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Rethinking Macroeconomic Policy

Rethinking Macroeconomic Policy »

Volume/Issue: 2010/03

Series: IMF Staff Position Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2010

DOI: http://dx.doi.org/10.5089/9781455224982.004

ISBN: 9781455224982

Keywords: Bank credit, Bank regulations, Bank supervision, Central bank role, Economic policy, Economic stabilization, Financial crisis, Financial intermediation, Fiscal policy, Inflation targeting

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review...

A Framework for Independent Monetary Policy in China

A Framework for Independent Monetary Policy in China »

Volume/Issue: 2006/111

Series: IMF Working Papers

Author(s): Marvin Goodfriend , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863710.001

ISBN: 9781451863710

Keywords: Central bank role, Central bank policy, China, Monetary policy, Bank reforms, Exchange rate flexibility, Financial systems, Flexible exchange rates, Money supply, Inflation targeting

As China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become incre...

Global Impact and Challenges of Unconventional Monetary Policies

Global Impact and Challenges of Unconventional Monetary Policies »

Volume/Issue: 2013/016

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2013

DOI: http://dx.doi.org/10.5089/9781498341394.007

ISBN: 9781498341394

Keywords: Central banks, Financial systems, Fund role, Monetary policy, Spillovers, External sector, Central banking and monetary issues, Fiscal sector, Macroprudential policies and financial stability, asset purchase

This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings...

IMF Governance-Summary of Issues and Reform Options

IMF Governance-Summary of Issues and Reform Options »

Volume/Issue: 2009/002

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 January 2009

DOI: http://dx.doi.org/10.5089/9781498335829.007

ISBN: 9781498335829

Keywords: Board of Governors, Exchange rate policy surveillance, Executive Board, Fund administration, Fund policies, Fund role, Governance, International Monetary and Financial Committee, Managing Director role, Multilateral surveillance

This paper summarizes the main governance challenges and reform options facing the IMF, drawing together the analysis and reform proposals in the reports of the Eminent Persons Group (headed by Trevor Manuel), the...

Key Aspects of Macroprudential Policy

Key Aspects of Macroprudential Policy »

Volume/Issue: 2013/082

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 October 2013

DOI: http://dx.doi.org/10.5089/9781498341707.007

ISBN: 9781498341707

Keywords: Banking sector, Central bank role, Fiscal policy, International financial system, Macroprudential Policy, Monetary policy, Shadow economy, Real sector, Fiscal sector, Financial crises

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on re...

Managing Director's Global Policy Agenda

Managing Director's Global Policy Agenda »

Volume/Issue: 2012/092

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2012

DOI: http://dx.doi.org/10.5089/9781498339735.007

ISBN: 9781498339735

Keywords: Central banks, Emerging markets, Financial safety nets, Financial systems, Fund role, International monetary system, Low-income developing countries, Monetary policy, Surveillance, External sector

The global recovery has suffered new setbacks with uncertainty weighing heavily on confidence and prospects. Output is contracting in the euro area and growth has decelerated in many other advanced economies and ma...

Signaling by the Fund - A Historical Review

Signaling by the Fund - A Historical Review »

Volume/Issue: 2004/026

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2004

DOI: http://dx.doi.org/10.5089/9781498330244.007

ISBN: 9781498330244

Keywords: Exchange rate policy surveillance, Fund role, Fund-supported adjustment programs, Transparency, Use of Fund resources, Financial crises, Financial markets, Economic conditions, Central banks, Macroprudential policies and financial stability

The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both re...

The G-20 Mutual Assessment Process and the Role of the Fund

The G-20 Mutual Assessment Process and the Role of the Fund »

Volume/Issue: 2009/011

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2009

DOI: http://dx.doi.org/10.5089/9781498335089.007

ISBN: 9781498335089

Keywords: Article IV consultations, Executive Board, Executive Board decisions, Fund role, Global Financial Stability Report, Group of Twenty, Multilateral surveillance, Technical Assistance, World Economic Outlook, Macroprudential policies and financial stability

This paper summarizes the Fund staff's understanding of the modalities that the G-20 members intend to follow in their mutual assessment process and what they have requested for this purpose from the Fund. It also...

Strengthening the International Monetary System-A Stocktaking

Strengthening the International Monetary System-A Stocktaking »

Volume/Issue: 2016/015

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2016

DOI: http://dx.doi.org/10.5089/9781498345958.007

ISBN: 9781498345958

Keywords: Business cycles, Capital flows, Central banks, Developed countries, Developing countries, Emerging markets, Fund role, International cooperation, International monetary system, Liquidity

In light of the changing contours of the global economy, this paper provides an overview of the challenges facing the International Monetary System (IMS). It seeks to forge a common understanding of the challenges...