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Price Subsidies and the Conduct of Monetary Policy

Price Subsidies and the Conduct of Monetary Policy »

Volume/Issue: 2012/15

Series: IMF Working Papers

Author(s): Nooman Rebei , and Mohamed Safouane Ben Aissa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931209.001

ISBN: 9781463931209

Keywords: Taylor rules, optimal monetary policy, general equilibrium, government subsidies, Bayesian estimation, inflation, inflation rates, monetary economics, General Aggregative Models,

This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equi...

Central Banking in Latin America
			: The Way Forward

Central Banking in Latin America : The Way Forward »

Volume/Issue: 2016/197

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Luis I. Jacome H. , Nicolas Magud , and Alejandro Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2016

DOI: http://dx.doi.org/10.5089/9781475543353.001

ISBN: 9781475543353

Keywords: Central Banking, Monetary Policy, Macroprudential Policy, Latin America.

Latin America's central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaini...

Financial Dollarization in Latin America

Financial Dollarization in Latin America »

Volume/Issue: 2006/7

Series: IMF Working Papers

Author(s): Robert Rennhack , and Masahiro Nozaki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

DOI: http://dx.doi.org/10.5089/9781451862676.001

ISBN: 9781451862676

Keywords: foreign currency, exchange rate, inflation, exchange rate flexibility, real exchange rate, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Financial Institutions and Services: General,

This paper tests several explanations for financial dollarization (FD), with an emphasis on Latin America. The results provide evidence that FD is a rational response to inflation uncertainty. The paper builds on p...

Credibility Effects of Price Controls in Disinflation Programs

Credibility Effects of Price Controls in Disinflation Programs »

Volume/Issue: 1992/83

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1992

DOI: http://dx.doi.org/10.5089/9781451850482.001

ISBN: 9781451850482

Keywords: inflation, monetary policy, inflation rate, money stock, monetary fund

This paper examines whether price controls may enhance the credibility of a disinflation program, using a framework in which agents behave strategically. The analysis indicates that a partial price freeze is not fu...

Credit Growth and the Effectiveness of  Reserve Requirements and Other Macroprudential Instruments in Latin America

Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America »

Volume/Issue: 2012/142

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475503999.001

ISBN: 9781475503999

Keywords: countercyclical policy, interest rate spreads, bank credit, banking, monetary policy, central bank, Financial Institutions and Services: Government Policy and Regulation, Counter Cyclical Policy,

Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve...

Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?

Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis? »

Volume/Issue: 1999/42

Series: IMF Working Papers

Author(s): Ilan Goldfajn , and Poonam Gupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1999

DOI: http://dx.doi.org/10.5089/9781451846195.001

ISBN: 9781451846195

Keywords: interest rates, tight monetary policy, real interest rate

This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 198...

Emerging Economy Responses to the Global Financial Crisis of 2007-09 - An Empirical Analysis of the Liquidity Easing Measures

Emerging Economy Responses to the Global Financial Crisis of 2007-09 - An Empirical Analysis of the Liquidity Easing Measures »

Volume/Issue: 2009/265

Series: IMF Working Papers

Author(s): Etienne Yehoue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874105.001

ISBN: 9781451874105

Keywords: Financial Markets, Monetary Policy, Central Banking, exchange rate, current account, foreign exchange, central bank, external debt

This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affectin...

Establishing Initial Conditions in Support of Inflation Targeting

Establishing Initial Conditions in Support of Inflation Targeting »

Volume/Issue: 2002/102

Series: IMF Working Papers

Author(s): Mark Zelmer , Andrea Schaechter , Mark Stone , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2002

DOI: http://dx.doi.org/10.5089/9781451852622.001

ISBN: 9781451852622

Keywords: monetary policy framework, central bank, inflation, inflation-targeting, Financial Markets and the Macroeconomy,

This paper provides some practical advice on establishing initial conditions in support of an inflation-targeting monetary framework. These conditions are divided into four areas: a mandate in support of an inflati...

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Financial Crisis, US Unconventional Monetary Policy and International Spillovers »

Volume/Issue: 2015/85

Series: IMF Working Papers

Author(s): Qianying Chen , Andrew Filardo , Dong He , and Feng Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

DOI: http://dx.doi.org/10.5089/9781475520668.001

ISBN: 9781475520668

Keywords: emerging economies, global VAR, international monetary policy spillovers, quantitative easing, unconventional monetary policy, federal reserve, securities, reserve, Financial Markets and the Macroeconomy, Monetary Policy (Targets

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the...

Fixed or Floating Exchange Regimes
			: Does it Matter for Inflation?

Fixed or Floating Exchange Regimes : Does it Matter for Inflation? »

Volume/Issue: 1994/134

Series: IMF Working Papers

Author(s): Peter Quirk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1994

DOI: http://dx.doi.org/10.5089/9781451855531.001

ISBN: 9781451855531

Keywords: exchange rate, exchange rates, foreign exchange, monetary policy

This paper reviews recent experience with the choice of floating or fixed (“anchor”) exchange regimes in industrial and developing countries. It concludes that desirable differences between the two se...