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Macroeconomic Responses to Terms-of-Trade Shocks

Macroeconomic Responses to Terms-of-Trade Shocks »

Source: Macroeconomic Responses to Terms-of-Trade Shocks : A Framework for Policy Analysis for the Argentine Economy

Volume/Issue: 2009/117

Series: IMF Working Papers

Author(s): Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

ISBN: 9781451872644

Keywords: inflationary pressures, nominal interest rates

This paper presents a version of the global integrated monetary fiscal (GIMF) model adapted and calibrated to the Argentine economy. The model replicates the effect of the strong improvement in Argentina's terms of...

Interest Rate Policy in Central and Eastern Europe

Interest Rate Policy in Central and Eastern Europe »

Source: Interest Rate Policy in Central and Eastern Europe : The Influence of Monetary Overhangs and Weak Enterprise Discipline

Volume/Issue: 1992/68

Series: IMF Working Papers

Author(s): Susan Schadler , and Adam Bennett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1992

ISBN: 9781451848946

Keywords: interest rates, nominal interest rates, real interest rates, nominal interest rate

Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrumen...

Optimal Taxation Policies in the EMS

Optimal Taxation Policies in the EMS »

Source: Optimal Taxation Policies in the EMS : A Two-Country Model of Public Finance

Volume/Issue: 1989/40

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 1989

ISBN: 9781451976977

Keywords: inflation, inflation tax, nominal interest rate, inflation rates, nominal interest rates

This paper analyzes, in a public finance context, how the optimal use of the inflation and the consumption tax is affected by incorporating into the model constraints on policy decisions that are likely to develop...

International Spillovers of Macroeconomic Shocks

International Spillovers of Macroeconomic Shocks »

Source: International Spillovers of Macroeconomic Shocks : A Quantitative Exploration

Volume/Issue: 2000/101

Series: IMF Working Papers

Author(s): Douglas Laxton , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451852509

Keywords: Macroeconomic shocks, international spillovers, nominal interest rate floor, macroeconometric simulations, inflation, nominal interest rates, nominal interest rate, monetary policy, unemployment rate

This paper provides a quantitative exploration of international spillovers of macroeconomic shocks among the major industrial economies. The particular topical example analyzed here concerns the possible effects on...

Money Supply and Interest Rate Policy in a New-Keynesian Framework1/

Money Supply and Interest Rate Policy in a New-Keynesian Framework1/ »

Source: Money Supply and Interest Rate Policy in a New-Keynesian Framework

Volume/Issue: 1990/119

Series: IMF Working Papers

Author(s): Guillermo Calvo , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1990

ISBN: 9781451940039

Keywords: inflation, nominal interest rate, inflation rate, real money

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

Government Spending and Inflationary Finance

Government Spending and Inflationary Finance »

Source: Government Spending and Inflationary Finance : A Public Finance Approach

Volume/Issue: 1988/98

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 November 1988

ISBN: 9781451949025

Keywords: government spending, inflation, inflation tax, nominal interest rate, public finance

This paper analyzes the relationship between inflation tax and the level of government spending in a public finance context. The key feature of the model developed is that it recognizes the possibility that convent...

Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses

Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses »

Source: Nominal Interest Rate Pegging Under Alternative Expectations Hypotheses

Volume/Issue: 1988/94

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 1988

ISBN: 9781451950618

Keywords: nominal interest rate, equation, inflation, price level, equations

Nominal interest rate pegging leads to instability in an IS-LM model with a vertical long-run Phillips curve and backward-looking inflation expectations. However, it does not lead to instability in several large mu...

The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs »

Source: The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

Volume/Issue: 1994/75

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1994

ISBN: 9781451849660

Keywords: nominal interest rate, bonds, foreign bonds, real money

This paper examines the behavior of real interest rates in exchange-rate based stabilization programs. The analysis is based on a model with imperfect capital mobility and optimizing agents. A permanent reduction i...

Wage Contracts, Capital Mobility, and Macroeconomic Policy

Wage Contracts, Capital Mobility, and Macroeconomic Policy »

Source: Wage Contracts, Capital Mobility, and Macroeconomic Policy

Volume/Issue: 1995/10

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

ISBN: 9781451842647

Keywords: wage, export sector, transactions costs, nominal interest rate

This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, th...

Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated

Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated »

Source: Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated

Volume/Issue: 2007/141

Series: IMF Working Papers

Author(s): Pär Österholm , and Erik Hjalmarsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867053

Keywords: cointegration, inflation, nominal interest rate, equation, nominal interest rates, Near-unit-roots, Spurious Rejection, Monte Carlo Simulations,

We investigate the properties of Johansen's (1988, 1991) maximum eigenvalue and trace tests for cointegration under the empirically relevant situation of near-integrated variables. Using Monte Carlo techniques, we...