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Asymmetry in the U.S. Output-Inflation Nexus

Asymmetry in the U.S. Output-Inflation Nexus »

Source: Asymmetry in the U.S. Output-Inflation Nexus : Issues and Evidence

Volume/Issue: 1995/76

Series: IMF Working Papers

Author(s): Douglas Laxton , Peter Clark , and David Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1995

ISBN: 9781451849813

Keywords: aggregate demand, inflation process, monetary authority

This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process, which implies that excess demand conditions are much more inflationary t...

Capacity Constraints, Inflation and the Transmission Mechanism

Capacity Constraints, Inflation and the Transmission Mechanism »

Source: Capacity Constraints, Inflation and the Transmission Mechanism : Forward-Looking Versus Myopic Policy Rules

Volume/Issue: 1995/75

Series: IMF Working Papers

Author(s): Peter Clark , Douglas Laxton , and David Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1995

ISBN: 9781451849677

Keywords: aggregate demand, inflation process, monetary authorities

This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy rules are conside...

World Commodity Prices as a Forecasting Tool for Retail Prices

World Commodity Prices as a Forecasting Tool for Retail Prices »

Source: World Commodity Prices as a Forecasting Tool for Retail Prices : Evidence From the United Kingdom

Volume/Issue: 1997/70

Series: IMF Working Papers

Author(s): John Thornton , and Alicia García-Herrero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1997

ISBN: 9781451960471

Keywords: Commodity prices, inflation, monetary authorities, inflation targeting, aggregate demand

This paper investigates, using cointegration and Granger-causality techniques, whether a stable long-run co-movement exists between world commodity prices and U.K. retail prices, and whether short-run changes in co...

Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks

Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks »

Source: Selected Issues Concerning Monetary Policy and Institutional Design for Central Banks : A Review of Theories

Volume/Issue: 2000/140

Series: IMF Working Papers

Author(s): Christian Beddies

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2000

ISBN: 9781451856118

Keywords: time inconsistency, coordination, inflation, central bank, inflation target, monetary authority

In the past decades, much work has been geared toward solving the problem of time inconsistency in monetary policy and analyzing the coordination problem between fiscal and monetary policy. This paper provides a re...

Testing the Credibility of Belgium's Exchange Rate Policy

Testing the Credibility of Belgium's Exchange Rate Policy »

Source: Testing the Credibility of Belgium's Exchange Rate Policy

Volume/Issue: 1993/76

Series: IMF Working Papers

Author(s): Ioannis Halikias

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1993

ISBN: 9781451849790

Keywords: exchange rate, inflation, monetary authorities, exchange rate movements

This paper examines the credibility of the exchange rate policy pursued by the Belgian monetary authorities of pegging the Belgian franc to a narrow fluctuation band around the deutsche mark, in the context of the...

The Fisher Hypothesis and Inflation Persistence

The Fisher Hypothesis and Inflation Persistence »

Source: The Fisher Hypothesis and Inflation Persistence : Evidence From Five Major Industrial Countries

Volume/Issue: 1995/118

Series: IMF Working Papers

Author(s): Wensheng Peng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1995

ISBN: 9781451940824

Keywords: nominal interest rates, nominal interest rate, monetary authorities, inflation rates

This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major indust...

Core Inflation Measures and Statistical Issues in Choosing Among Them

Core Inflation Measures and Statistical Issues in Choosing Among Them »

Source: Core Inflation Measures and Statistical Issues in Choosing Among Them

Volume/Issue: 2006/97

Series: IMF Working Papers

Author(s): Mick Silver

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2006

ISBN: 9781451863574

Keywords: Core Inflation, Core CPI, central bank, money supply, monetary authorities,

This paper provides an overview of statistical measurement issues relating to alternative measures of core inflation, and the criteria for choosing among them. The approaches to measurement considered include exclu...

Optimal Monetary Policy with Overlapping Generations of Policymakers

Optimal Monetary Policy with Overlapping Generations of Policymakers »

Source: Optimal Monetary Policy with Overlapping Generations of Policymakers

Volume/Issue: 2010/32

Series: IMF Working Papers

Author(s): Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451962642

Keywords: Monetary Policy Committee, Commitment, Discretion, Optimal Monetary Policy, inflation, monetary authority, monetary economics,

In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finit...

The Macroeconomic Effects of Higher Oil Prices

The Macroeconomic Effects of Higher Oil Prices »

Source: The Macroeconomic Effects of Higher Oil Prices

Volume/Issue: 2001/14

Series: IMF Working Papers

Author(s): Peter Isard , Benjamin Hunt , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2001

ISBN: 9781451843125

Keywords: oil price shocks, MULTIMOD, inflation, monetary authorities, inflation target, monetary fund,

The paper uses MULTIMOD to analyze the macroeconomic effects of oil price shocks, distinguishing between temporary, more persistent, and permanent shocks. It provides perspectives on several findings in the literat...

Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility

Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility »

Source: Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility

Volume/Issue: 2001/7

Series: IMF Working Papers

Author(s): Peter Isard , Douglas Laxton , and Ann-Charlotte Eliasson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

ISBN: 9781451842418

Keywords: monetary policy rules, credibility, NAIRU uncertainty, inflation, inflation rate, monetary authorities, Model Construction and Estimation,

Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflatio...