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Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Did the Exchange Rate Floor Prevent Deflation in the Czech Republic? »

Source: Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?

Volume/Issue: 2017/206

Series: IMF Working Papers

Author(s): Francesca Caselli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2017

ISBN: 9781484319291

Keywords: Foreign exchange, Czech Republic, Europe, Foreign exchange intervention, Central banks and their policies, exchange rate, synthetic control method

To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper in...

Emerging Market Volatility

Emerging Market Volatility »

Source: Emerging Market Volatility : Lessons from The Taper Tantrum

Volume/Issue: 2014/9

Series: Staff Discussion Notes

Author(s): Ratna Sahay , Vivek Arora , Athanasios Arvanitis , Hamid Faruqee , Papa N'Diaye , and Tommaso Mancini Griffoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2014

ISBN: 9781498318204

Keywords: Monetary policy, Emerging markets, United States, Capital flows, Financial markets, Capital market volatility, Macroprudential Policy, Developed countries, Tapering, unconventional monetary policy

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discusse...

Fiscal Constraints of a Fixed Exchange Rate Regime

Fiscal Constraints of a Fixed Exchange Rate Regime »

Source: Fiscal Constraints of a Fixed Exchange Rate Regime

Volume/Issue: 1989/107

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 1989

ISBN: 9781451946680

Keywords: exchange rate, fiscal policy, hard currency, exchange rates, fixed exchange rate

The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective cons...

Fiscal Policy, the Real Exchange Rate and Commodity Prices

Fiscal Policy, the Real Exchange Rate and Commodity Prices »

Source: Fiscal Policy, the Real Exchange Rate and Commodity Prices

Volume/Issue: 1990/91

Series: IMF Working Papers

Author(s): Carmen Reinhart

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1990

ISBN: 9781451851434

Keywords: exchange rate, real exchange rate, government spending, fiscal policies

The role of the international commodity market in transmitting disturbances is considered in a model that incorporates commodities as an input in production. The analysis employs a three-country framework: a liquid...

Fiscal Stimulus and Credibility in Emerging Countries

Fiscal Stimulus and Credibility in Emerging Countries »

Source: Fiscal Stimulus and Credibility in Emerging Countries

Volume/Issue: 2010/123

Series: IMF Working Papers

Author(s): Magda Kandil , and Hanan Morsy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200825

Keywords: credibility, effectiveness, cyclicality, fiscal impulse, exchange rate, fiscal expansion, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, Open Economy Macroeconomics,

Across a sample of thirty four emerging countries, the evidence shows the frequent existence of a pro-cyclical fiscal impulse. However, the scope for countercyclical policy increases with the availability of intern...

Fiscal Stimulus with Spending Reversals

Fiscal Stimulus with Spending Reversals »

Source: Fiscal Stimulus with Spending Reversals

Volume/Issue: 2009/106

Series: IMF Working Papers

Author(s): Gernot Müller , Giancarlo Corsetti , and Andre Meier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872538

Keywords: real exchange rate, government spending, government spending shocks, private consumption,

The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government...

How Big (Small?) are Fiscal Multipliers?

How Big (Small?) are Fiscal Multipliers? »

Source: How Big (Small?) are Fiscal Multipliers?

Volume/Issue: 2011/52

Series: IMF Working Papers

Author(s): Ethan Ilzetzki , Enrique Mendoza , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455218028

Keywords: exchange rate, exchange rates, fiscal multipliers, government expenditure

We contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics, such as the level of developme...

Iceland: Selected Issues

Iceland: Selected Issues »

Source: Iceland : Selected Issues

Volume/Issue: 2006/297

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2006

ISBN: 9781451819335

Keywords: fiscal rule, public debt, exchange rate

Given its small size and openness, the Icelandic economy has been subject to large shocks. Systematic coordination of monetary and fiscal policy, however, could help improve the inflation-output variability trade-o...

Iceland: Selected Issues

Iceland: Selected Issues »

Source: Iceland : Selected Issues

Volume/Issue: 2006/297

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2006

ISBN: 9781451819335

Keywords: fiscal rule, public debt, exchange rate

Given its small size and openness, the Icelandic economy has been subject to large shocks. Systematic coordination of monetary and fiscal policy, however, could help improve the inflation-output variability trade-o...

IMF Executive Board Concludes 2012 Article IV Consultation and Second Post-Program Monitoring Discussions, and Ex-Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement with the Republic of Latvia

IMF Executive Board Concludes 2012 Article IV Consultation and Second Post-Program Monitoring Discussions, and Ex-Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement with the Republic of Latvia »

Source: Republic of Latvia : Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia

Volume/Issue: 2013/30

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2013

ISBN: 9781475526677

Keywords: exchange rate, exchange rate peg, fixed exchange rate, fixed exchange rate regime, real exchange rate

The IMF has approved an exceptional access Stand-By Arrangement for Latvia. The program is part of a coordinated international effort that has improved financial and economic stability. By early 2008, the fast grow...