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Enabling Deep Negative Rates to Fight Recessions: A Guide*

Enabling Deep Negative Rates to Fight Recessions: A Guide* »

Source: Enabling Deep Negative Rates to Fight Recessions: A Guide

Volume/Issue: 2019/84

Series: IMF Working Papers

Author(s): Ruchir Agarwal , and Miles Kimball

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2019

ISBN: 9781484398777

Keywords: Central bank independence, Reserve requirements, Interest rate policy, Central banks, Negative interest rates, electronic money, monetary policy, negative rate, paper currency, negative interest rate

The experience of the Great Recession and its aftermath revealed that a lower bound on interest rates can be a serious obstacle for fighting recessions. However, the zero lower bound is not a law of nature; it is a...

Statement by The Managing Director on the Work Program of The Executive Board

Statement by The Managing Director on the Work Program of The Executive Board »

Source: Statement by The Managing Director on the Work Program of The Executive Board : December 11, 2019

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2020

ISBN: 9781513526447

Keywords: External sector, Financial crises, Negative interest rates, Economic stabilization, Regional economics, PP, IEO, WEO, negative interest rate, briefing

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2019 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee Communiqué into an...

Negative Interest Rate Policies-Initial Experiences and Assessments

Negative Interest Rate Policies-Initial Experiences and Assessments »

Source: Negative Interest Rate Policies-Initial Experiences and Assessments

Volume/Issue: 2017/010

Series: Policy Papers

Author(s): International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2017

ISBN: 9781498346467

Keywords: Financial crises, Negative interest rates, Central banks, Market interest rates, Real sector, lend rate, negative rate, deposit rate, euro area, intermediation

The depth of the crisis and the weakness of the ensuing recovery led to new ways to implement monetary policy. At the onset of the crisis, central banks in several advanced economies quickly moved policy rates to z...

Update on the Mobilization of Loan Resources for PRGT Lending, Proposed Amendment to the PRGT Instrument, and Floor for the Six-Month Derived SDR Interest Rate

Update on the Mobilization of Loan Resources for PRGT Lending, Proposed Amendment to the PRGT Instrument, and Floor for the Six-Month Derived SDR Interest Rate »

Source: Update on the Mobilization of Loan Resources for PRGT Lending, Proposed Amendment to the PRGT Instrument, and Floor for the Six-Month Derived SDR Interest Rate

Volume/Issue: 2016/053

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2016

ISBN: 9781498345309

Keywords: Borrowed resources, Borrowing agreements, Executive Board decisions, Lapse of time approval, Loans, Poverty Reduction and Growth Trust, Resource mobilization, SDR interest rates, Interest rates on loans, Interest rates

A Board-endorsed effort to raise SDR 11 billion in new Poverty Reduction and Growth Trust (PRGT) loan resources needed to sustain the Fund's concessional lending operations is well underway. Staff is now engaging w...

Liquidity Choice and Misallocation of Credit

Liquidity Choice and Misallocation of Credit »

Source: Liquidity Choice and Misallocation of Credit

Volume/Issue: 2019/284

Series: IMF Working Papers

Author(s): Ehsan Ebrahimy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

ISBN: 9781513521480

Keywords: Real sector, Negative interest rates, Positive interest rates, Interest rate increases, Interest rates, WP, financial development, competitive equilibrium, liquid equilibrium, Tirole

This paper studies a novel type of misallocation of credit between investments of varying liquidity. One type of investment is more liquid, i.e., its return is more pledgeable, and the other is more productive. Low...

Implementation Plan in Response to The Board-Endorsed Recommendations From The IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

Implementation Plan in Response to The Board-Endorsed Recommendations From The IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies »

Source: Implementation Plan in Response to The Board-Endorsed Recommendations From The IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2020

ISBN: 9781513542188

Keywords: Negative interest rates, Central banks, Monetary policy, Financial crises, Central bank policy, PP, proposed action, IEO, spillover, playbook

The Management Implementation Plan was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity, and financial markets. The actions in this plan and their t...

Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies »

Source: Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

ISBN: 9781513545424

Keywords: Negative interest rates, Monetary policy, Central banks, Exchange policy, Central bank policy, PP, proposed action, IEO, spillover, playbook

This Management Implementation Plan was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The actions in the plan and their ti...

The Euro-Area Government Spending Multiplier at the Effective Lower Bound*

The Euro-Area Government Spending Multiplier at the Effective Lower Bound* »

Source: The Euro-Area Government Spending Multiplier at the Effective Lower Bound

Volume/Issue: 2019/133

Series: IMF Working Papers

Author(s): Adalgiso Amendola , Mario di Serio , Matteo Fragetta , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

ISBN: 9781498314947

Keywords: Government expenditures, Negative interest rates, Real interest rates, Interest rate policy, Business cycles, Fiscal multiplier, Zero lower bound, Panel VAR, Factor models, Euro Area.

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the...

Poverty Reduction and Growth Trust - 2016 Borrowing Agreements with Danmarks Nationalbank, the Norwegian Ministry of Finance Representing the Kingdom of Norway, and the Sveriges Riksbank

Poverty Reduction and Growth Trust - 2016 Borrowing Agreements with Danmarks Nationalbank, the Norwegian Ministry of Finance Representing the Kingdom of Norway, and the Sveriges Riksbank »

Source: Poverty Reduction and Growth Trust - 2016 Borrowing Agreements with Danmarks Nationalbank, the Norwegian Ministry of Finance Representing the Kingdom of Norway, and the Sveriges Riksbank

Volume/Issue: 2016/067

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2016

ISBN: 9781498345002

Keywords: Borrowing agreements, Danmarks Nationalbank, Denmark, Loans, Norway, Poverty Reduction and Growth Trust, Sveriges Riksbank, Sweden, SDR interest rates, Central banks

The Fund, as Trustee of the Poverty Reduction and Growth Trust (PRGT or Trust),entered into an amendment of the 2010 borrowing agreement with Danmarks Nationalbank, and new borrowing agreements with the Norwegian M...

Synergies Between Monetary and Macroprudential Policies in Thailand

Synergies Between Monetary and Macroprudential Policies in Thailand »

Source: Synergies Between Monetary and Macroprudential Policies in Thailand

Volume/Issue: 2020/83

Series: IMF Working Papers

Author(s): Ichiro Fukunaga , and Manrique Saenz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2020

ISBN: 9781513537023

Keywords: Interest rate policy, Macroprudential policies and financial stability, Monetary authorities, Negative interest rates, Monetary policy, Macroprudential policies, Lean-against-the-wind monetary policy rule, Dynamic stochastic general equilibrium model, Thailand, WP

A dynamic stochastic general equilibrium (DSGE) model tailored to the Thai economy is used to explore the performance of alternative monetary and macroprudential policy rules when faced with shocks that directly im...