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More Gray, More Volatile? Aging and (Optimal) Monetary Policy

More Gray, More Volatile? Aging and (Optimal) Monetary Policy »

Volume/Issue: 2019/198

Series: IMF Working Papers

Author(s): Daniel Baksa , and Zsuzsa Munkacsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513509082.001

ISBN: 9781513509082

Keywords: Price indexes, Economic growth, Real interest rates, Central banking and monetary issues, Negative interest rates, aging, monetary policy transmission, optimal monetary policy, inflation targeting, WP

The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward p...

More Gray, More Volatile? Aging and (Optimal) Monetary Policy1

More Gray, More Volatile? Aging and (Optimal) Monetary Policy1 »

Source: More Gray, More Volatile? Aging and (Optimal) Monetary Policy

Volume/Issue: 2019/198

Series: IMF Working Papers

Author(s): Daniel Baksa , and Zsuzsa Munkacsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

ISBN: 9781513509082

Keywords: Price indexes, Economic growth, Real interest rates, Central banking and monetary issues, Negative interest rates, aging, monetary policy transmission, optimal monetary policy, inflation targeting, WP

The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward p...

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513512495.001

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Source: Institutionalizing Countercyclical Investment

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Wage-Price Dynamics and Structural Reforms in Japan

Wage-Price Dynamics and Structural Reforms in Japan »

Volume/Issue: 2016/20

Series: IMF Working Papers

Author(s): Davide Porcellacchia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2016

DOI: http://dx.doi.org/10.5089/9781498316637.001

ISBN: 9781498316637

Keywords: Abenomics, corporate governance, inflation, Japan, labor-market duality, liquidity trap, structural reforms, wage-price dynamics, single open-ended contract, interest

Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the role that key characteristics of Japan’s labor and product markets—labor-market duality and wea...

Wage-Price Dynamics and Structural Reforms in Japan

Wage-Price Dynamics and Structural Reforms in Japan »

Source: Wage-Price Dynamics and Structural Reforms in Japan

Volume/Issue: 2016/20

Series: IMF Working Papers

Author(s): Davide Porcellacchia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2016

ISBN: 9781498316637

Keywords: Abenomics, corporate governance, inflation, Japan, labor-market duality, liquidity trap, structural reforms, wage-price dynamics, single open-ended contract, interest

Structural reforms in the liquidity trap need not be deflationary. This paper develops a simple framework to study the role that key characteristics of Japan’s labor and product markets—labor-market duality and wea...

Recognizing the Bias
			: Financial Cycles and Fiscal Policy

Recognizing the Bias : Financial Cycles and Fiscal Policy »

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

DOI: http://dx.doi.org/10.5089/9781513508863.001

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Recognizing the Bias

Recognizing the Bias »

Source: Recognizing the Bias : Financial Cycles and Fiscal Policy

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Chapter 3. Exchange Rates and Trade Flows: Disconnected?

Chapter 3. Exchange Rates and Trade Flows: Disconnected? »

Source: World Economic Outlook, October 2015 : Adjusting to Lower Commodity Prices

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2015

ISBN: 9781513520735

Keywords: World Economic Outlook, economies, exchange rate, commodity, trade, prices

Recent exchange rate movements have been unusually large, triggering a debate regarding their likely effects on trade. Historical experience in advanced and emerging market and developing econom...

Chapter 1. Recent Developments and Prospects

Chapter 1. Recent Developments and Prospects »

Source: World Economic Outlook, October 2015 : Adjusting to Lower Commodity Prices

Series: World Economic Outlook

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2015

ISBN: 9781513520735

Keywords: World Economic Outlook, economies, exchange rate, commodity, trade, prices

Global growth declined in the first half of 2015, reflecting a further slowdown in emerging markets and a weaker recovery in advanced economies. It is now projected at 3.1 percent for 2015 as a...