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Transparency and Monetary Policy with Imperfect Common Knowledge

Transparency and Monetary Policy with Imperfect Common Knowledge »

Volume/Issue: 2010/91

Series: IMF Working Papers

Author(s): Mauro Roca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

DOI: http://dx.doi.org/10.5089/9781451982572.001

ISBN: 9781451982572

Keywords: Social Value of Public Information, price level, inflation, monetary authority, Macroeconomics and Monetary Economics: General, Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data)

Is it desirable that central banks be more transparent in the communication of sensible information when agents have diverse private information? In practice, there exists some consensus about the benefits of actin...

Fire Sales and the Financial Accelerator

Fire Sales and the Financial Accelerator »

Volume/Issue: 2010/141

Series: IMF Working Papers

Author(s): Woon Choi , and David Cook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

DOI: http://dx.doi.org/10.5089/9781455201242.001

ISBN: 9781455201242

Keywords: fire sales, financial accelerator, endogenous recovery rate, financial shock, liquidity spiral, collateral, inflation, monetary policy, inflation targeting, real interest rates

During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous recovery rates...

The Impact of Changes in Stock Prices and House Priceson Consumption in OECD Countries

The Impact of Changes in Stock Prices and House Priceson Consumption in OECD Countries »

Volume/Issue: 2002/1

Series: IMF Working Papers

Author(s): Alexander Ludwig , and Torsten Sloek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

DOI: http://dx.doi.org/10.5089/9781451841640.001

ISBN: 9781451841640

Keywords: wealth effect, panel cointegration, stock market, statistics, financial systems, stock prices, equation, Macroeconomics: Consumption, Saving, Production

This paper quantifies the different impact of stock and house prices on consumption using data for 16 OECD countries. The analysis finds that the long-run impact of an increase in stock prices and house prices is i...

Population Aging and its Macroeconomic Implications
			: A Framework for Analysis

Population Aging and its Macroeconomic Implications : A Framework for Analysis »

Volume/Issue: 2002/16

Series: IMF Working Papers

Author(s): Hamid Faruqee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451843415.001

ISBN: 9781451843415

Keywords: Population Aging, saving, birth rate, birth, birth ? rate, birth rates, population growth, Macroeconomics: Consumption, Production, Employment

This paper develops a model to examine the macroeconomic implications of population aging. Using a general equilibrium framework, the analysis examines the various channels through which changes in demographics aff...

Hong Kong Special Administrative Region
			: Macroeconomic Impact of an Aging Population in a Highly Open Economy

Hong Kong Special Administrative Region : Macroeconomic Impact of an Aging Population in a Highly Open Economy »

Volume/Issue: 2006/87

Series: IMF Working Papers

Author(s): Lamin Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

DOI: http://dx.doi.org/10.5089/9781451863475.001

ISBN: 9781451863475

Keywords: Productivity Growth, Fiscal Impact, Health Care Costs, pension, health care, elderly, dependency, Macroeconomics: Consumption, Saving, Production

Hong Kong SAR's population is aging rapidly. This paper concludes that, without a change in policies, aging could adversely affect growth and living standards. While higher labor productivity growth and increased m...

Debt, Deficits, and Age-Specific Mortality

Debt, Deficits, and Age-Specific Mortality »

Volume/Issue: 2002/19

Series: IMF Working Papers

Author(s): Hamid Faruqee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451843750.001

ISBN: 9781451843750

Keywords: Ricardian Equivalence, Saving, mortality rates, mortality rate, birth, birth rate, death rate, Macroeconomics: Consumption, Production, Employment

This paper develops an overlapping agents model with age-specific mortality rates. The analytical framework also nests Blanchard's (1985) "perpetual youth" model as a special, though perhaps not realistic, case. Wi...

An Interim Assessment of Ukrainian Output Developments, 2000-01

An Interim Assessment of Ukrainian Output Developments, 2000-01 »

Volume/Issue: 2002/97

Series: IMF Working Papers

Author(s): J. E. J. De Vrijer , Katrin Elborgh-Woytek , Julian Berengaut , Bogdan Lissovolik , and Mark Lewis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2002

DOI: http://dx.doi.org/10.5089/9781451852035.001

ISBN: 9781451852035

Keywords: transition, growth, export market, export performance, export growth, export volume, world market, Socialist Systems and Transitional Economies: General, Macroeconomics: Consumption, Saving

After a long period of steep decline which followed the breakup of the Soviet Union, Ukraine's economy rebounded in 2000, and the recovery accelerated in 2001. The paper examines the timing and the nature of the re...

How Much Is Enough? Monte Carlo Simulations of an Oil Stabilization Fund for Nigeria

How Much Is Enough? Monte Carlo Simulations of an Oil Stabilization Fund for Nigeria »

Volume/Issue: 2006/142

Series: IMF Working Papers

Author(s): Ulrich Bartsch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864021.001

ISBN: 9781451864021

Keywords: Oil stabilization fund, Monte Carlo simulation, fiscal policy, fiscal spending, government spending, government revenue, Macroeconomics: Consumption, Saving, Production, Employment

In oil-dependent countries, a major issue is how to stabilize fiscal spending when government revenue fluctuates along with the international price of oil. A stabilization fund would allow the government to pull th...

The Role of Monthly Economic Statistical Bulletins

The Role of Monthly Economic Statistical Bulletins »

Volume/Issue: 2002/9

Series: IMF Policy Discussion Papers

Author(s): Claudia Dziobek , and Mei Jin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2002

DOI: http://dx.doi.org/10.5089/9781451970562.003

ISBN: 9781451970562

Keywords: Central banks and their policies, Technical Assistance, Economic information, statistical capacity building, central banks, central bank, balance of payments, industrial countries, government debt, Relation of Economics to Social Values

Monthly economic statistical bulletins issued by central banks and national statistical offices, the focus of this study, are well established in countries with advanced statistical systems. Such bulletins present...

Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances

Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances »

Volume/Issue: 2012/38

Series: IMF Working Papers

Author(s): Bertrand Gruss , and Jose L. Torres

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933814.001

ISBN: 9781463933814

Keywords: growth, entrepreneurs, entrepreneurial ability, Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances, Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data), Fiscal Policies and Behavior of Economic Agents: General

In this paper we use a general equilibrium model with heterogeneous agents to assess the macroeconomic and welfare consequences in the United States of alternative fiscal policies over the medium-term. We find that...