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IMF Executive Board Concludes 2020 Article IV Consultation with Nigeria

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IMF Executive Board Concludes 2020 Article IV Consultation with Nigeria »

Source: Nigeria : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

Volume/Issue: 2021/033

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

ISBN: 9781513568423

Keywords: Foreign exchange, COVID-19 , Exchange rates, Oil prices, Inflation, ISCR, CR, food inflation, youth unemployment, IMF TA mission

The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling...

Nigeria
			: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

New
Nigeria : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria »

Volume/Issue: 2021/033

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

DOI: http://dx.doi.org/10.5089/9781513568423.002

ISBN: 9781513568423

Keywords: Foreign exchange, COVID-19 , Exchange rates, Oil prices, Inflation, ISCR, CR, food inflation, youth unemployment, IMF TA mission

The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling...

Nigeria: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

New
Nigeria: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria »

Source: Nigeria : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

Volume/Issue: 2021/033

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

ISBN: 9781513568423

Keywords: Foreign exchange, COVID-19 , Exchange rates, Oil prices, Inflation, ISCR, CR, food inflation, youth unemployment, IMF TA mission

The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling...

Nigeria: Staff Report for the 2020 Article IV Consultation—Informational Annex

New
Nigeria: Staff Report for the 2020 Article IV Consultation—Informational Annex »

Source: Nigeria : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

Volume/Issue: 2021/033

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

ISBN: 9781513568423

Keywords: Foreign exchange, COVID-19 , Exchange rates, Oil prices, Inflation, ISCR, CR, food inflation, youth unemployment, IMF TA mission

The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling...

Statement by Mr. Odonye, Mr. Ekeocha, and Mr. Garang on Nigeria Executive Board Meeting January 27, 2021

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Statement by Mr. Odonye, Mr. Ekeocha, and Mr. Garang on Nigeria Executive Board Meeting January 27, 2021 »

Source: Nigeria : 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Nigeria

Volume/Issue: 2021/033

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2021

ISBN: 9781513568423

Keywords: Foreign exchange, COVID-19 , Exchange rates, Oil prices, Inflation, ISCR, CR, food inflation, youth unemployment, IMF TA mission

The Nigerian economy is at a critical juncture. A weak pre-crisis economy characterized by falling per capita income, double-digit inflation, significant governance vulnerabilities and limited buffers, is grappling...

Some Alternative Monetary Facts

Some Alternative Monetary Facts »

Volume/Issue: 2021/006

Series: IMF Working Papers

Author(s): Peter Stella , Manmohan Singh , and Apoorv Bhargava

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2021

DOI: http://dx.doi.org/10.5089/9781513566429.001

ISBN: 9781513566429

Keywords: Monetary base, Monetary aggregates, Inflation, Currencies, Demand for money, money aggregates, monetary financing, central bank balance sheet, WP, bank reserves

In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve co...

Some Alternative Monetary Facts

Some Alternative Monetary Facts »

Source: Some Alternative Monetary Facts

Volume/Issue: 2021/006

Series: IMF Working Papers

Author(s): Peter Stella , Manmohan Singh , and Apoorv Bhargava

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2021

ISBN: 9781513566429

Keywords: Monetary base, Monetary aggregates, Inflation, Currencies, Demand for money, money aggregates, monetary financing, central bank balance sheet, WP, bank reserves

In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve co...

Euro Area Policies: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Euro Area Policies: 2020 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Member Countries »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

Euro Area Policies: Staff Report for the 2020 Article IV Consultation with Member Countries—Supplementary Information

Euro Area Policies: Staff Report for the 2020 Article IV Consultation with Member Countries—Supplementary Information »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

IMF Executive Board Concludes 2020 Discussions on Common Euro Area Policies with Member Countries

IMF Executive Board Concludes 2020 Discussions on Common Euro Area Policies with Member Countries »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

Euro Area Policies
			: 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries »

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

DOI: http://dx.doi.org/10.5089/9781513565668.002

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

Statement by Mika Pösö, Executive Director for the Nordic-Baltic Constituency on behalf of the Euro Area Authorities December 18, 2020

Statement by Mika Pösö, Executive Director for the Nordic-Baltic Constituency on behalf of the Euro Area Authorities December 18, 2020 »

Source: Euro Area Policies : 2020 Consultation on Common Euro Area Policies-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Volume/Issue: 2020/324

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2020

ISBN: 9781513565668

Keywords: Labor, Inflation, Fiscal policy, Credit, Income, ISCR, CR, EU leader, recovery package, EU emission reduction goal

The COVID-19 pandemic has led to severe socio-economic dislocations and hardship. Supported by an unprecedented policy response and by the easing of lockdown measures as the infection rate moderated, the euro area...

Quarterly Projection Model for the National Bank of Rwanda

Quarterly Projection Model for the National Bank of Rwanda »

Volume/Issue: 2020/295

Series: IMF Working Papers

Author(s): Jan Vlcek , Mikhail Pranovich , Patrick Hitayezu , Bruno Mwenese , and Christian Nyalihama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

DOI: http://dx.doi.org/10.5089/9781513564630.001

ISBN: 9781513564630

Keywords: Inflation, Food prices, Exchange rates, Central bank policy rate, Real exchange rates, Rwanda, Forecasting and Policy Analysis, Quarterly Projection Model, Monetary Policy, Managed Exchange Rate

National Bank of Rwanda (BNR) modernized monetary policy and transited to the price-based policy framework in January 2019. The Forecasting and Policy Analysis System (FPAS) is the cornerstone for the new forward-l...

Quarterly Projection Model for the National Bank of Rwanda1

Quarterly Projection Model for the National Bank of Rwanda1 »

Source: Quarterly Projection Model for the National Bank of Rwanda

Volume/Issue: 2020/295

Series: IMF Working Papers

Author(s): Jan Vlcek , Mikhail Pranovich , Patrick Hitayezu , Bruno Mwenese , and Christian Nyalihama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 December 2020

ISBN: 9781513564630

Keywords: Inflation, Food prices, Exchange rates, Central bank policy rate, Real exchange rates, Rwanda, Forecasting and Policy Analysis, Quarterly Projection Model, Monetary Policy, Managed Exchange Rate

National Bank of Rwanda (BNR) modernized monetary policy and transited to the price-based policy framework in January 2019. The Forecasting and Policy Analysis System (FPAS) is the cornerstone for the new forward-l...

IMF Executive Board Concludes 2020 Article IV Consultation with United Kingdom

IMF Executive Board Concludes 2020 Article IV Consultation with United Kingdom »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom
			: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom »

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

DOI: http://dx.doi.org/10.5089/9781513564777.002

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies

Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies »

Volume/Issue: 2020/288

Series: IMF Working Papers

Author(s): Helene Poirson Ward , Nathan Porter , Itai Agur , Jiaqian Chen , Johannes Eugster , Stefan Laseen , Jeta Menkulasi , Kenji Moriyama , Celine Rochon , Katsiaryna Svirydzenka , Camilo Tovar Mora , Zhongxia Zhang , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

DOI: http://dx.doi.org/10.5089/9781513564562.001

ISBN: 9781513564562

Keywords: Central bank policy rate, Exchange rates, Inflation, Exchange rate flexibility, Exchange rate arrangements, Monetary policy, foreign exchange intervention, policy transmission and effectiveness, macroprudential policy, capital flow management measures

Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs hav...

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries »

Volume/Issue: 2020/289

Series: IMF Working Papers

Author(s): Hans Weisfeld , Irineu de Carvalho Filho , Fabio Comelli , Rahul Giri , Klaus-Peter Hellwig , Chengyu Huang , Fei Liu , Sandra Lizarazo Ruiz , Alexis Mayer Cirkel , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

DOI: http://dx.doi.org/10.5089/9781513564609.001

ISBN: 9781513564609

Keywords: Inflation, Financial crises, Banking crises, Early warning systems, Commodity prices, crisis prediction, machine learning, low-income countries, WP, inflation crisis

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss r...

Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies

Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies »

Source: Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies

Volume/Issue: 2020/288

Series: IMF Working Papers

Author(s): Helene Poirson Ward , Nathan Porter , Itai Agur , Jiaqian Chen , Johannes Eugster , Stefan Laseen , Jeta Menkulasi , Kenji Moriyama , Celine Rochon , Katsiaryna Svirydzenka , Camilo Tovar Mora , Zhongxia Zhang , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564562

Keywords: Central bank policy rate, Exchange rates, Inflation, Exchange rate flexibility, Exchange rate arrangements, Monetary policy, foreign exchange intervention, policy transmission and effectiveness, macroprudential policy, capital flow management measures

Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs hav...

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries

Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries »

Source: Predicting Macroeconomic and Macrofinancial Stress in Low-Income Countries

Volume/Issue: 2020/289

Series: IMF Working Papers

Author(s): Hans Weisfeld , Irineu de Carvalho Filho , Fabio Comelli , Rahul Giri , Klaus-Peter Hellwig , Chengyu Huang , Fei Liu , Sandra Lizarazo Ruiz , Alexis Mayer Cirkel , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564609

Keywords: Inflation, Financial crises, Banking crises, Early warning systems, Commodity prices, crisis prediction, machine learning, low-income countries, WP, inflation crisis

In recent years, Fund staff has prepared cross-country analyses of macroeconomic vulnerabilities in low-income countries, focusing on the risk of sharp declines in economic growth and of debt distress. We discuss r...

Statement by Shona Riach, Executive Director for the United Kingdom, David Paul Ronicle, Alternate Executive Director and Tommy Chrimes, Advisor to the Executive Director December 16, 2020

Statement by Shona Riach, Executive Director for the United Kingdom, David Paul Ronicle, Alternate Executive Director and Tommy Chrimes, Advisor to the Executive Director December 16, 2020 »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom: 2020 Article IV Consultation—Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

United Kingdom: 2020 Article IV Consultation—Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom: Staff Report for the 2020 Article IV Consultation—Informational Annex

United Kingdom: Staff Report for the 2020 Article IV Consultation—Informational Annex »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

United Kingdom: Staff Report for the 2020 Article IV Consultation—Supplementary Information

United Kingdom: Staff Report for the 2020 Article IV Consultation—Supplementary Information »

Source: United Kingdom : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for the United Kingdom

Volume/Issue: 2020/320

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564777

Keywords: Labor, Public debt, Fiscal policy, Inflation, Expenditure, ISCR, CR, NI Protocol, draft UK, bank dividend payment

The UK entered 2020 negotiating a new economic relationship with the EU and facing other challenges, including meeting climate targets, dealing with an aging population, and reinvigorating tepid productivity growth...

IMF Executive Board Completes Review of Mexico’s Performance under the Flexible Credit Line Arrangement

IMF Executive Board Completes Review of Mexico’s Performance under the Flexible Credit Line Arrangement »

Source: Mexico : Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report

Volume/Issue: 2020/306

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

ISBN: 9781513561714

Keywords: External debt, Public debt, Public sector, Inflation, Credit, ISCR, CR, FCL resource, Mexico's qualification, IMF's executive board

The Covid-19 shock this year has imposed an enormous strain on Mexico. Beside the staggering human cost, the economy faces a historic drop in output and employment and a sharp spike in poverty. It is expected to ta...

Mexico
			: Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report

Mexico : Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report »

Volume/Issue: 2020/306

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

DOI: http://dx.doi.org/10.5089/9781513561714.002

ISBN: 9781513561714

Keywords: External debt, Public debt, Public sector, Inflation, Credit, ISCR, CR, FCL resource, Mexico's qualification, IMF's executive board

The Covid-19 shock this year has imposed an enormous strain on Mexico. Beside the staggering human cost, the economy faces a historic drop in output and employment and a sharp spike in poverty. It is expected to ta...

What Do We Talk About When We Talk About Output Gaps?

What Do We Talk About When We Talk About Output Gaps? »

Volume/Issue: 2020/259

Series: IMF Working Papers

Author(s): Jelle Barkema , Tryggvi Gudmundsson , and Mico Mrkaic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

DOI: http://dx.doi.org/10.5089/9781513561257.001

ISBN: 9781513561257

Keywords: Output gap, Potential output, Inflation, Business cycles, Current account balance, Output gaps, monetary policy, fiscal policy, WP, output gap estimate

Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses three approaches to examine the historical record of output gap measurements and their use in su...

Mexico: Review Under the Flexible Credit Line Arrangement—Press Release and Staff Report

Mexico: Review Under the Flexible Credit Line Arrangement—Press Release and Staff Report »

Source: Mexico : Review Under the Flexible Credit Line Arrangement-Press Release and Staff Report

Volume/Issue: 2020/306

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

ISBN: 9781513561714

Keywords: External debt, Public debt, Public sector, Inflation, Credit, ISCR, CR, FCL resource, Mexico's qualification, IMF's executive board

The Covid-19 shock this year has imposed an enormous strain on Mexico. Beside the staggering human cost, the economy faces a historic drop in output and employment and a sharp spike in poverty. It is expected to ta...

What Do We Talk About When We Talk About Output Gaps?

What Do We Talk About When We Talk About Output Gaps? »

Source: What Do We Talk About When We Talk About Output Gaps?

Volume/Issue: 2020/259

Series: IMF Working Papers

Author(s): Jelle Barkema , Tryggvi Gudmundsson , and Mico Mrkaic

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

ISBN: 9781513561257

Keywords: Output gap, Potential output, Inflation, Business cycles, Current account balance, Output gaps, monetary policy, fiscal policy, WP, output gap estimate

Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses three approaches to examine the historical record of output gap measurements and their use in su...

Calculating Consumer Price Indices in Practice 8

Calculating Consumer Price Indices in Practice 8 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 8.1 The purpose of this chapter is to provide a general description of the ways in which consumer price indices (CPIs) are calculated in practice. The me...

Consumer Price Index Manual, 2020
			: Concepts and Methods

Consumer Price Index Manual, 2020 : Concepts and Methods »

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

DOI: http://dx.doi.org/10.5089/9781484354841.069

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices nati...

Back Matter

Back Matter »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices nati...

Front Matter

Front Matter »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

The Consumer Price Index Manual: Concepts and Methods contains comprehensive information and explanations on compiling a consumer price index (CPI). The Manual provides an overview of the methods and practices nati...

Data Quality Management and Reporting 13

Data Quality Management and Reporting 13 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 13.1 Consumer price indices (CPI) are one of the most important statistical indicators produced on a regular basis by national statistical offices (NSOs)...

Errors and Bias 12

Errors and Bias 12 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 12.1 The consumer price index (CPI), like all other statistics, may be subject to general error that may occur during any stage of the estimation process...

Expenditure Weights and Their Sources 3

Expenditure Weights and Their Sources 3 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 3.1 A consumer price index (CPI) is usually calculated as a weighted average of the relative price changes of the goods and services covered by the index...

A Glossary of Main Terms

A Glossary of Main Terms »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Acquisitions approach An approach to consumer price indices (CPIs) in which consumption is...

Introduction, Overview, and Basic Steps for the Consumer Price Index Development 1

Introduction, Overview, and Basic Steps for the Consumer Price Index Development 1 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 1.1 Chapter 1 provides a self-contained overview of the uses and the basic steps for compiling the consumer price index (CPI). More than j...

Maintaining the Sample 7

Maintaining the Sample 7 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 7.1 When a new good or service is produced and consumed, there is a need for it to be included in the index as soon as possible, especially if the good o...

Price Collection and Validation 5

Price Collection and Validation 5 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 5.1 Several factors will determine the choice of which price collection methods a national statistical office (NSO) uses, taking into consideration effic...

Prueblalticioatnison, Dissemination, and User 14

Prueblalticioatnison, Dissemination, and User 14 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 14.1 The consumer price index (CPI) represents a key indicator of economic performance in most countries, as described in Chapter 2. Where statistics are...

Sampling 4

Sampling 4 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 4.1 To construct a perfectly accurate consumer price index (CPI), the price statistician would need to record the price of every variety of all the goods...

Scanner Data 10

Scanner Data 10 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 10.1 The environment in which statistical agencies operate is changing. New opportunities to access and interrogate big data are becoming available, incr...

Selected Special Cases 11

Selected Special Cases 11 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 11.1 Certain products have proven to be challenging for consumer price index (CPI) compilers with regard to developing weights and collecting prices. Cha...

Temporarily and Permanently Missing Prices and Quality Change 6

Temporarily and Permanently Missing Prices and Quality Change 6 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 6.1 Chapter 6 focuses on the treatment of temporarily and permanently missing varieties and their prices. While Chapter 5 focuses on the c...

Updating CPI Weights and Linking New to Previous CPI Series 9

Updating CPI Weights and Linking New to Previous CPI Series 9 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 9.1 Consumer price index (CPI) weights should be updated on a periodic basis (see Chapter 3). The preferred interval is at least once every five years. T...

Uses, Concepts, Scope, and Classifications of Consumer Price Indices 2

Uses, Concepts, Scope, and Classifications of Consumer Price Indices 2 »

Source: Consumer Price Index Manual, 2020 : Concepts and Methods

Series: Manuals & Guides

Author(s): Brian Graf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 November 2020

ISBN: 9781484354841

Keywords: Consumer price indexes, Price indexes, Expenditure, Consumption, Housing, cconsumer price index, CPI, CPI Manual, CPI concepts, CPI methods

Introduction 2.1 Chapter 2 begins with an overview describing the uses of the consumer price index (CPI). The primary uses drive the decisions regardin...

India's Inflation Process Before and After Flexible Inflation Targeting

India's Inflation Process Before and After Flexible Inflation Targeting »

Volume/Issue: 2020/251

Series: IMF Working Papers

Author(s): Patrick Blagrave , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

DOI: http://dx.doi.org/10.5089/9781513561233.001

ISBN: 9781513561233

Keywords: Inflation, Food prices, Inflation targeting, Emerging and frontier financial markets, Import prices, India, WP, inflation expectation, headline inflation processes, food price inflation

We study the inflation process in India, focusing on the periods before and after the adoption of flexible inflation-forecast targeting (FIT) in India. Our analysis uses several approaches including standard Philli...

Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses

Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses »

Volume/Issue: 2020/240

Series: IMF Working Papers

Author(s): Peter Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

DOI: http://dx.doi.org/10.5089/9781513561158.001

ISBN: 9781513561158

Keywords: Inflation, Return on investment, Oil prices, Liquidity, Inflation targeting, inflation expectations, yield curve, factor modeling, no-arbitrage term structure model, TIPS

Inflation has been below the Federal Reserve's target for much of the past 20 years, creating worries that inflation may be deanchoring from the FOMC's target. This paper uses a factor model that incorporates infor...

Monetary Policy Surprises and Inflation Expectation Dispersion

Monetary Policy Surprises and Inflation Expectation Dispersion »

Volume/Issue: 2020/252

Series: IMF Working Papers

Author(s): Bertrand Gruss , Sandra Lizarazo , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

DOI: http://dx.doi.org/10.5089/9781513559650.001

ISBN: 9781513559650

Keywords: Inflation, Economic forecasting, Inflation targeting, Central bank policy rate, Futures, Anchoring, disagreement, dispersion, information rigidity, in?ation expectations

Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation and minimize price dispersion. Relying on daily interest rates and inflation forecasts from majo...

Optimal Simple Objectives for Monetary Policy when Banks Matter

Optimal Simple Objectives for Monetary Policy when Banks Matter »

Volume/Issue: 2020/244

Series: IMF Working Papers

Author(s): Lien Laureys , Roland Meeks , and Boromeus Wanengkirtyo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

DOI: http://dx.doi.org/10.5089/9781513561172.001

ISBN: 9781513561172

Keywords: Output gap, Inflation, Financial frictions, Inflation targeting, Production growth, Monetary policy, Simple loss function, Banks, Medium-scale DSGE models, Euro area economy.

We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and a...

India's Inflation Process Before and After Flexible Inflation Targeting

India's Inflation Process Before and After Flexible Inflation Targeting »

Source: India's Inflation Process Before and After Flexible Inflation Targeting

Volume/Issue: 2020/251

Series: IMF Working Papers

Author(s): Patrick Blagrave , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

ISBN: 9781513561233

Keywords: Inflation, Food prices, Inflation targeting, Emerging and frontier financial markets, Import prices, India, WP, inflation expectation, headline inflation processes, food price inflation

We study the inflation process in India, focusing on the periods before and after the adoption of flexible inflation-forecast targeting (FIT) in India. Our analysis uses several approaches including standard Philli...

Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses

Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses »

Source: Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses

Volume/Issue: 2020/240

Series: IMF Working Papers

Author(s): Peter Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

ISBN: 9781513561158

Keywords: Inflation, Return on investment, Oil prices, Liquidity, Inflation targeting, inflation expectations, yield curve, factor modeling, no-arbitrage term structure model, TIPS

Inflation has been below the Federal Reserve's target for much of the past 20 years, creating worries that inflation may be deanchoring from the FOMC's target. This paper uses a factor model that incorporates infor...

Monetary Policy Surprises and Inflation Expectation Dispersion*

Monetary Policy Surprises and Inflation Expectation Dispersion* »

Source: Monetary Policy Surprises and Inflation Expectation Dispersion

Volume/Issue: 2020/252

Series: IMF Working Papers

Author(s): Bertrand Gruss , Sandra Lizarazo , and Francesco Grigoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

ISBN: 9781513559650

Keywords: Inflation, Economic forecasting, Inflation targeting, Central bank policy rate, Futures, Anchoring, disagreement, dispersion, information rigidity, in?ation expectations

Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation and minimize price dispersion. Relying on daily interest rates and inflation forecasts from majo...

Optimal Simple Objectives for Monetary Policy when Banks Matter*

Optimal Simple Objectives for Monetary Policy when Banks Matter* »

Source: Optimal Simple Objectives for Monetary Policy when Banks Matter

Volume/Issue: 2020/244

Series: IMF Working Papers

Author(s): Lien Laureys , Roland Meeks , and Boromeus Wanengkirtyo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

ISBN: 9781513561172

Keywords: Output gap, Inflation, Financial frictions, Inflation targeting, Production growth, Monetary policy, Simple loss function, Banks, Medium-scale DSGE models, Euro area economy.

We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and a...

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers »

Source: Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers

Volume/Issue: 2020/225

Series: IMF Working Papers

Author(s): Ghada Fayad , and Helene Poirson Ward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2020

ISBN: 9781513560342

Keywords: Inflation, Exchange rates, Financial sector stability, Depreciation, Central bank policy rate, emerging markets, monetary and exchange rate policies, inflation targeting, foreign exchange intervention, capital flows

A case study approach is used to assess the multi-pronged policy response of seven small financially open economies with flexible exchange rate regimes to external shocks following the global financial crisis. FX i...

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers »

Volume/Issue: 2020/225

Series: IMF Working Papers

Author(s): Ghada Fayad , and Helene Poirson Ward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2020

DOI: http://dx.doi.org/10.5089/9781513560342.001

ISBN: 9781513560342

Keywords: Inflation, Exchange rates, Financial sector stability, Depreciation, Central bank policy rate, emerging markets, monetary and exchange rate policies, inflation targeting, foreign exchange intervention, capital flows

A case study approach is used to assess the multi-pronged policy response of seven small financially open economies with flexible exchange rate regimes to external shocks following the global financial crisis. FX i...

Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan

Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan »

Volume/Issue: 2020/226

Series: IMF Working Papers

Author(s): Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2020

DOI: http://dx.doi.org/10.5089/9781513560359.001

ISBN: 9781513560359

Keywords: Price stabilization, Inflation, Financial sector stability, Inflation targeting, Monetary policy frameworks, Japan, unconventional monetary policy, Bank of Japan, inflation expectations, WP

The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since the late 1990s. While the Bank of Japan's reflation efforts have evolved over time, inflation...

Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan1

Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan1 »

Source: Twenty Years of Unconventional Monetary Policies: Lessons and Way Forward for the Bank of Japan

Volume/Issue: 2020/226

Series: IMF Working Papers

Author(s): Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2020

ISBN: 9781513560359

Keywords: Price stabilization, Inflation, Financial sector stability, Inflation targeting, Monetary policy frameworks, Japan, unconventional monetary policy, Bank of Japan, inflation expectations, WP

The Bank of Japan has used unconventional monetary policies to fight deflation and stabilize the financial system since the late 1990s. While the Bank of Japan's reflation efforts have evolved over time, inflation...

COVID-19 and the CPI: Is Inflation Underestimated?

COVID-19 and the CPI: Is Inflation Underestimated? »

Source: COVID-19 and the CPI: Is Inflation Underestimated?

Volume/Issue: 2020/224

Series: IMF Working Papers

Author(s): Marshall Reinsdorf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2020

ISBN: 9781513560281

Keywords: Consumer price indexes, COVID-19 , Inflation, Transportation, Housing, inflation measurement, Consumer Price Index, CPI, WP, CPI weight

COVID-19 changed consumers' spending patterns, making the CPI weights suddenly obsolete. In most regions, adjusting the CPI weights to account for the changes in spending patterns increases the estimate of inflatio...

COVID-19 and the CPI: Is Inflation Underestimated?

COVID-19 and the CPI: Is Inflation Underestimated? »

Volume/Issue: 2020/224

Series: IMF Working Papers

Author(s): Marshall Reinsdorf

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2020

DOI: http://dx.doi.org/10.5089/9781513560281.001

ISBN: 9781513560281

Keywords: Consumer price indexes, COVID-19 , Inflation, Transportation, Housing, inflation measurement, Consumer Price Index, CPI, WP, CPI weight

COVID-19 changed consumers' spending patterns, making the CPI weights suddenly obsolete. In most regions, adjusting the CPI weights to account for the changes in spending patterns increases the estimate of inflatio...

IMF Executive Board Concludes 2020 Article IV Consultation with Mexico

IMF Executive Board Concludes 2020 Article IV Consultation with Mexico »

Source: Mexico : 2020 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: 192020/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2020

ISBN: 9781513560243

Keywords: Public debt, Banking, Credit, Public investment spending, Inflation, ISCR, CR, td valign, labor market informality, swap line

Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher. Of 12 million workers that lost their jobs, most of whom came from the...

Mexico
			: 2020 Article IV Consultation-Press Release; and Staff Report

Mexico : 2020 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 192020/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2020

DOI: http://dx.doi.org/10.5089/9781513560243.002

ISBN: 9781513560243

Keywords: Public debt, Banking, Credit, Public investment spending, Inflation, ISCR, CR, td valign, labor market informality, swap line

Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher. Of 12 million workers that lost their jobs, most of whom came from the...

Mexico: 2020 Article IV Consultation—Press Release and Staff Report

Mexico: 2020 Article IV Consultation—Press Release and Staff Report »

Source: Mexico : 2020 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: 192020/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2020

ISBN: 9781513560243

Keywords: Public debt, Banking, Credit, Public investment spending, Inflation, ISCR, CR, td valign, labor market informality, swap line

Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher. Of 12 million workers that lost their jobs, most of whom came from the...

Mexico: 2020 Article IV Consultation—Press Release and Staff Report

Mexico: 2020 Article IV Consultation—Press Release and Staff Report »

Source: Mexico : 2020 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: 192020/293

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 2020

ISBN: 9781513560243

Keywords: Public debt, Banking, Credit, Public investment spending, Inflation, ISCR, CR, td valign, labor market informality, swap line

Covid-19 has exacted a tragic human, social, and economic toll on Mexico. Over 85,000 lives were lost; unofficial estimates are notably higher. Of 12 million workers that lost their jobs, most of whom came from the...

Regional Economic Outlook, October 2020, Sub-Saharan Africa
			: A Difficult Road to Recovery

Regional Economic Outlook, October 2020, Sub-Saharan Africa : A Difficult Road to Recovery »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 October 2020

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513557960.086

ISBN: 9781513557960

Keywords: Regional Economic Outlook, Economic and Financial Topics, COVID-19 , Crisis recovery and resolution planning, Climate change, Economic recession, Public debt, Health, Oil prices, Inflation

Sub-Saharan Africa is struggling to navigate an unprecedented health and economic crisis-one that, in just a few months, has jeopardized decades of hard-won development gains and upended the lives and livelihoods o...

Rwanda
			: Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Rwanda : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report »

Volume/Issue: 192020/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2020

DOI: http://dx.doi.org/10.5089/9781513558561.002

ISBN: 9781513558561

Keywords: Public debt, COVID-19 , Inflation, External debt, Fiscal risks, ISCR, CR, list list-type, pandemic, D9D9D9

COVID-19 has had a severe economic impact on Rwanda through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded by rol...

IMF Staff Issues an Interim Performance Update to the Board on Rwanda’s Policy Coordination Instrument (PCI)

IMF Staff Issues an Interim Performance Update to the Board on Rwanda’s Policy Coordination Instrument (PCI) »

Source: Rwanda : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Volume/Issue: 192020/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2020

ISBN: 9781513558561

Keywords: Public debt, COVID-19 , Inflation, External debt, Fiscal risks, ISCR, CR, list list-type, pandemic, D9D9D9

COVID-19 has had a severe economic impact on Rwanda through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded by rol...

Rwanda: Interim Performance Update Under the Policy Coordination Instrument—Press Release; and Staff Report

Rwanda: Interim Performance Update Under the Policy Coordination Instrument—Press Release; and Staff Report »

Source: Rwanda : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Volume/Issue: 192020/285

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. African Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2020

ISBN: 9781513558561

Keywords: Public debt, COVID-19 , Inflation, External debt, Fiscal risks, ISCR, CR, list list-type, pandemic, D9D9D9

COVID-19 has had a severe economic impact on Rwanda through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded by rol...

Demographics and the Housing Market: Japan's Disappearing Cities

Demographics and the Housing Market: Japan's Disappearing Cities »

Source: Demographics and the Housing Market: Japan's Disappearing Cities

Volume/Issue: 2020/200

Series: IMF Working Papers

Author(s): Yuko Hashimoto , Gee Hee Hong , and Xiaoxiao Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557700

Keywords: Housing prices, Population and demographics, Housing, Population growth, Inflation, WP, tag0, house price, mi, price

How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the...

Demographics and the Housing Market: Japan's Disappearing Cities

Demographics and the Housing Market: Japan's Disappearing Cities »

Volume/Issue: 2020/200

Series: IMF Working Papers

Author(s): Yuko Hashimoto , Gee Hee Hong , and Xiaoxiao Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

DOI: http://dx.doi.org/10.5089/9781513557700.001

ISBN: 9781513557700

Keywords: Housing prices, Population and demographics, Housing, Population growth, Inflation, WP, tag0, house price, mi, price

How does a shrinking population affect the housing market? In this study, drawing on Japan's experience, we find that there exists an asymmetric relationship between housing prices and population change. Due to the...

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...

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers? »

Volume/Issue: 2020/194

Series: IMF Working Papers

Author(s): Kangni Kpodar , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

DOI: http://dx.doi.org/10.5089/9781513557625.001

ISBN: 9781513557625

Keywords: Fuel prices, Energy subsidies, Oil prices, Inflation, Consumption, WP, tag0, price, pass-through, country

While many developing countries limit the international fuel price pass through to domestic fuel prices, others do not. Against this backdrop, we examine the factors that determine whether governments allow interna...

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...

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers? »

Source: To Pass (or Not to Pass) Through International Fuel Price Changes to Domestic Fuel Prices in Developing Countries: What Are the Drivers?

Volume/Issue: 2020/194

Series: IMF Working Papers

Author(s): Kangni Kpodar , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557625

Keywords: Fuel prices, Energy subsidies, Oil prices, Inflation, Consumption, WP, tag0, price, pass-through, country

While many developing countries limit the international fuel price pass through to domestic fuel prices, others do not. Against this backdrop, we examine the factors that determine whether governments allow interna...

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...

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus1

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus1 »

Source: The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus

Volume/Issue: 2019/244

Series: IMF Working Papers

Author(s): Pragyan Deb , Albe Gjonbalaj , and Swarnali Hannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513516097

Keywords: Accounting, Aging, Assets, Balance of trade, Bank deposits, Bilateral trade, Bonds, Capital, Capital account, Capital flows

China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was in line with medium-term fundamentals and desirable policies. While cyclical factors and expans...

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus »

Volume/Issue: 2019/244

Series: IMF Working Papers

Author(s): Pragyan Deb , Albe Gjonbalaj , and Swarnali Hannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

DOI: http://dx.doi.org/10.5089/9781513516097.001

ISBN: 9781513516097

Keywords: Accounting, Aging, Assets, Balance of trade, Bank deposits, Bilateral trade, Bonds, Capital, Capital account, Capital flows

China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was in line with medium-term fundamentals and desirable policies. While cyclical factors and expans...

Outlook for Latin America and the Caribbean: Stunted by Uncertainty

Outlook for Latin America and the Caribbean: Stunted by Uncertainty »

Source: Regional Economic Outlook, October 2019, Western Hemisphere Department

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

ISBN: 9781513513959

Keywords: Consumption, Economic conditions, Economic policy, Monetary policy, Labor, Latin America, Trade, Regional Economic Outlook, Latin America and the Caribbean, LAC

Growth in Latin America and the Caribbean (LAC) has slowed from 1.0 percent in 2018 to 0.2 percent in 2019, but a tentative pick-up to 1.8 percent is expected in 2020. External factors remain a...

Perspectivas para América Latina y el Caribe: Frustradas por la incertidumbre

Perspectivas para América Latina y el Caribe: Frustradas por la incertidumbre »

Source: Regional Economic Outlook, October 2019, Western Hemisphere Department

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

Language: Spanish

ISBN: 9781513515311

El crecimiento en América Latina y el Caribe (ALC) se ha desacelerado de 1,0 por ciento en 2018 a 0,2 por ciento en 2019, pero se espera un repunte tentativo a 1,8 por ciento en 2020. Hay factor...

Regional Economic Outlook, October 2019, Western Hemisphere Department

Regional Economic Outlook, October 2019, Western Hemisphere Department »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513515502.086

ISBN: 9781513515502

Regional Economic Outlook, October 2019, Western Hemisphere Department...

Regional Economic Outlook, October 2019, Western Hemisphere Department

Regional Economic Outlook, October 2019, Western Hemisphere Department »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

DOI: http://dx.doi.org/10.5089/9781513513959.086

ISBN: 9781513513959

Keywords: Consumption, Economic conditions, Economic policy, Monetary policy, Labor, Latin America, Trade, Regional Economic Outlook, Latin America and the Caribbean, LAC

The global economy has slowed, with important consequences for growth prospects in Latin America and the Caribbean. The slowdown in economic activity has been broad-based among advanced economies and more pronounce...

Regional Economic Outlook, October 2019, Western Hemisphere Department

Regional Economic Outlook, October 2019, Western Hemisphere Department »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513515311.086

ISBN: 9781513515311

Regional Economic Outlook, October 2019, Western Hemisphere Department...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2019, Western Hemisphere Department

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

ISBN: 9781513513959

Keywords: Consumption, Economic conditions, Economic policy, Monetary policy, Labor, Latin America, Trade, Regional Economic Outlook, Latin America and the Caribbean, LAC

The global economy has slowed, with important consequences for growth prospects in Latin America and the Caribbean. The slowdown in economic activity has been broad-based among advanced economies and more pronounce...

Front Matter

Front Matter »

Source: Regional Economic Outlook, October 2019, Western Hemisphere Department

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2019

Language: Spanish

ISBN: 9781513515311

Regional Economic Outlook, October 2019, Western Hemisphere Department...

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean »

Volume/Issue: 2019/197

Series: IMF Working Papers

Author(s): Serhan Cevik , and Tianle Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513511702.001

ISBN: 9781513511702

Keywords: Real effective exchange rates, Central bank independence, Central bank autonomy, Exchange rate regimes, Monetary policy, Macroeconomic trilemma, monetary independence, exchange rate flexibility, inflation, WP

Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study ex...

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean »

Source: Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean

Volume/Issue: 2019/197

Series: IMF Working Papers

Author(s): Serhan Cevik , and Tianle Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

ISBN: 9781513511702

Keywords: Real effective exchange rates, Central bank independence, Central bank autonomy, Exchange rate regimes, Monetary policy, Macroeconomic trilemma, monetary independence, exchange rate flexibility, inflation, WP

Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study ex...

How to Improve Inflation Forecasting in Canada

How to Improve Inflation Forecasting in Canada »

Source: How to Improve Inflation Forecasting in Canada

Volume/Issue: 2019/190

Series: IMF Working Papers

Author(s): Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

ISBN: 9781513509396

Keywords: Real interest rates, Financial crises, Inflation rates, Inflation expectations, Monetary policy, Inflation, inflation targeting, real-time data, forecast errors, WP

Against the backdrop of an ongoing review of the inflation-targeting framework, this paper examines the real-time inflation forecasts of the Bank of Canada with the aim of identifying potential areas for improvemen...

How to Improve Inflation Forecasting in Canada

How to Improve Inflation Forecasting in Canada »

Volume/Issue: 2019/190

Series: IMF Working Papers

Author(s): Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

DOI: http://dx.doi.org/10.5089/9781513509396.001

ISBN: 9781513509396

Keywords: Real interest rates, Financial crises, Inflation rates, Inflation expectations, Monetary policy, Inflation, inflation targeting, real-time data, forecast errors, WP

Against the backdrop of an ongoing review of the inflation-targeting framework, this paper examines the real-time inflation forecasts of the Bank of Canada with the aim of identifying potential areas for improvemen...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

DOI: http://dx.doi.org/10.5089/9781513511740.001

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...

The Negative Mean Output Gap

The Negative Mean Output Gap »

Source: The Negative Mean Output Gap

Volume/Issue: 2019/183

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 August 2019

ISBN: 9781513511740

Keywords: Accounting systems, Bank rates, Bond yields, Business cycles, Capital, Capital stocks, Central banking, Central banks, Consumption, Cost of capital

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns...