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

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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

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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...

Anatomy of Sudden Yen Appreciations

Anatomy of Sudden Yen Appreciations »

Source: Anatomy of Sudden Yen Appreciations

Volume/Issue: 2019/136

Series: IMF Working Papers

Author(s): Fei Han , and Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317344

Keywords: Interest rate differential, Interest rate increases, International financial markets, Interest rates, Exchange rate policy, Carry trade, safe haven effects, exchange rate appreciations, Japan, VIX

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure...

Anatomy of Sudden Yen Appreciations

Anatomy of Sudden Yen Appreciations »

Volume/Issue: 2019/136

Series: IMF Working Papers

Author(s): Fei Han , and Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498317344.001

ISBN: 9781498317344

Keywords: Interest rate differential, Interest rate increases, International financial markets, Interest rates, Exchange rate policy, Carry trade, safe haven effects, exchange rate appreciations, Japan, VIX

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure...

Productivity Drag from Small and Medium-Sized Enterprises in Japan

Productivity Drag from Small and Medium-Sized Enterprises in Japan »

Volume/Issue: 2019/137

Series: IMF Working Papers

Author(s): Mariana Colacelli , and Gee Hee Hong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498317474.001

ISBN: 9781498317474

Keywords: Labor productivity, Capital productivity, Human capital, Capital formation, Intangible capital, Productivity, Firm Dynamics, Small and Medium-Sized Enterprises, Intangible Investment, productivity growth

Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan's modest prod...

Productivity Drag from Small and Medium-Sized Enterprises in Japan

Productivity Drag from Small and Medium-Sized Enterprises in Japan »

Source: Productivity Drag from Small and Medium-Sized Enterprises in Japan

Volume/Issue: 2019/137

Series: IMF Working Papers

Author(s): Mariana Colacelli , and Gee Hee Hong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317474

Keywords: Labor productivity, Capital productivity, Human capital, Capital formation, Intangible capital, Productivity, Firm Dynamics, Small and Medium-Sized Enterprises, Intangible Investment, productivity growth

Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining Japan's modest prod...

Joint Responsibility Shared Rewards
			: The Managing Director's Global Policy Agenda

Joint Responsibility Shared Rewards : The Managing Director's Global Policy Agenda »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2019

DOI: http://dx.doi.org/10.5089/9781513510323.007

ISBN: 9781513510323

Keywords: Economic integration, Economic systems, Economic reforms, Economic policy, Fiscal policy, external linkage, trade tension, policy framework, structural reform, resilience

International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not b...

Joint Responsibility Shared Rewards

Joint Responsibility Shared Rewards »

Source: Joint Responsibility Shared Rewards : The Managing Director's Global Policy Agenda

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2019

ISBN: 9781513510323

Keywords: Economic integration, Economic systems, Economic reforms, Economic policy, Fiscal policy, external linkage, trade tension, policy framework, structural reform, resilience

International cooperation, economic and financial integration, and technological progress have delivered enormous benefits across the globe during the past decades. Yet, in many countries, these benefits have not b...

Demographics and the Natural Rate of Interest in Japan

Demographics and the Natural Rate of Interest in Japan »

Source: Demographics and the Natural Rate of Interest in Japan

Volume/Issue: 2019/31

Series: IMF Working Papers

Author(s): Fei Han

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

ISBN: 9781484396230

Keywords: Real interest rates, Negative interest rates, Interest rate policy, Economic growth, Interest rate increases, Demographic change;natural rate of interest;monetary policy;Japan;natural rate;Turunen;potential growth;Pescatori;real interest rate

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-st...

Demographics and the Natural Rate of Interest in Japan

Demographics and the Natural Rate of Interest in Japan »

Volume/Issue: 2019/31

Series: IMF Working Papers

Author(s): Fei Han

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484396230.001

ISBN: 9781484396230

Keywords: Real interest rates, Negative interest rates, Interest rate policy, Economic growth, Interest rate increases, Demographic change;natural rate of interest;monetary policy;Japan;natural rate;Turunen;potential growth;Pescatori;real interest rate

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-st...