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Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit

Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit »

Volume/Issue: 2018/160

Series: IMF Working Papers

Author(s): Iacovos Ioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2018

DOI: http://dx.doi.org/10.5089/9781484367513.001

ISBN: 9781484367513

Keywords: Lithuania, Europe, Credit, house prices, business cycle, macro-financial linkages, contagion, General, Forecasting and Simulation, Financial Markets and the Macroeconomy

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles...

How Do Fiscal and Labor Policies in France Affect Inequality?

How Do Fiscal and Labor Policies in France Affect Inequality? »

Volume/Issue: 2016/41

Series: IMF Working Papers

Author(s): Raphael Espinoza , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513515960.001

ISBN: 9781513515960

Keywords: redistribution, market income inequality, labor market policies, fiscal policies, labor, unemployment, minimum wage, workers, income distribution, Personal Income and Wealth Distribution

This paper explores the impact of fiscal and labor market policies on efficiency, inequality, and fiscal outcomes in France. We extend the general equilibrium model calibrated for France by Alla and others (2015),...

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France

Incorporating Macro-Financial Linkages into Forecasts Using Financial Conditions Indices: The Case of France »

Volume/Issue: 2017/269

Series: IMF Working Papers

Author(s): Piyabha Kongsamut , Christian Mumssen , Anne-Charlotte Paret , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2017

DOI: http://dx.doi.org/10.5089/9781484330968.001

ISBN: 9781484330968

Keywords: Europe, France, Forecasting, financial conditions index, macro-financial linkages, vector auto-regression, refers to exports volume of goods, General, Forecasting and Simulation

How can information on financial conditions be used to better understand macroeconomic developments and improve macroeconomic projections? We investigate this question for France by constructing country-specific fi...

Interest Rate Pass-Through in Romania and Other Central European Economies

Interest Rate Pass-Through in Romania and Other Central European Economies »

Volume/Issue: 2004/211

Series: IMF Working Papers

Author(s): Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

DOI: http://dx.doi.org/10.5089/9781451874877.001

ISBN: 9781451874877

Keywords: Monetary policy transmission, Interest rate, Central European Economies, equation, inflation, equations, statistic, Monetary Policy, Central Banking, and the Supply of Money and Credit: General,

Interest rate pass-through from policy interest rates to market rates and inflation has been hypothesized to play a lesser role in Romania than in other Central European transition economies. This paper tests this...

Italy: Quantifying the Benefits of a Comprehensive Reform Package

Italy: Quantifying the Benefits of a Comprehensive Reform Package »

Volume/Issue: 2018/60

Series: IMF Working Papers

Author(s): Michal Andrle , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347614.001

ISBN: 9781484347614

Keywords: Labor market reforms, Wage bargaining, Europe, Italy, Banking sector, Fiscal policy, growth, competitiveness, product market reforms, DSGE models

This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy's inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package o...

Italy: Toward a Growth-Friendly Fiscal Reform

Italy: Toward a Growth-Friendly Fiscal Reform »

Volume/Issue: 2018/59

Series: IMF Working Papers

Author(s): Michal Andrle , Shafik Hebous , Alvar Kangur , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2018

DOI: http://dx.doi.org/10.5089/9781484347584.001

ISBN: 9781484347584

Keywords: Europe, Italy, Growth-friendly fiscal policy, public pensions, dynamic stochastic general equilibrium models, Forecasting and Simulation, Social Security and Public Pensions, Italy

Published in late 2017, the Italian medium-term fiscal plan aims to achieve structural balance by 2020, although concrete, high-quality measures to meet the target are yet to be specified. This paper seeks to contr...

Measuring Competitiveness

Measuring Competitiveness »

Volume/Issue: 2006/209

Series: IMF Working Papers

Author(s): J. Peter Neary

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2006

DOI: http://dx.doi.org/10.5089/9781451864694.001

ISBN: 9781451864694

Keywords: Competitiveness, economic theory of index numbers, European Monetary Union (EMU), real effective exchange rates (REERs), exchange rates, exchange rate, effective exchange rates, nominal exchange rate, Macroeconomic Aspects of International Trade and Finance: General,

This paper reviews alternative approaches to measuring an economy's cost competitiveness and proposes some new measures inspired by the economic theory of index numbers. The indices provide a theoretical benchmark...

Paths to Eurobonds

Paths to Eurobonds »

Volume/Issue: 2012/172

Series: IMF Working Papers

Author(s): Ashoka Mody , Stijn Claessens , and Shahin Vallée

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505207.001

ISBN: 9781475505207

Keywords: Eurobonds, eurozone, fiscal risk-sharing, bonds, bond, financial markets, moral hazard, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help...

Political Institutions, State Building, and Tax Capacity
			: Crossing the Tipping Point

Political Institutions, State Building, and Tax Capacity : Crossing the Tipping Point »

Volume/Issue: 2016/233

Series: IMF Working Papers

Author(s): Vitor Gaspar , Laura Jaramillo , and Philippe Wingender

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2016

DOI: http://dx.doi.org/10.5089/9781475558142.001

ISBN: 9781475558142

Keywords: Nigeria, Political economy, Income taxes, Taxation, Tax evasion, Sub-Saharan Africa, Tax administration, Spain, Western Hemisphere, China

An empirical finding by Gaspar, Jaramillo and Wingender (2016) shows that once countries cross a tax-to-GDP threshold of around 12¾ percent, real GDP per capita increases sharply and in a sustained manner over the...

Productivity in the OECD Countries
			: A Critical Appraisal of the Evidence

Productivity in the OECD Countries : A Critical Appraisal of the Evidence »

Volume/Issue: 2001/89

Series: IMF Working Papers

Author(s): César Calderón

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2001

DOI: http://dx.doi.org/10.5089/9781451851281.001

ISBN: 9781451851281

Keywords: total factor productivity (TFP), cross-country productivity differentials, tfp, r &;amp; d, total factor productivity, growth rates, Economic Growth and Aggregate Productivity: General, Economywide Country Studies: Europe,

The failure of the neoclassical growth model to account for differences in output per worker across countries has suggested that these differences should be driven by cross-country differences in total factor produ...