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The Cost Channel of Monetary Policy

The Cost Channel of Monetary Policy »

Source: The Cost Channel of Monetary Policy : Further Evidence for the United States and the Euro Area

Volume/Issue: 2003/149

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

ISBN: 9781451856910

Keywords: Price Puzzle, New Keynesian Models, Bayesian Methods, nominal interest rate, central bank, monetary economics, Bayesian Analysis, Simulation Methods, Price-Puzzle,

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to bo...

Monetary Policy in the New Normal

Monetary Policy in the New Normal »

Volume/Issue: 2014/3

Series: Staff Discussion Notes

Author(s): Tamim Bayoumi , Giovanni Dell'Ariccia , Karl Habermeier , Tommaso Mancini Griffoli , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

DOI: http://dx.doi.org/10.5089/9781475561784.006

ISBN: 9781475561784

Keywords: Cross country analysis, Central bank autonomy, Central bank independence, Central banks, Financial stability, Monetary policy, Macroprudential Policy, inflation, central bank, monetary fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of tu...

The Cost Channel of Monetary Policy
			: Further Evidence for the United States and the Euro Area

The Cost Channel of Monetary Policy : Further Evidence for the United States and the Euro Area »

Volume/Issue: 2003/149

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

DOI: http://dx.doi.org/10.5089/9781451856910.001

ISBN: 9781451856910

Keywords: Price Puzzle, New Keynesian Models, Bayesian Methods, nominal interest rate, central bank, monetary economics, Bayesian Analysis, Simulation Methods, Price-Puzzle,

This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to bo...

The Use and Abuse of Taylor Rules
			: How Precisely Can We Estimate Them?

The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them? »

Volume/Issue: 2005/148

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

DOI: http://dx.doi.org/10.5089/9781451861679.001

ISBN: 9781451861679

Keywords: central bank, Taylor rules, inflation, monetary policy rules, monetary economics,

This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Tayl...

'What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?'

'What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?' »

Volume/Issue: 2009/101

Series: IMF Working Papers

Author(s): Nicoletta Batini , and Eugen Tereanu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

DOI: http://dx.doi.org/10.5089/9781451872484.001

ISBN: 9781451872484

Keywords: supply shock, optimal horizon, monetary policy rules, central bank, monetary economics, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation,

After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in the price of oil and other commodities, notably food. Although inflation remained lower and gr...

Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

Where Have the Monetary Surprises Gone? The Effects of FOMC Statements »

Volume/Issue: 2007/185

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867497.001

ISBN: 9781451867497

Keywords: monetary economics, long-term interest rates, central bank, discount rate

This paper examines the impact of central bank communication on market expectations of monetary policy and long-term interest rates by comparing Federal Open Market Committee (FOMC) action dates when a policy state...

Monetary Policy in the New Normal

Monetary Policy in the New Normal »

Source: Monetary Policy in the New Normal

Volume/Issue: 2014/3

Series: Staff Discussion Notes

Author(s): Tamim Bayoumi , Giovanni Dell'Ariccia , Karl Habermeier , Tommaso Mancini Griffoli , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

ISBN: 9781475561784

Keywords: Cross country analysis, Central bank autonomy, Central bank independence, Central banks, Financial stability, Monetary policy, Macroprudential Policy, inflation, central bank, monetary fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of tu...

The Use and Abuse of Taylor Rules

The Use and Abuse of Taylor Rules »

Source: The Use and Abuse of Taylor Rules : How Precisely Can We Estimate Them?

Volume/Issue: 2005/148

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2005

ISBN: 9781451861679

Keywords: central bank, Taylor rules, inflation, monetary policy rules, monetary economics,

This paper draws attention to inconsistencies in estimating simple monetary policy rules and their implications for policy advice. We simulate a macroeconomic model with a backward reaction function similar to Tayl...

'What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?'1

'What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?'1 »

Source: 'What Should Inflation Targeting Countries Do When Oil Prices Rise and Drop Fast?'

Volume/Issue: 2009/101

Series: IMF Working Papers

Author(s): Nicoletta Batini , and Eugen Tereanu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872484

Keywords: supply shock, optimal horizon, monetary policy rules, central bank, monetary economics, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation,

After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in the price of oil and other commodities, notably food. Although inflation remained lower and gr...

Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

Where Have the Monetary Surprises Gone? The Effects of FOMC Statements »

Source: Where Have the Monetary Surprises Gone? The Effects of FOMC Statements

Volume/Issue: 2007/185

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867497

Keywords: monetary economics, long-term interest rates, central bank, discount rate

This paper examines the impact of central bank communication on market expectations of monetary policy and long-term interest rates by comparing Federal Open Market Committee (FOMC) action dates when a policy state...