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  • Type: Journal Issue x
  • Macroeconomics and Monetary Economics x
  • Monetary Policy, Central Banking, and the Supply of Money and Credit: General x
  • Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) x
  • Macroeconomics x
  • Macroeconomics: Consumption; Saving; Wealth x
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Mr. Tobias Adrian, Vitor Gaspar, and Mr. Francis Vitek
This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world economy, featuring a range of nominal and real rigidities, extensive macrofinancial linkages with endogenous risk, and diverse spillover transmission channels. In the pursuit of inflation and output stabilization objectives, it is optimal to adjust all policies in response to domestic and global financial cycle upturns and downturns when feasible—including foreign exchange intervention and capital flow management under some conditions—to widely varying degrees depending on the structural characteristics of the economy. The framework is applied empirically to four small open advanced and emerging market economies.
Mr. Francis Vitek
This paper develops a structural macroeconometric model of the world economy, disaggregated into forty national economies. This panel dynamic stochastic general equilibrium model features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated. These include quantifying the monetary, fiscal and macroprudential transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.
International Monetary Fund
This paper provides additional detail for the framework discussed in “Enhancing Surveillance – Interconnectedness and Clusters” through theoretical and empirical analysis of linkages, including case studies of Saudi Arabia, the Asian supply chain, financial interconnectedness and cross-border policy dependence in banking, and the Sweden-Baltic connections. It also provides a detailed primer on network analysis.
International Monetary Fund
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.