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An American Perspective on EMU

An American Perspective on EMU »

Source: EMU and the International Monetary System

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 1997

ISBN: 9781557756640

Keywords: exchange rate, inflation, monetary policy, exchange rates, central bank

When the Managing Director called a few weeks ago to suggest that I might join you for dinner, I accepted much too easily. The simple fact is that, instead of speaking tonight, I sh...

Anticipation and Surprises in Central Bank Interest Rate Policy

Anticipation and Surprises in Central Bank Interest Rate Policy »

Source: Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank

Volume/Issue: 1998/43

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1998

ISBN: 9781451975192

Keywords: central banking, monetary policy, central bank, discount rates, discount rate, equation, probability

Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is develope...

Appendix I. Advantages of Borrowing from the Central Bank

Appendix I. Advantages of Borrowing from the Central Bank »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix addresses two issues. First, under what conditions borrowing from the central bank is more convenient for the government than borrowing from the market. Second, under...

Appendix II Relevance of Institutional Constraints

Appendix II Relevance of Institutional Constraints »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

The issue of whether institutional constraints, including those on central bank credit, can be effective in preserving central bank independence has always been highly controversial...

Appendix III Central Bank Credit to the Government in 57 Countries

Appendix III Central Bank Credit to the Government in 57 Countries »

Source: Limiting Central Bank Credit to the Government : Theory and Practice

Series: Occasional Papers

Author(s): Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1993

ISBN: 9781557753588

Keywords: central bank, current account, monetary policy, inflation, central banks

This appendix presents some factual information on how formal constraints on central bank credit to the government are regulated in a sample of 57 countries. The sample includes all...

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...

Asymmetry in the ERM

Asymmetry in the ERM »

Source: Asymmetry in the ERM : A Case Study of French and German Interest Rates Since Basle-Nyborg

Volume/Issue: 1992/96

Series: IMF Working Papers

Author(s): W. Perraudin , and E. Gardner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1992

ISBN: 9781451949988

Keywords: standard errors, monetary policy, covariance, monetary system

We study empirically daily French and German interest rate changes since the Basle-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree o...

Background Papers

Background Papers »

Source: The Evolving Role of Central Banks

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 June 1991

ISBN: 9781557751850

Keywords: central bank, banking, monetary policy, national bank, inflation

...

14 Balance of Payments Crises in a Cash-in-Advance Economy

14 Balance of Payments Crises in a Cash-in-Advance Economy »

Source: Functioning of the International Monetary System

Series: Books

Author(s): Jacob Frenkel , and Morris Goldstein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 1996

ISBN: 9781557755544

Keywords: exchange rate, exchange rates, inflation, monetary policy, real exchange rate

This paper studies an experiment in which the Central Bank sets the rate of devaluation at a level consistent with other fiscal constraints and re...

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...