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Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Source: Cost-Benefit Analysis of Leaning Against the Wind

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

Das Public Kapital

Das Public Kapital »

Source: Das Public Kapital : How Much Would Higher German Public Investment Help Germany and the Euro Area?

Volume/Issue: 2014/227

Series: IMF Working Papers

Author(s): Selim Elekdag , and Dirk Muir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2014

ISBN: 9781498329934

Keywords: monetary policy accommodation, time-to-build delays, fiscal stimulus, public capital, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics, International Policy Coordination and Transmission,

Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but woul...

Deciding to Enter a Monetary Union

Deciding to Enter a Monetary Union »

Source: Deciding to Enter a Monetary Union : TheRole of Trade and Financial Linkages

Volume/Issue: 2012/240

Series: IMF Working Papers

Author(s): Ruy Lama , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2012

ISBN: 9781475511437

Keywords: Trade Costs, DSGE Model, Monetary Union, intermediate goods, elasticity of substitution, nominal interest rate, Monetary Union., Monetary Policy (Targets, Instruments, and Effects)

This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the...

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1

Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?1 »

Source: Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?

Volume/Issue: 2014/175

Series: IMF Working Papers

Author(s): Ales Bulir , Martin Cihak , and David-Jan Jansen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2014

ISBN: 9781498392914

Keywords: central bank communication, clarity, inflation reports, volatility, central bank, monetary policy, financial market, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, a...

The Effects of Unconventional Monetary Policies on Bank Soundness

The Effects of Unconventional Monetary Policies on Bank Soundness »

Source: The Effects of Unconventional Monetary Policies on Bank Soundness

Volume/Issue: 2014/152

Series: IMF Working Papers

Author(s): Frederic Lambert , and Kenichi Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 August 2014

ISBN: 9781498363563

Keywords: Bank Profitability, Bank Risk, Balance Sheet Repair, bond, government bond, bond yield, government bond yield, bond yields, Monetary Policy (Targets, Instruments

Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel...

Financial Factors

Financial Factors »

Source: Financial Factors : Implications for Output Gaps

Volume/Issue: 2015/153

Series: IMF Working Papers

Author(s): Pau Rabanal , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2015

ISBN: 9781513512860

Keywords: Monetary Union, Output Gap, Financial Frictions, Bayesian Estimation, potential output, credit, costs, monetary policy, Model Construction and Estimation, Monetary Policy (Targets

We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level...

Financial Frictions and Sources of Business Cycle

Financial Frictions and Sources of Business Cycle »

Source: Financial Frictions and Sources of Business Cycle

Volume/Issue: 2014/194

Series: IMF Working Papers

Author(s): Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2014

ISBN: 9781498347792

Keywords: DSGE, Bayesian Estimation, Financial Frictions, Sources of Business Cycle, business cycle, business cycle fluctuations, Bayesian Analysis, Financial Markets and the Macroeconomy, Forecasting and Simulation, Monetary Policy (Targets

This paper estimates a New Keynesian DSGE model with an explicit financial intermediary sector. Having measures of financial stress, such as the spread between lending and borrowing, enables the model to capture th...

Fragmentation and Monetary Policy in the Euro Area

Fragmentation and Monetary Policy in the Euro Area »

Source: Fragmentation and Monetary Policy in the Euro Area

Volume/Issue: 2013/208

Series: IMF Working Papers

Author(s): Ali Al-Eyd , and Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2013

ISBN: 9781484328750

Keywords: fragmentation, interest, markets, lending, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, d...

Frontiers of Monetary Policymaking

Frontiers of Monetary Policymaking »

Source: Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

The Game of Anchors

The Game of Anchors »

Source: The Game of Anchors : Studying the Causes of Currency Crises in Belarus

Volume/Issue: 2015/281

Series: IMF Working Papers

Author(s): Alex Miksjuk , Sam Ouliaris , and Mikhail Pranovich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2015

ISBN: 9781498342728

Keywords: currency crisis, exchange rate policies, currency, exchange rate, monetary policy, currency crises, economy, Time-Series Models, Monetary Policy (Targets, Instruments

Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) co...