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Accounting for Macrofinancial Fluctuations and Turbulence

Accounting for Macrofinancial Fluctuations and Turbulence »

Source: Accounting for Macrofinancial Fluctuations and Turbulence

Volume/Issue: 2018/238

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

ISBN: 9781484381571

Keywords: Macrofinancial analysis; World economy; Dynamic stochastic general equilibrium model; Autoregressive conditional heteroskedasticity, Macrofinancial analysis, World economy, Dynamic stochastic general equilibrium model, Autoregressive conditional heteroskedasticity, General, Monetary Policy (Targets, Instruments, and Effects)

This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with stru...

Can Islamic Banking Increase Financial Inclusion?*

Can Islamic Banking Increase Financial Inclusion?* »

Source: Can Islamic Banking Increase Financial Inclusion?

Volume/Issue: 2015/31

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Adolfo Barajas , and Alexander Massara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2015

ISBN: 9781498370813

Keywords: financial inclusion, Financial Possibility Frontier, bank, banking, banks, credit, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects)

The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Muslim countries-members of the Organization for Islamic Cooperation...

China's Monetary Policy Communication: Frameworks, Impact, and Recommendations

China's Monetary Policy Communication: Frameworks, Impact, and Recommendations »

Source: China's Monetary Policy Communication: Frameworks, Impact, and Recommendations

Volume/Issue: 2018/244

Series: IMF Working Papers

Author(s): Michael McMahon , Alfred Schipke , and Xiang Li

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2018

ISBN: 9781484385647

Keywords: Financial markets, Central banks and their policies, Asia and Pacific, Monetary policy, People’;s Bank of China, Communication, Central Bank, Monetary Policy Transmission, People&;amp;#x2019;s Bank of China, Monetary Policy (Targets

Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its...

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Corporate Tax Reform: From Income to Cash Flow Taxes

Corporate Tax Reform: From Income to Cash Flow Taxes »

Source: Corporate Tax Reform: From Income to Cash Flow Taxes

Volume/Issue: 2019/13

Series: IMF Working Papers

Author(s): Benjamin Carton , Emilio Fernández Corugedo , and Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2019

ISBN: 9781484390085

Keywords: tax policy; business taxation, corporate leverage, dynamic stochastic general equilibrium models; macroeconomic interdependence, tax policy, business taxation, dynamic stochastic general equilibrium models, macroeconomic interdependence, Forecasting and Simulation, Monetary Policy (Targets, Instruments

This paper uses a multi-region, forward-looking, DSGE model to estimate the macroeconomic impact of a tax reform that replaces a corporate income tax (CIT) with a destination-based cash-flow tax (DBCFT). Two key ch...

Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions

Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions »

Source: Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions

Volume/Issue: 2018/103

Series: IMF Working Papers

Author(s): Patrick Blagrave , Giang Ho , Ksenia Koloskova , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2018

ISBN: 9781484353530

Keywords: Fiscal policy, Monetary policy, Fiscal policy; monetary policy; effective lower bound; international spillovers, effective lower bound, international spillovers, Models with Panel Data, Monetary Policy (Targets, Instruments, and Effects), General

Fiscal stimulus was widely advocated during the global crisis, a period characterized by monetary policy constrained by the effective lower bound (ELB) in many countries, in part because of expected positive spillo...

Financial Dollarization of Households and Firms: Does It Differ?

Financial Dollarization of Households and Firms: Does It Differ? »

Source: Financial Dollarization of Households and Firms: Does It Differ?

Volume/Issue: 2019/19

Series: IMF Working Papers

Author(s): Juan Corrales , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

ISBN: 9781484393192

Keywords: Dollarization, Foreign exchange, Household, Firm, Financial deepening, Monetary Policy (Targets, Instruments, and Effects), General, International Monetary Arrangements and Institutions

Using a newly complied and extended database from International Financial Statistics, and applying different panel-regression techniques, this paper documents the evolution of households' and firms' dollarization o...

The Flexible System of Global Models – FSGM

The Flexible System of Global Models – FSGM »

Source: The Flexible System of Global Models - FSGM

Volume/Issue: 2015/64

Series: IMF Working Papers

Author(s): Michal Andrle , Patrick Blagrave , Pedro Espaillat , Keiko Honjo , Benjamin Hunt , Mika Kortelainen , René Lalonde , Douglas Laxton , Eleonara Mavroeidi , Dirk Muir , Susanna Mursula , and Stephen Snudden

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2015

ISBN: 9781475518665

Keywords: dynamic stochastic general equilibrium models, macroeconomic interdependence, consumption, investment, demand, trade, potential output, Forecasting and Simulation, Monetary Policy (Targets, Instruments

The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structur...

Getting to Know GIMF

Getting to Know GIMF »

Source: Getting to Know GIMF : The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Volume/Issue: 2013/55

Series: IMF Working Papers

Author(s): Derek Anderson , Benjamin Hunt , Mika Kortelainen , Michael Kumhof , Douglas Laxton , Dirk Muir , Susanna Mursula , and Stephen Snudden

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2013

ISBN: 9781475559415

Keywords: business cycle, fiscal multipliers, general equilibrium models, interest rates, macroeconomic interdependence, policy effects, simulation, inflation, real interest rate, real interest rates

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research....

Global Food Prices and Domestic Inflation

Global Food Prices and Domestic Inflation »

Source: Global Food Prices and Domestic Inflation : Some Cross-Country Evidence

Volume/Issue: 2015/133

Series: IMF Working Papers

Author(s): Davide Furceri , Prakash Loungani , John Simon , and Susan Wachter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2015

ISBN: 9781513542973

Keywords: pass-through, food, economies, food price, General, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper provides a broad brush look at the impact of fluctuations in global food prices on domestic inflation in a large group of countries. For advanced economies, we find that these fluctuations have played a...