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Nominal Income Targeting
			: A Critical Evaluation

Nominal Income Targeting : A Critical Evaluation »

Volume/Issue: 1991/92

Series: IMF Working Papers

Author(s): Victor Argy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1991

DOI: http://dx.doi.org/10.5089/9781451851557.001

ISBN: 9781451851557

Keywords: money stock, monetary policy, inflation, real interest rate, money demand

This paper evaluates the proposal that government authorities ought to target nominal income. It begins by viewing the literature in some detail. It then undertakes a theoretical analysis of the proposal first for...

Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses

Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses »

Volume/Issue: 1988/94

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 1988

DOI: http://dx.doi.org/10.5089/9781451950618.001

ISBN: 9781451950618

Keywords: nominal interest rate, equation, inflation, price level, equations

Nominal interest rate pegging leads to instability in an IS-LM model with a vertical long-run Phillips curve and backward-looking inflation expectations. However, it does not lead to instability in several large mu...

Nonlinearity in Deviations From Uncovered Interest Parity
			: An Explanation of the Forward Bias Puzzle

Nonlinearity in Deviations From Uncovered Interest Parity : An Explanation of the Forward Bias Puzzle »

Volume/Issue: 2006/136

Series: IMF Working Papers

Author(s): Giorgio Valente , Gene Leon , and Lucio Sarno

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863963.001

ISBN: 9781451863963

Keywords: Forward bias puzzle, uncovered interest parity, exchange rate, equation, forward exchange, Foward Biaz Puzzle,

We provide empirical evidence that deviations from uncovered interest rate parity (UIP) display significant nonlinearities, consistent with theories based on transaction costs or limits to speculation. This evidenc...

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...

The Fisher Hypothesis and Inflation Persistence
			: Evidence From Five Major Industrial Countries

The Fisher Hypothesis and Inflation Persistence : Evidence From Five Major Industrial Countries »

Volume/Issue: 1995/118

Series: IMF Working Papers

Author(s): Wensheng Peng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

DOI: http://dx.doi.org/10.5089/9781451940824.001

ISBN: 9781451940824

Keywords: nominal interest rates, nominal interest rate, monetary authorities, inflation rates

This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major indust...

The Savings Trap and Economic Take-Off

The Savings Trap and Economic Take-Off »

Volume/Issue: 1992/91

Series: IMF Working Papers

Author(s): Atish Ghosh , and Carlos Asilis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1992

DOI: http://dx.doi.org/10.5089/9781451851458.001

ISBN: 9781451851458

Keywords: capital stock, rate of return, increasing returns, foreign capital, real interest rates

We develop an overlapping generations model of a developing economy in which ‘culture’ and technology interact to determine savings, investment and growth. Investment is assumed to involve intermediat...

Thin Capitalization Rules and Multinational Firm Capital Structure

Thin Capitalization Rules and Multinational Firm Capital Structure »

Volume/Issue: 2014/12

Series: IMF Working Papers

Author(s): Jennifer Blouin , Harry Huizinga , Luc Laeven , and Gaetan Nicodeme

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2014

DOI: http://dx.doi.org/10.5089/9781484384442.001

ISBN: 9781484384442

Keywords: Thin capitalization rule, Multinational firm, Capital structure, Taxation, tax burdens, interest payments, tax countries, tax authorities, Business Taxes and Subsidies, Taxation.,

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin...

IMF Working Paper: Weak banks: to close or not to close …

IMF Working Paper: Weak banks: to close or not to close … »

Source: IMF Survey, Volume 32, Issue 11

Volume/Issue: 32/11

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 June 2003

ISBN: 9781451931440

Keywords: central bank, monetary policy, central banks, interest, interest rates

Against a background of the continuing effects of the sharp declines in recent years in global equity markets, widening output gaps, and weak business and consumer confidence, concerns about deflation in both indus...

Witholding Taxes and the Cost of Public Debt

Witholding Taxes and the Cost of Public Debt »

Volume/Issue: 1994/18

Series: IMF Working Papers

Author(s): Harry Huizinga

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451843606.001

ISBN: 9781451843606

Keywords: investors, foreign tax, foreign tax credits, tax rate, interest income

Several industrialized countries impose withholding taxes on public interest accruing to nonresidents. This paper examines the international incidence of such withholding taxes by estimating to what extent these ta...

IMF Working Papers

IMF Working Papers »

Source: IMF Staff papers, Volume 37 No. 3

Volume: 40

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1990

ISBN: 9781451973068

Keywords: real interest, real interest rate, labor force, exchange rate, industrial countries

This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF's multiregion econom...