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Credibility Dynamics and Disinflation Plans1

Credibility Dynamics and Disinflation Plans1 »

Source: Credibility Dynamics and Disinflation Plans

Volume/Issue: 2020/85

Series: IMF Working Papers

Author(s): Rumen Kostadinov , and Francisco Roldán

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

ISBN: 9781513546124

Keywords: Real interest rates, Inflation expectations, Monetary policy, Inflation targeting, Discount rates, Imperfect credibility, reputation, optimal monetary policy, time inconsistency, WP

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the...

Credibility Dynamics and Disinflation Plans

Credibility Dynamics and Disinflation Plans »

Volume/Issue: 2020/85

Series: IMF Working Papers

Author(s): Rumen Kostadinov , and Francisco Roldán

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

DOI: http://dx.doi.org/10.5089/9781513546124.001

ISBN: 9781513546124

Keywords: Real interest rates, Inflation expectations, Monetary policy, Inflation targeting, Discount rates, Imperfect credibility, reputation, optimal monetary policy, time inconsistency, WP

We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the...

Inflation and Public Debt Reversals in Advanced Economies

Inflation and Public Debt Reversals in Advanced Economies »

Volume/Issue: 2019/297

Series: IMF Working Papers

Author(s): Ichiro Fukunaga , Takuji Komatsuzaki , and Hideaki Matsuoka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513521596.001

ISBN: 9781513521596

Keywords: Real interest rates, Negative interest rates, Economic growth, Financial crises, Economic forecasting, Inflation, public debt, financial repression, advanced economies, WP

This paper quantitatively assesses the effects of inflation shocks on the public debt-to-GDP ratio in 19 advanced economies using simulation and estimation approaches. The simulations based on the debt dynamics equ...

Inflation and Public Debt Reversals in Advanced Economies

Inflation and Public Debt Reversals in Advanced Economies »

Source: Inflation and Public Debt Reversals in Advanced Economies

Volume/Issue: 2019/297

Series: IMF Working Papers

Author(s): Ichiro Fukunaga , Takuji Komatsuzaki , and Hideaki Matsuoka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

ISBN: 9781513521596

Keywords: Real interest rates, Negative interest rates, Economic growth, Financial crises, Economic forecasting, Inflation, public debt, financial repression, advanced economies, WP

This paper quantitatively assesses the effects of inflation shocks on the public debt-to-GDP ratio in 19 advanced economies using simulation and estimation approaches. The simulations based on the debt dynamics equ...

A Three-Country Macroeconomic Model for Portugal

A Three-Country Macroeconomic Model for Portugal »

Volume/Issue: 2019/281

Series: IMF Working Papers

Author(s): Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513519241.001

ISBN: 9781513519241

Keywords: Nominal effective exchange rate, Real interest rates, Negative interest rates, External sector, Financial crises, Portugal, euro area, macroeconomic modeling, Bayesian estimation, WP

This paper outlines a simple three-country macroeconomic model designed to focus on the transmission of external shocks to Portugal. Building on the framework developed by Berg et al (2006), this model differentiat...

Wage Growth and Inflation in Europe: A Puzzle?

Wage Growth and Inflation in Europe: A Puzzle? »

Volume/Issue: 2019/280

Series: IMF Working Papers

Author(s): Vizhdan Boranova , Raju Huidrom , Sylwia Nowak , Petia Topalova , Volodymyr Tulin , and Richard Varghese

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513521275.001

ISBN: 9781513521275

Keywords: Unit labor cost, Employment, Real wages, Public sector wages, Economic conditions, Wages, inflation, passthrough, Europe, WP

Wages have been rising faster than productivity in many European countries for the past few years, yet signs of underlying consumer price pressures remain limited. To shed light on this puzzle, this paper examines...

A Three-Country Macroeconomic Model for Portugal1

A Three-Country Macroeconomic Model for Portugal1 »

Source: A Three-Country Macroeconomic Model for Portugal

Volume/Issue: 2019/281

Series: IMF Working Papers

Author(s): Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

ISBN: 9781513519241

Keywords: Nominal effective exchange rate, Real interest rates, Negative interest rates, External sector, Financial crises, Portugal, euro area, macroeconomic modeling, Bayesian estimation, WP

This paper outlines a simple three-country macroeconomic model designed to focus on the transmission of external shocks to Portugal. Building on the framework developed by Berg et al (2006), this model differentiat...

Wage Growth and Inflation in Europe: A Puzzle?

Wage Growth and Inflation in Europe: A Puzzle? »

Source: Wage Growth and Inflation in Europe: A Puzzle?

Volume/Issue: 2019/280

Series: IMF Working Papers

Author(s): Vizhdan Boranova , Raju Huidrom , Sylwia Nowak , Petia Topalova , Volodymyr Tulin , and Richard Varghese

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

ISBN: 9781513521275

Keywords: Unit labor cost, Employment, Real wages, Public sector wages, Economic conditions, Wages, inflation, passthrough, Europe, WP

Wages have been rising faster than productivity in many European countries for the past few years, yet signs of underlying consumer price pressures remain limited. To shed light on this puzzle, this paper examines...

Is Digitalization Driving Domestic Inflation?

Is Digitalization Driving Domestic Inflation? »

Volume/Issue: 2019/271

Series: IMF Working Papers

Author(s): Balazs Csonto , Yuxuan Huang , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2019

DOI: http://dx.doi.org/10.5089/9781513519944.001

ISBN: 9781513519944

Keywords: Consumer price indexes, Nominal effective exchange rate, Price indexes, Purchasing power parity, Commodity price indexes, Inflation, Digitalization, IP Address, Internet., WP

This paper examines the extent to which digitalization-measured by a new proxy based on IP addresses allocations per country-has influenced inflation dynamics in a sample of 36 advanced and emerging economies over...

Is Digitalization Driving Domestic Inflation?

Is Digitalization Driving Domestic Inflation? »

Source: Is Digitalization Driving Domestic Inflation?

Volume/Issue: 2019/271

Series: IMF Working Papers

Author(s): Balazs Csonto , Yuxuan Huang , and Camilo Tovar Mora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2019

ISBN: 9781513519944

Keywords: Consumer price indexes, Nominal effective exchange rate, Price indexes, Purchasing power parity, Commodity price indexes, Inflation, Digitalization, IP Address, Internet., WP

This paper examines the extent to which digitalization-measured by a new proxy based on IP addresses allocations per country-has influenced inflation dynamics in a sample of 36 advanced and emerging economies over...