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Are Prices Countercyclical? Evidence From the G-7

Are Prices Countercyclical? Evidence From the G-7 »

Source: Are Prices Countercyclical? Evidence From the G-7

Volume/Issue: 1994/91

Series: IMF Working Papers

Author(s): Eswar Prasad , and Bankim Chadha

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1994

ISBN: 9781451851472

Keywords: correlations, price level, inflation rate, linear trend

This paper re-examines the cyclical behavior of prices using postwar quarterly data for the G-7. We confirm recent evidence that the price level is countercyclical. However, we find strong evidence that the inflati...

Assessing Dsge Models with Capital Accumulation and Indeterminacy

Assessing Dsge Models with Capital Accumulation and Indeterminacy »

Source: Assessing Dsge Models with Capital Accumulation and Indeterminacy

Volume/Issue: 2012/83

Series: IMF Working Papers

Author(s): Vadim Khramov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502350

Keywords: Monetary DSGE Models, Indeterminacy, monetary policy rule, interest rates, capital, inflation, Bayesian Analysis, Model Evaluation and Selection, Existence and Stability Conditions of Equilibrium,

The simulated results of this paper show that New Keynesian DSGE models with capital accumulation can generate substantial persistencies in the dynamics of the main economic variables, due to the stock nature of ca...

Assessing the Assessment

Assessing the Assessment »

Source: Assessing the Assessment : A Critical Look At the June 2003 Assessment of the United Kingdom'S Five Tests for Euro Entry

Volume/Issue: 2004/116

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Julio Escolano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451853964

Keywords: Assessing the Assessment, Five Tests, Euro Entry, output volatility, monetary union, inflation, idiosyncratic shocks, Macroeconomics and Monetary Economics: General,

This paper provides a framework for evaluating the decision to enter a currency area, including the best timing for entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U....

Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions1

Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions1 »

Source: Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions

Volume/Issue: 2013/23

Series: IMF Working Papers

Author(s): Christian Saborowski , and Sebastian Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2013

ISBN: 9781475525717

Keywords: Interest Rate Pass-Through, Monetary Policy Transmission, inflation, banking, money market, General,

We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allow...

Bank Lending in Turkey

Bank Lending in Turkey »

Source: Bank Lending in Turkey : Effects of Monetary and Fiscal Policies

Volume/Issue: 2010/233

Series: IMF Working Papers

Author(s): Burcu Aydin , and Deniz Igan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

ISBN: 9781455209330

Keywords: panel data, banking, inflation, bank lending, Financial Markets and the Macroeconomy,

The period following the 2000-01 crisis was marked by a successful disinflation program sustained through inflation targeting and fiscal discipline in Turkey. This paper studies the impact of monetary and fiscal po...

Bayesian Dynamic Factor Analysis of a Simple Monetary DSGE Model

Bayesian Dynamic Factor Analysis of a Simple Monetary DSGE Model »

Source: Bayesian Dynamic Factor Analysis of a Simple Monetary DSGE Model

Volume/Issue: 2011/219

Series: IMF Working Papers

Author(s): Maxym Kryshko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463904210

Keywords: Regular and data-rich DSGE models, dynamic factor models, Bayesian estimation, inflation, real output, money demand, money balances, Bayesian Analysis, Multiple or Simultaneous Equation Models: Time-Series Models, Prices

When estimating DSGE models, the number of observable economic variables is usually kept small, and it is conveniently assumed that DSGE model variables are perfectly measured by a single data series. Building upon...

Broad Money Demand and Financial Liberalization in Greece

Broad Money Demand and Financial Liberalization in Greece »

Source: Broad Money Demand and Financial Liberalization in Greece

Volume/Issue: 1996/62

Series: IMF Working Papers

Author(s): Sunil Sharma , and Neil Ericsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1996

ISBN: 9781451848243

Keywords: money demand, equation, inflation, statistics, cointegration

This paper develops a constant, data-coherent, error correction model for broad money demand (M3) in Greece. The model contributes to a better understanding of the effects of monetary policy in Greece, and of the p...

Budget Deficits and Interest Rates

Budget Deficits and Interest Rates »

Source: Budget Deficits and Interest Rates : A Fresh Perspective

Volume/Issue: 2008/42

Series: IMF Working Papers

Author(s): Ari Aisen , and David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451869040

Keywords: system GMM, inflation, budget deficit, money supply,

We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain so...

Can Domestic Policies Influence Inflation?

Can Domestic Policies Influence Inflation? »

Source: Can Domestic Policies Influence Inflation?

Volume/Issue: 2007/257

Series: IMF Working Papers

Author(s): Ashoka Mody , and Franziska Ohnsorge

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

ISBN: 9781451868203

Keywords: Price convergence, Maastricht criterion, Euro adoption, monetary policy, price level, inflation rates, inflation rate,

Globalization operates not only by reducing domestic pressures on inflation but also by reducing the scope of domestic authorities to influence the pace of inflation. First, as markets are integrated, the common, c...

Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?

Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates? »

Source: Can Switching Between Inflationary Regimes Explain Fluctuations in Real Interest Rates?

Volume/Issue: 1997/131

Series: IMF Working Papers

Author(s): M. Bleaney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1997

ISBN: 9781451855241

Keywords: interest rates, real interest rates, long-term interest rates, inflation rate, monetary economics

It has recently been suggested that allowing for switches between different inflationary regimes produces a much better fit for the Fisher relationship between interest rates and inflation, at least for U.S. data....