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Inflation Responses to Commodity Price Shocks

Inflation Responses to Commodity Price Shocks »

Source: 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

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* »

Source: 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

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 »

Source: 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

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...

Inflation Targeting in Dollarized Economies

Inflation Targeting in Dollarized Economies »

Source: Inflation Targeting in Dollarized Economies

Volume/Issue: 2006/157

Series: IMF Working Papers

Author(s): Leonardo Leiderman , Rodolfo Maino , and Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864175

Keywords: exchange rate, foreign exchange, real exchange rate, Money And Interest Rates, Monetary Policy, Central Banking, And The Supply Of Money And Credit,

The shift to inflation targeting has contributed to the relatively low inflation observed in some emerging market economies although, as noted by many economists, the preconditions required for a successful impleme...

Interpreting Currency Movements During the Crisis

Interpreting Currency Movements During the Crisis »

Source: 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

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 »

Source: 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

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

Monetary Policy in Emerging Markets »

Source: 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

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...

Monetary Policy Rules for Financially Vulnerable Economies

Monetary Policy Rules for Financially Vulnerable Economies »

Source: Monetary Policy Rules for Financially Vulnerable Economies

Volume/Issue: 2003/39

Series: IMF Working Papers

Author(s): Eduardo Morón , and Diego Winkelried

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

ISBN: 9781451845853

Keywords: Liability Dollarization, Monetary Policy Rules, exchange rate, inflation, real exchange rate, central bank, Open Economy Macroeconomics,

One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large...

The Monetary Transmission in Dollarized and Non-Dollarized Economies

The Monetary Transmission in Dollarized and Non-Dollarized Economies »

Source: The Monetary Transmission in Dollarized and Non-Dollarized Economies : The Cases of Chile, New Zealand, Peru and Uruguay

Volume/Issue: 2011/87

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and David Coble Fernandez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455234097

Keywords: Monetary Policy Transmission, IT Regimes, inflation, central bank, money market, aggregate demand,

The paper conducts a comparative study of the monetary policy transmission in two economies that run a well-established IT regime, Chile and New Zealand, vis-à-vis two economies operating under relatively newer IT...

Money Versus Credit in the Determination of Output for Small Open Economies

Money Versus Credit in the Determination of Output for Small Open Economies »

Source: Money Versus Credit in the Determination of Output for Small Open Economies

Volume/Issue: 1989/78

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 1989

ISBN: 9781451956030

Keywords: monetary policy, money supply, aggregate demand, real output, price level

It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply,...