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Financial Crisis, US Unconventional Monetary Policy and International Spillovers1

Financial Crisis, US Unconventional Monetary Policy and International Spillovers1 »

Source: Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Volume/Issue: 2015/85

Series: IMF Working Papers

Author(s): Qianying Chen , Andrew Filardo , Dong He , and Feng Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

ISBN: 9781475520668

Keywords: emerging economies, global VAR, international monetary policy spillovers, quantitative easing, unconventional monetary policy, federal reserve, securities, reserve, Financial Markets and the Macroeconomy, Monetary Policy (Targets

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the...

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows »

Source: If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

Volume/Issue: 2015/256

Series: IMF Working Papers

Author(s): Swarnali Ahmed

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

ISBN: 9781498367196

Keywords: Fed liftoffs, policy responses, policy framework, emerging market economies, interest, market, portfolio, interest rate, Monetary Policy (Targets, Instruments

After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect - or what is termed in the paper as the...

Rethinking Macro Policy II
			: Getting Granular

Rethinking Macro Policy II : Getting Granular »

Volume/Issue: 2013/3

Series: Staff Discussion Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

DOI: http://dx.doi.org/10.5089/9781484363478.006

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...

A Volatility and Persistence-Based Core Inflation

A Volatility and Persistence-Based Core Inflation »

Volume/Issue: 2015/8

Series: IMF Working Papers

Author(s): Tito Nícias Teixeira da Silva Filho , and Francisco Marcos Rodrigues Figueiredo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2015

DOI: http://dx.doi.org/10.5089/9781484387818.001

ISBN: 9781484387818

Keywords: Core inflation, persistence, volatility, triple weighted, price, prices, price changes, Index Numbers and Aggregation, Monetary Policy (Targets, Instruments

Intuitively core inflation is understood as a measure of inflation where noisy price movements are avoided. This is typically achieved by either excluding or downplaying the importance of the most volatile items. H...

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Financial Crisis, US Unconventional Monetary Policy and International Spillovers »

Volume/Issue: 2015/85

Series: IMF Working Papers

Author(s): Qianying Chen , Andrew Filardo , Dong He , and Feng Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

DOI: http://dx.doi.org/10.5089/9781475520668.001

ISBN: 9781475520668

Keywords: emerging economies, global VAR, international monetary policy spillovers, quantitative easing, unconventional monetary policy, federal reserve, securities, reserve, Financial Markets and the Macroeconomy, Monetary Policy (Targets

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the...

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows

If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows »

Volume/Issue: 2015/256

Series: IMF Working Papers

Author(s): Swarnali Ahmed

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

DOI: http://dx.doi.org/10.5089/9781498367196.001

ISBN: 9781498367196

Keywords: Fed liftoffs, policy responses, policy framework, emerging market economies, interest, market, portfolio, interest rate, Monetary Policy (Targets, Instruments

After more than six years of ultra-low interest rates, a Fed liftoff (rate hike) is just a matter of time. This paper goes back to history to understand the spillover effect - or what is termed in the paper as the...

Inflation Targeting and Exchange Rate Management In Less Developed Countries

Inflation Targeting and Exchange Rate Management In Less Developed Countries »

Volume/Issue: 2016/55

Series: IMF Working Papers

Author(s): Marco Airaudo , Edward Buffie , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2016

DOI: http://dx.doi.org/10.5089/9781513567433.001

ISBN: 9781513567433

Keywords: Inflation Targeting, Exchange Rate, Indeterminacy, Taylor Principle, inflation, foreign exchange, central bank, Monetary Policy (Targets, Instruments, and Effects)

We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that...

Monetary and Macroprudential Policies to Manage Capital Flows

Monetary and Macroprudential Policies to Manage Capital Flows »

Volume/Issue: 2014/30

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Jorge Roldos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2014

DOI: http://dx.doi.org/10.5089/9781484302873.001

ISBN: 9781484302873

Keywords: Welfare Analysis, inflation, reserve requirement, inflation targeting, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics, Welfare Analysis.,

We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead t...

Output Gap Uncertainty and Real-Time Monetary Policy

Output Gap Uncertainty and Real-Time Monetary Policy »

Volume/Issue: 2015/14

Series: IMF Working Papers

Author(s): Francesco Grigoli , Alexander Herman , Andrew Swiston , and Gabriel Di Bella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498393454.001

ISBN: 9781498393454

Keywords: Output gap, policy rule, data revisions, real-time, uncertainty, inflation target, business cycle, output, future, Monetary Policy (Targets

Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetar...

To Cut or Not to Cut? That is the (Central Bank's) Question In Search of the Neutral Interest Rate in Latin America

To Cut or Not to Cut? That is the (Central Bank's) Question In Search of the Neutral Interest Rate in Latin America »

Volume/Issue: 2012/243

Series: IMF Working Papers

Author(s): Nicolas Magud , and Evridiki Tsounta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 October 2012

DOI: http://dx.doi.org/10.5089/9781475512502.001

ISBN: 9781475512502

Keywords: central bank, neutral interest rate, monetary stance, macrorpudential policies, inflation, real interest rate, Monetary Policy (Targets, Instruments, and Effects),

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of meth...