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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...

Lower Bound Beliefs and Long-Term Interest Rates*

Lower Bound Beliefs and Long-Term Interest Rates* »

Source: Lower Bound Beliefs and Long-Term Interest Rates

Volume/Issue: 2017/62

Series: IMF Working Papers

Author(s): Christian Grisse , Signe Krogstrup , and Silvio Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2017

ISBN: 9781475588224

Keywords: Monetary policy, Negative interest rates, lower bound, yield curve, term structure, Monetary Policy (Targets, Instruments, and Effects)

We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structu...

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 »

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

DOI: http://dx.doi.org/10.5089/9781484345313.001

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...

Frontiers of Monetary Policymaking

Frontiers of Monetary Policymaking »

Source: Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Lower Bound Beliefs and Long-Term Interest Rates

Lower Bound Beliefs and Long-Term Interest Rates »

Volume/Issue: 2017/62

Series: IMF Working Papers

Author(s): Christian Grisse , Signe Krogstrup , and Silvio Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 March 2017

DOI: http://dx.doi.org/10.5089/9781475588224.001

ISBN: 9781475588224

Keywords: Monetary policy, Negative interest rates, lower bound, yield curve, term structure, Monetary Policy (Targets, Instruments, and Effects)

We study the transmission of changes in the believed location of the lower bound to longterm interest rates since the introduction of negative interest rate policies. The expectations hypothesis of the term structu...

Frontiers of Monetary Policymaking
			: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic

Frontiers of Monetary Policymaking : Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic »

Volume/Issue: 2015/74

Series: IMF Working Papers

Author(s): Ali Alichi , Jaromir Benes , Joshua Felman , Irene Feng , Charles Freedman , Douglas Laxton , Evan Tanner , David Vavra , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2015

DOI: http://dx.doi.org/10.5089/9781475532371.001

ISBN: 9781475532371

Keywords: Inflation-Forecast Targeting, exchange rate tool, zero lower bound, forward guidance, central bank communications, inflation, exchange, exchange rate, interest, Monetary Policy (Targets

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in addi...

Rethinking Macro Policy II

Rethinking Macro Policy II »

Source: Rethinking Macro Policy II : Getting Granular

Volume/Issue: 2013/3

Series: Staff Discussion Notes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...

Rethinking Macro Policy II
			: Getting Granular

Rethinking Macro Policy II : Getting Granular »

Volume/Issue: 2013/3

Series: Staff Discussion Notes

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

DOI: http://dx.doi.org/10.5089/9781484363478.006

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...