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The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model »

Volume/Issue: 2020/201

Series: IMF Working Papers

Author(s): Thitipat Chansriniyom , Natan Epstein , and Valeriu Nalban

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

DOI: http://dx.doi.org/10.5089/9781513557717.001

ISBN: 9781513557717

Keywords: Inflation, Output gap, Central bank policy rate, Inflation targeting, Price stabilization, WP, tag0, graphic tag0, mi, inflation expectation

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflat...

The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model »

Source: The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model

Volume/Issue: 2020/201

Series: IMF Working Papers

Author(s): Thitipat Chansriniyom , Natan Epstein , and Valeriu Nalban

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557717

Keywords: Inflation, Output gap, Central bank policy rate, Inflation targeting, Price stabilization, WP, tag0, graphic tag0, mi, inflation expectation

The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflat...

Sovereign Investor Relations: From Principles to Practice

Sovereign Investor Relations: From Principles to Practice »

Volume/Issue: 2020/204

Series: IMF Working Papers

Author(s): James Knight , and Bill Northfield

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2020

DOI: http://dx.doi.org/10.5089/9781513556369.001

ISBN: 9781513556369

Keywords: Government debt management, Debt management, Public debt, Communications in revenue administration, Debt strategy, WP, IR staff, debt manager, IR strategy, non-resident investor

This paper defines sovereign investor relations (IR) and places it in the context of modern debt management theory. It highlights the role that improvements in IR and debt transparency can play in improving the cos...

Sovereign Investor Relations: From Principles to Practice

Sovereign Investor Relations: From Principles to Practice »

Source: Sovereign Investor Relations: From Principles to Practice

Volume/Issue: 2020/204

Series: IMF Working Papers

Author(s): James Knight , and Bill Northfield

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2020

ISBN: 9781513556369

Keywords: Government debt management, Debt management, Public debt, Communications in revenue administration, Debt strategy, WP, IR staff, debt manager, IR strategy, non-resident investor

This paper defines sovereign investor relations (IR) and places it in the context of modern debt management theory. It highlights the role that improvements in IR and debt transparency can play in improving the cos...

The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia

The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia »

Volume/Issue: 2020/109

Series: IMF Working Papers

Author(s): Calixte Ahokpossi , Agnes Isnawangsih , Md. Shah Naoaj , and Ting Yan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2020

DOI: http://dx.doi.org/10.5089/9781513545646.001

ISBN: 9781513545646

Keywords: Central bank policy, Monetary policy instruments, Open market operations, Central bank independence, Reserve requirements, Monetary policy, central bank communication, central bank predictability., WP, policy report

Since the adoption of the inflation targeting framework by Bank Indonesia (BI), monetary policy communication has played an increasingly important role in BI's policy toolkit. This paper assesses BI's monetary poli...

The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia1

The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia1 »

Source: The Impact of Monetary Policy Communication in an Emerging Economy: The Case of Indonesia

Volume/Issue: 2020/109

Series: IMF Working Papers

Author(s): Calixte Ahokpossi , Agnes Isnawangsih , Md. Shah Naoaj , and Ting Yan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2020

ISBN: 9781513545646

Keywords: Central bank policy, Monetary policy instruments, Open market operations, Central bank independence, Reserve requirements, Monetary policy, central bank communication, central bank predictability., WP, policy report

Since the adoption of the inflation targeting framework by Bank Indonesia (BI), monetary policy communication has played an increasingly important role in BI's policy toolkit. This paper assesses BI's monetary poli...

When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests

When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests »

Volume/Issue: 2020/72

Series: IMF Working Papers

Author(s): Mario Catalan , and Alexander Hoffmaister

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2020

DOI: http://dx.doi.org/10.5089/9781513534916.001

ISBN: 9781513534916

Keywords: Financial crises, Bank credit, Interest rates on loans, Market interest rates, Interest rate differential, Stress tests, macroeconomic shocks, banking sector, modeling, WP

In the presence of adverse macroeconomic shocks, simultaneous capital losses in multiple banks can prompt them to contract their balance sheets. These bank responses generate externalities that propagate in the for...

When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests*

When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests* »

Source: When Banks Punch Back: Macrofinancial Feedback Loops in Stress Tests

Volume/Issue: 2020/72

Series: IMF Working Papers

Author(s): Mario Catalan , and Alexander Hoffmaister

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2020

ISBN: 9781513534916

Keywords: Financial crises, Bank credit, Interest rates on loans, Market interest rates, Interest rate differential, Stress tests, macroeconomic shocks, banking sector, modeling, WP

In the presence of adverse macroeconomic shocks, simultaneous capital losses in multiple banks can prompt them to contract their balance sheets. These bank responses generate externalities that propagate in the for...

Pricing Sovereign Debt in Resource-Rich Economies

Pricing Sovereign Debt in Resource-Rich Economies »

Volume/Issue: 2019/240

Series: IMF Working Papers

Author(s): Thomas McGregor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

DOI: http://dx.doi.org/10.5089/9781513516431.001

ISBN: 9781513516431

Keywords: Market interest rates, Economic conditions, Financial crises, Real interest rates, Commodity price fluctuations, Risk premium, natural resources, sovereign debt, and default, development

How do oil price movements affect sovereign spreads in an oil-dependent economy? I develop a stochastic general equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous s...

Pricing Sovereign Debt in Resource-Rich Economies

Pricing Sovereign Debt in Resource-Rich Economies »

Source: Pricing Sovereign Debt in Resource-Rich Economies

Volume/Issue: 2019/240

Series: IMF Working Papers

Author(s): Thomas McGregor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513516431

Keywords: Market interest rates, Economic conditions, Financial crises, Real interest rates, Commodity price fluctuations, Risk premium, natural resources, sovereign debt, and default, development

How do oil price movements affect sovereign spreads in an oil-dependent economy? I develop a stochastic general equilibrium model of an economy exposed to co-moving oil price and output processes, with endogenous s...