Multimod »

Volume/Issue: 2003/31

Series: IMF Working Papers

Author(s): Douglas Laxton , and Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

DOI: http://dx.doi.org/10.5089/9781451845044.001

ISBN: 9781451845044

Keywords: Macroeconomic models, simulation properties, inflation, monetary policy, aggregate demand, nominal interest rate, monetary authority, Model Evaluation and Selection, General Aggregative Models: Forecasting and Simulation, Public Economics: General,

This paper was prepared as part of a euro area macroeconomic model comparisons project. Four standard macroeconomic experiments are considered to illustrate the differences in dynamic adjustment properties of two v...

The Design of EMU

The Design of EMU »

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

DOI: http://dx.doi.org/10.5089/9781451852233.001

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

The Real Effects of Monetary Policy in the European Union
			: What Are the Differences?

The Real Effects of Monetary Policy in the European Union : What Are the Differences? »

Volume/Issue: 1997/160

Series: IMF Working Papers

Author(s): Ramana Ramaswamy , and Torsten Sloek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

DOI: http://dx.doi.org/10.5089/9781451857719.001

ISBN: 9781451857719

Keywords: EMU, monetary transmission mechanism, monetary shock, monetary transmission, transmission of monetary policy

The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregr...