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Balance of Payments Crises Under Inflation Targeting

Balance of Payments Crises Under Inflation Targeting »

Source: Balance of Payments Crises Under Inflation Targeting

Volume/Issue: 2007/84

Series: IMF Working Papers

Author(s): Shujing Li , Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866483

Keywords: Balance of payments crisis, exchange rate targeting, flow speculative attack, inflation, exchange rate,

This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. Th...

Clarity of Central Bank Communication About Inflation

Clarity of Central Bank Communication About Inflation »

Source: Clarity of Central Bank Communication About Inflation

Volume/Issue: 2012/9

Series: IMF Working Papers

Author(s): Ales Bulir , David-Jan Jansen , and Martin Cihak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463931148

Keywords: communication, clarity, central bank, inflation target,

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communicat...

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Credibility and Exchange Rate Management in Developing Countries

Credibility and Exchange Rate Management in Developing Countries »

Source: Credibility and Exchange Rate Management in Developing Countries

Volume/Issue: 1991/87

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1991

ISBN: 9781451850925

Keywords: exchange rate, inflation, fixed exchange rate, real exchange rate, nominal exchange rate

The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which policymakers are concerned about inflation and external competiti...

Credit and Exchange Rate-Based Stabilization

Credit and Exchange Rate-Based Stabilization »

Source: Credit and Exchange Rate-Based Stabilization

Volume/Issue: 1996/51

Series: IMF Working Papers

Author(s): May Khamis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

ISBN: 9781451847062

Keywords: inflation stabilization, inflation rate, annual inflation, monetary fund

This paper examines the behavior of private sector credit in chronic inflation countries that undergo exchange rate-based inflation stabilizations. It concludes that these programs are characterized by a strong inc...

Credit Cyclicality in Chile

Credit Cyclicality in Chile »

Source: Credit Cyclicality in Chile : A Cross-Country Analysis

Volume/Issue: 2008/55

Series: IMF Working Papers

Author(s): Ludvig Söderling

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

ISBN: 9781451869170

Keywords: Credit growth, business cycle, panel VAR, terms of trade shocks, trade shocks, financial stability, competitive pressure,

This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global...

Current Issues in the Design and Conduct of Monetary Policy

Current Issues in the Design and Conduct of Monetary Policy »

Source: Current Issues in the Design and Conduct of Monetary Policy

Volume/Issue: 2003/56

Series: IMF Working Papers

Author(s): Mohsin Khan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

ISBN: 9781451847727

Keywords: rules versus discretion, inflation, central bank, monetary aggregates,

Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve cr...

The Demand for Money During High Inflation Episodes

The Demand for Money During High Inflation Episodes »

Source: The Demand for Money During High Inflation Episodes : Some Latin American Evidenceon the Cagan Model

Volume/Issue: 1991/48

Series: IMF Working Papers

Author(s): Mark Taylor , and Kate Phylaktis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1991

ISBN: 9781451846683

Keywords: real money, rational expectations, money demand, inflation rate

This paper examines the demand for money under conditions of very high inflation in Argentina, Bolivia, Brazil, Chile and Peru during the 1970s and 1980s. We test whether the monetary and inflationary experiences o...

Devaluation and Monetary Policy in Developing Countries

Devaluation and Monetary Policy in Developing Countries »

Source: Devaluation and Monetary Policy in Developing Countries : A General Equilibrium Model for Economies Facing Financial Constraints

Volume/Issue: 1987/14

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1987

ISBN: 9781451923926

Keywords: monetary base, inflation, price level, relative price, money supply

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, inclu...

Deviations From Uncovered Interest Parity

Deviations From Uncovered Interest Parity »

Source: Deviations From Uncovered Interest Parity : A Global Guide to Where the Action Is

Volume/Issue: 1998/117

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451941647

Keywords: exchange rate, real exchange rate, inflation, exchange rates, real exchange rates

Ex-post deviations from uncovered interest parity (UIP) – realized differences between dollar returns on identical assets of different currencies – equal the real interest differential plus real excha...