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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...

Central Bank Independence

Central Bank Independence »

Source: Central Bank Independence : Issues and Experience

Volume/Issue: 1991/58

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1991

ISBN: 9781451966428

Keywords: central bank, inflation, price stability, monetary policy independence

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence aga...

The CFA Arrangements

The CFA Arrangements »

Source: The CFA Arrangements : More than Just An Aid Substitute?

Volume/Issue: 2007/19

Series: IMF Working Papers

Author(s): Etienne Yehoue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2007

ISBN: 9781451865837

Keywords: International Risk Sharing, inflation, terms of trade, price stability, terms of trade shocks, average inflation, International Monetary Arrangements and Institutions,

The CFA franc zone has had one of the longest experiences with a fixed exchange rate for a convertible currency and regional integration of any group of developing countries. France, the anchor country, provides ai...

The CFA Franc Zone

The CFA Franc Zone »

Source: The CFA Franc Zone : Currency Union and Monetary Standard

Volume/Issue: 1991/133

Series: IMF Working Papers

Author(s): James Boughton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1991

ISBN: 9781451931990

Keywords: inflation, terms of trade, price stability, neighboring countries, inflation rates

The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since 1948. It combines the features of a currency union with those of an ex...

Commodity Prices and Inflation

Commodity Prices and Inflation »

Source: Commodity Prices and Inflation : Evidence from Seven Large Industrial Countries

Volume/Issue: 1989/72

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 September 1989

ISBN: 9781451958973

Keywords: inflation, inflation rate, money stock, money growth

A two-country theoretical model is presented, showing the effects of monetary, fiscal, and supply-side disturbances on prices of primary commodities and manufactured goods, and on exchange rates. If monetary shocks...

 Corporate Income Tax Harmonization and Capital Allocation

Corporate Income Tax Harmonization and Capital Allocation »

Source: Corporate Income Tax Harmonization and Capital Allocation

Volume/Issue: 1990/103

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1990

ISBN: 9781451948035

Keywords: cost of capital, capital stock, effective tax rates, tax systems, inflation rate

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

Credibility. Capital Controls, and the EMS

Credibility. Capital Controls, and the EMS »

Source: Credibility. Capital Controls, and the EMS

Volume/Issue: 1989/9

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1989

ISBN: 9781451927030

Keywords: inflation, monetary policy, money supply, central bank, monetary shock

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the sys...

The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

DSGE Modeling at the Fund

DSGE Modeling at the Fund »

Source: DSGE Modeling at the Fund : Applications and Further Developments

Volume/Issue: 2007/200

Series: IMF Working Papers

Author(s): Dennis Botman , David Rose , Douglas Laxton , and Philippe Karam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867640

Keywords: Model construction, open-economy macroeconomics, international policy transmission, monetary and fiscal policies, monetary fund, inflation,

Researchers in policymaking institutions have expended significant effort to develop a new generation of macro models with more rigorous microfoundations. This paper provides a summary of the applications of two of...

ERM Money Supplies and the Transition to EMU1/

ERM Money Supplies and the Transition to EMU1/ »

Source: ERM Money Supplies and the Transition to EMU

Volume/Issue: 1994/1

Series: IMF Working Papers

Author(s): Paul Masson , Marcel Cassard , and Timothy Lane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1994

ISBN: 9781451841565

Keywords: money demand, equation, inflation, equations

Stage 2 of monetary union in the Europe is to involve greater monetary cooperation; the paper examines the case for using the M3 money supply aggregated across “core ERM” countries- -those with low in...