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Foreign Exchange Intervention under Policy Uncertainty

Foreign Exchange Intervention under Policy Uncertainty »

Volume/Issue: 2016/67

Series: IMF Working Papers

Author(s): Gustavo Adler , Ruy Lama , and Juan Pablo Medina Guzman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2016

DOI: http://dx.doi.org/10.5089/9781475520415.001

ISBN: 9781475520415

Keywords: Foreign Exchange Intervention, Monetary Policy, Learning, inflation, central bank, exchange, currency, Open Economy Macroeconomics,

We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full inform...

Implications of a Surge in Capital Inflows
			: Available tools and Consequences for the Conduct of Monetary Policy

Implications of a Surge in Capital Inflows : Available tools and Consequences for the Conduct of Monetary Policy »

Volume/Issue: 1996/53

Series: IMF Working Papers

Author(s): Jang-Yung Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

DOI: http://dx.doi.org/10.5089/9781451847345.001

ISBN: 9781451847345

Keywords: capital inflows, central bank, capital flows, monetary policy, reserve requirement

This paper seeks to extend discussion of monetary policy instruments to the situation of a country faced with major capital inflows when the process of domestic financial liberalization is incomplete. It briefly su...

Improving the Monetary Policy Frameworks in Central America

Improving the Monetary Policy Frameworks in Central America »

Volume/Issue: 2011/245

Series: IMF Working Papers

Author(s): Stephanie Medina Cas , Alejandro Carrion-Menendez , and Florencia Frantischek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463923242.001

ISBN: 9781463923242

Keywords: inflation, central bank, price stability, reserve requirements, Monetary Policy, Central Banking, and the Supply of Money and Credit: General,

Several Central American (CADR) countries with independent monetary policies are strengthening their monetary frameworks and some have implemented or are moving towards inflation targeting (IT) regimes. Strengtheni...

Inflation Reports and Models
			: How Well Do Central Banks Really Write?

Inflation Reports and Models : How Well Do Central Banks Really Write? »

Volume/Issue: 2014/91

Series: IMF Working Papers

Author(s): Ales Bulir , Jaromír Hurník , and Katerina Smidkova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2014

DOI: http://dx.doi.org/10.5089/9781498387613.001

ISBN: 9781498387613

Keywords: Kalman filter, monetary policy communication, inflation, central bank, aggregate demand, Forecasting and Simulation, Forecasting and Simulation,

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by...

Inflation Responses to Commodity Price Shocks
			: How and Why Do Countries Differ?

Inflation Responses to Commodity Price Shocks : How and Why Do Countries Differ? »

Volume/Issue: 2012/225

Series: IMF Working Papers

Author(s): R. Gelos , and Yulia Ustyugova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2012

DOI: http://dx.doi.org/10.5089/9781475510249.001

ISBN: 9781475510249

Keywords: pass-through, Phillips curve, central bank, inflationary impact, Open Economy Macroeconomics, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Macroeconomic Policy, Macroeconomic Aspects of Public Finance

This paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The an...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Inflation Targeting and Exchange Rate Rules in an Open Economy

Inflation Targeting and Exchange Rate Rules in an Open Economy »

Volume/Issue: 2004/21

Series: IMF Working Papers

Author(s): Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2004

DOI: http://dx.doi.org/10.5089/9781451921892.001

ISBN: 9781451921892

Keywords: open economy, monetary policy rules, inflation, central bank, aggregate demand, Open Economy Macroeconomics,

This paper provides a simple dynamic neo-Keynesian model that can be used to analyze the impact of monetary policy that considers inflation targeting in a small open economy. This economy is characterized by imperf...

Interpreting Currency Movements During the Crisis
			: What's the Role of Interest Rate Differentials?

Interpreting Currency Movements During the Crisis : What's the Role of Interest Rate Differentials? »

Volume/Issue: 2011/14

Series: IMF Working Papers

Author(s): Thomas Dowling , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455212521.001

ISBN: 9781455212521

Keywords: uncovered interest parity, UIP, term structure, exchange rate, monetary policy, exchange rate movements, inflation, Open Economy Macroeconomics,

Using an adaptation of the Uncovered Interest Parity (UIP) condition, this paper analyzes the drivers behind the large, symmetric exchange rate swings observed during the financial crisis of 2008-2010. Employing a...

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints »

Volume/Issue: 2009/286

Series: IMF Working Papers

Author(s): Michael Kumhof , and Huixin Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874310.001

ISBN: 9781451874310

Keywords: Optimal simple rules, monetary policy rules, fiscal policy rules, welfare analysis, borrowing constraints, tax revenue, inflation, government spending,

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than...

Monetary Policy in Emerging Markets
			: Taming the Cycle

Monetary Policy in Emerging Markets : Taming the Cycle »

Volume/Issue: 2013/96

Series: IMF Working Papers

Author(s): Donal McGettigan , Kenji Moriyama , Jean Noah Ndela Ntsama , Francois Painchaud , Haonan Qu , and Chad Steinberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2013

DOI: http://dx.doi.org/10.5089/9781484381847.001

ISBN: 9781484381847

Keywords: Countercyclical Policy, inflation, real interest rates, real interest rate, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark differen...