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Optimal Fiscal Strategy for Oil Exporting Countries

Optimal Fiscal Strategy for Oil Exporting Countries »

Volume/Issue: 2000/118

Series: IMF Working Papers

Author(s): Rodrigo Valdes , and Eduardo Engel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

DOI: http://dx.doi.org/10.5089/9781451854077.001

ISBN: 9781451854077

Keywords: oil exporting countries, stabilization funds, random walk, oil prices, oil production, samples, stationary process

This paper develops simple guidelines for fiscal policy in oil producing countries, focusing on three issues: intergenerational oil distribution, precautionary saving, and adjustment costs. The paper presents a fra...

Nominal Exchange Rate Anchoring Under Inflation Inertia

Nominal Exchange Rate Anchoring Under Inflation Inertia »

Volume/Issue: 2002/30

Series: IMF Working Papers

Author(s): Guillermo Calvo , Michael Kumhof , and Oya Celasun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451844924.001

ISBN: 9781451844924

Keywords: Inflation inertia, staggered pricing, exchange rate based stabilization, inflation rate, monetary economics, relative price, Open Economy Macroeconomics,

This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, transitions to a...

Monetary Policy Credibility and Exchange Rate Pass-Through

Monetary Policy Credibility and Exchange Rate Pass-Through »

Volume/Issue: 2016/240

Series: IMF Working Papers

Author(s): Yan Carriere-Swallow , Bertrand Gruss , Nicolas Magud , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2016

DOI: http://dx.doi.org/10.5089/9781475560312.001

ISBN: 9781475560312

Keywords: Price stabilization, Monetary policy, Exchange rate pass-through, Emerging markets, Consumer prices, Developed countries, Cross country analysis, monetary policy credibility

A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we f...

Inflation and Growth in Transition
			: Are the Asian Economies Different?

Inflation and Growth in Transition : Are the Asian Economies Different? »

Volume/Issue: 1999/118

Series: IMF Working Papers

Author(s): Torsten Sloek , and Sanja Kalra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

DOI: http://dx.doi.org/10.5089/9781451854060.001

ISBN: 9781451854060

Keywords: Transition economies, Asia, growth, structural reforms, inflation stabilization, transition countries, relative price

This paper examines the progress made in four Asian transition economies—China, Lao P.D.R., Vietnam, and Mongolia—to market-based systems. Overall, these economies appear to have had a more favorable...

Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union

Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union »

Volume/Issue: 1997/108

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1997

DOI: http://dx.doi.org/10.5089/9781451853063.001

ISBN: 9781451853063

Keywords: Stabilization, Income velocity of money, Transition economies, inflation, real money, money stock, money balances, price level

The paper identifies a number of stylized facts on the behavior of key macroeconomic variables during high inflation and stabilization in countries in transition. To examine the extent to which these stylized facts...

How Persistent Are Shocks to World Commodity Prices?

How Persistent Are Shocks to World Commodity Prices? »

Volume/Issue: 1999/80

Series: IMF Working Papers

Author(s): Hong Liang , C. McDermott , and Paul Cashin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

DOI: http://dx.doi.org/10.5089/9781451850284.001

ISBN: 9781451850284

Keywords: Commodity prices, median-unbiased estimation, shock persistence, price stabilization, time series, export earnings, confidence interval, confidence intervals

This paper examines the persistence of shocks to world commodity prices, using monthly IMF data on primary commodities between 1957–98. We find that shocks to commodity prices are typically long–lasti...

Optimal Macroprudential Policy and Asset Price Bubbles

New
Optimal Macroprudential Policy and Asset Price Bubbles »

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

DOI: http://dx.doi.org/10.5089/9781513511078.001

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

Macroeconomic Stability in Resource-Rich Countries

Macroeconomic Stability in Resource-Rich Countries »

Volume/Issue: 2016/36

Series: IMF Working Papers

Author(s): Elva Bova , Paulo Medas , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2016

DOI: http://dx.doi.org/10.5089/9781475596465.001

ISBN: 9781475596465

Keywords: resource-rich countries, procyclical fiscal policy, commodity, prices, price, fiscal policy, General, Models with Panel Data, All Countries,, Natural resources

Resource-rich countries face large and persistent shocks, especially coming from volatile commodity prices. Given the severity of the shocks, it would be expected that these countries adopt countercyclical fiscal p...

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries »

Volume/Issue: 2000/112

Series: IMF Working Papers

Author(s): Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

DOI: http://dx.doi.org/10.5089/9781451853599.001

ISBN: 9781451853599

Keywords: oil stabilization fund, oil savings fund, oil exporting countries, Chile&;amp;#x2019;s copper fund, fiscal indicators, oil prices, central government fiscal, oil revenues, fiscal policy

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some...

Fiscal Deficits and Inflation

Fiscal Deficits and Inflation »

Volume/Issue: 2003/65

Series: IMF Working Papers

Author(s): Luis Catão , and Marco Terrones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

DOI: http://dx.doi.org/10.5089/9781451848700.001

ISBN: 9781451848700

Keywords: Macroeconomic Stabilization, price inflation, monetary policy, inflation tax, low inflation, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General,

Macroeconomic theory postulates that fiscal deficits cause inflation. Yet empirical research has had limited success in uncovering this relationship. This paper reexamines the issue in light of broader data and a n...