Search Results

You are looking at 1 - 10 of 120 items :

  • Keyword: Monetary Policy x
  • Business and Economy x
  • Economics - Macroeconomics x
  • Keywords: Monetary Policy (Targets x
Clear All Modify Search
What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure*

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure* »

Source: What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure

Volume/Issue: 2018/211

Series: IMF Working Papers

Author(s): Tim Willems

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

ISBN: 9781484378229

Keywords: Output, Inflation, Monetary policy, Monetary Policy (Targets, Instruments, and Effects)

As the 'Volcker shock' is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach...

Monetary Policy and the Relative Price of Durable Goods*

Monetary Policy and the Relative Price of Durable Goods* »

Source: Monetary Policy and the Relative Price of Durable Goods

Volume/Issue: 2017/290

Series: IMF Working Papers

Author(s): Alessandro Cantelmo , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

ISBN: 9781484335451

Keywords: Monetary policy, durables, nondurables, price stickiness, relative price, Monetary Policy (Targets, Instruments, and Effects)

In a SVAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house...

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania »

Source: The Effective Lower Bound for the Policy Rate in Euroized Economies-An Application to the Case of Albania

Volume/Issue: 2018/55

Series: IMF Working Papers

Author(s): Guido della Valle , Erald Themeli , Romain Veyrune , Ezequiel Cabezon , and Shaoyu Guo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2018

ISBN: 9781484345313

Keywords: Monetary policy, Europe, Albania, interest rate lower bound, euroization, Monetary Policy (Targets, Instruments, and Effects), Albania

Based on the experience of the Bank of Albania, the paper proposes a framework to estimate the interest rate lower bound in small, open, and euroized economies. The paper introduces a stylized monitoring tool to as...

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis1

Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis1 »

Source: Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis

Volume/Issue: 2017/213

Series: IMF Working Papers

Author(s): Hippolyte Balima , Eric Kilama , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320754

Keywords: Central banks and their policies, Inflation targeting, Meta-regression analysis, Monetary Policy (Targets, Instruments, and Effects)

Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequ...

Policy Uncertainty in Japan

Policy Uncertainty in Japan »

Source: Policy Uncertainty in Japan

Volume/Issue: 2017/128

Series: IMF Working Papers

Author(s): Elif Arbatli , Steven Davis , Arata Ito , Naoko Miake , and Ikuo Saito

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 May 2017

ISBN: 9781484300671

Keywords: Asia and Pacific, Japan, Policy uncertainty, aggregate investment, General, Monetary Policy (Targets, Instruments, and Effects)

We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that c...

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy »

Source: Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy

Volume/Issue: 2018/242

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2018

ISBN: 9781484382370

Keywords: Term premiums, Phillips curve, Low-for-long, Monetary Policy (Targets, Instruments, and Effects), Asset Pricing

Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows in...

Expectations' Anchoring and Inflation Persistence*

Expectations' Anchoring and Inflation Persistence* »

Source: Expectations' Anchoring and Inflation Persistence

Volume/Issue: 2018/280

Series: IMF Working Papers

Author(s): Rudolfs Bems , Francesca Caselli , Francesco Grigoli , Bertrand Gruss , and Weicheng Lian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

ISBN: 9781484388846

Keywords: Inflation expectations, Inflation persistence, Anchoring, credibility, terms of trade, Monetary Policy (Targets, Instruments, and Effects)

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation....

Inflation News and Euro Area Inflation Expectations

Inflation News and Euro Area Inflation Expectations »

Source: Inflation News and Euro Area Inflation Expectations

Volume/Issue: 2018/167

Series: IMF Working Papers

Author(s): Juan Angel Garcia , and Sebastian Werner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2018

ISBN: 9781484363010

Keywords: Inflation, Monetary policy, Central banks and their policies, market-based inflation expectations, macroeconomic news, Monetary Policy (Targets, Instruments, and Effects)

Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sens...

Sectoral Labor Mobility and Optimal Monetary Policy*

Sectoral Labor Mobility and Optimal Monetary Policy* »

Source: Sectoral Labor Mobility and Optimal Monetary Policy

Volume/Issue: 2017/40

Series: IMF Working Papers

Author(s): Alessandro Cantelmo , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 March 2017

ISBN: 9781475584783

Keywords: Central banks and their policies, Labor mobility, Optimal monetary policy, durable goods, DSGE, Monetary Policy (Targets, Instruments, and Effects)

In an estimated two-sector New-Keynesian model with durable and nondurable goods, an inverse relationship between sectoral labor mobility and the optimal weight the central bank should attach to durables inflation...

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure

What Do Monetary Contractions Do? Evidence From An Algorithmic Identification Procedure »

Volume/Issue: 2018/211

Series: IMF Working Papers

Author(s): Tim Willems

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2018

DOI: http://dx.doi.org/10.5089/9781484378229.001

ISBN: 9781484378229

Keywords: Output, Inflation, Monetary policy, Monetary Policy (Targets, Instruments, and Effects)

As the 'Volcker shock' is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach...