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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...

Assessing China's Residential Real Estate Market

Assessing China's Residential Real Estate Market »

Source: Assessing China's Residential Real Estate Market

Volume/Issue: 2017/248

Series: IMF Working Papers

Author(s): Ding Ding , Xiaoyu Huang , Tao Jin , and W. Raphael Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 2017

ISBN: 9781484324813

Keywords: Asia and Pacific, Macroprudential Policy, Central banks and their policies, China real estate market, housing bubbles, Monetary Policy (Targets, Instruments, and Effects), Housing Supply and Markets, Bayesian Analysis

China's real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks...

Banking in a Steady State of Low Growth and Interest Rates1

Banking in a Steady State of Low Growth and Interest Rates1 »

Source: Banking in a Steady State of Low Growth and Interest Rates

Volume/Issue: 2018/192

Series: IMF Working Papers

Author(s): Qianying Chen , Mitsuru Katagiri , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 August 2018

ISBN: 9781484373873

Keywords: Banking, Interest rates, Growth, Low-for-Long, Prolonged Low Interest Rates, Monetary Policy (Targets, Instruments, and Effects), Firm Performance: Size, Diversification

A prolonged low-interest-rate environment presents a significant challenge to banks and is likely to entail major changes to their business models over the long-run. Lower returns to maturity transformation in the...

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...

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...

Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Source: Cost-Benefit Analysis of Leaning Against the Wind

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

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...

Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency »

Source: Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency

Volume/Issue: 2018/25

Series: IMF Working Papers

Author(s): Steve Brito , Yan Carriere-Swallow , and Bertrand Gruss

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2018

ISBN: 9781484339718

Keywords: Inflation targeting, Central banks and their policies, central bank transparency, inflation forecasts, Monetary Policy (Targets, Instruments, and Effects), Forecasting and Other Model Applications

We estimate the determinants of disagreement about future inflation in a large and diverse sample of countries, focusing on the role of monetary policy frameworks. We offer novel insights that allow us to reconcile...

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? »

Source: Does Prolonged Monetary Policy Easing Increase Financial Vulnerability?

Volume/Issue: 2017/65

Series: IMF Working Papers

Author(s): Stephen Cecchetti , Tommaso Mancini Griffoli , and Machiko Narita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2017

ISBN: 9781475588644

Keywords: Spillovers, Banks, Financial stability, nonbank financial institutions, prolonged monetary policy easing, financial vulnerability, risk-taking behavior, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

Using firm-level data for approximately 1,000 bank and nonbank financial institutions in 22 countries over the past 15 years we study the impact of prolonged monetary policy easing on risk-taking behavior. We find...

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania »

Source: The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

Volume/Issue: 2018/55

Series: IMF Working Papers

Author(s): Guido della Valle , Erald Themeli , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

ISBN: 9781484345313

Keywords: Monetary policy, Europe, Albania, interest rate lower bound, euroization, Monetary Policy (Targets, Instruments, and Effects), Albania

Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to as...