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How to Fight Deflation in a Liquidity Trap

How to Fight Deflation in a Liquidity Trap »

Source: How to Fight Deflation in a Liquidity Trap : Committing to Being Irresponsible

Volume/Issue: 2003/64

Series: IMF Working Papers

Author(s): Gauti Eggertsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

ISBN: 9781451848588

Keywords: liquidity traps, zero bound on nominal interest rates, inflation, money supply, central bank, nominal interest rate, zero bound on nominal rates,

I model deflation, at zero nominal interest rate, in a microfounded general equilibrium model. I show that deflation can be analyzed as a credibility problem if the government has only one policy instrument, money...

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...

Why is Canada's Price Level So Predictable?

Why is Canada's Price Level So Predictable? »

Source: Why is Canada's Price Level So Predictable?

Volume/Issue: 2008/25

Series: IMF Working Papers

Author(s): Vladimir Klyuev , Heesun Kiem , Ondrej Kamenik , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2008

ISBN: 9781451868876

Keywords: Price level targeting, Bayesian estimation, inflation, price level, monetary policy, real interest rate, nominal interest rate,

One of the pioneers of inflation targeting (IT), the Bank of Canada is now considering a possibility of switching to price-level-path targeting (PLPT), where past deviations of inflation from the target would have...

Liability Dollarization and the Bank Balance Sheet Channel

Liability Dollarization and the Bank Balance Sheet Channel »

Source: Liability Dollarization and the Bank Balance Sheet Channel

Volume/Issue: 2002/141

Series: IMF Working Papers

Author(s): David Cook , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2002

ISBN: 9781451856194

Keywords: bank balance sheet channel, exchange rate, inflation, nominal exchange rate, real interest rate,

Banks in developing economies often face a mismatch in the currency denomination of their liabilities (foreign currency denominated debt) and assets (domestic currency loans to domestic borrowers). We study the eff...

Losing Credibility

Losing Credibility »

Source: Losing Credibility : The Stabilization Blues

Volume/Issue: 1992/73

Series: IMF Working Papers

Author(s): Pablo Guidotti , and Carlos Végh Gramont

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1992

ISBN: 9781451958591

Keywords: exchange rate, balance of payments, balance of payments crisis, nominal interest rate, real exchange rate

In exchange rate-based stabilization programs, credibility often follows a distinct time pattern. At first it rises as the highly visible nominal anchor provides a sense of stability and hopes run high for a perman...

Monetary Policy in a Small Open Economy with Credit Goods Production

Monetary Policy in a Small Open Economy with Credit Goods Production »

Source: Monetary Policy in a Small Open Economy with Credit Goods Production

Volume/Issue: 1998/153

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781451922448

Keywords: Cash goods, credit goods, small open economy, nominal interest rate, inflation rate, monetary aggregate

The paper analyzes the effects of monetary policy in a dynamic model of a small open economy with cash and credit goods production, where government consumption is financed by seignorage. It shows that the interrel...

Controlling Inflation

Controlling Inflation »

Source: Controlling Inflation : The Problem of Non-Indexed Debt

Volume/Issue: 1988/29

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 1988

ISBN: 9781451980578

Keywords: inflation, nominal interest rate, rate of inflation, price level, monetary balances

We show that the presence of nominal non-indexed government debt could give rise to more than one equilibrium inflation rate. Conditions for this to occur are discussed in terms of ad hoc and micro-founded models....

Monetary Policy Rules and the U.S. Business Cycle

Monetary Policy Rules and the U.S. Business Cycle »

Source: Monetary Policy Rules and the U.S. Business Cycle : Evidence and Implications

Volume/Issue: 2004/164

Series: IMF Working Papers

Author(s): Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451858020

Keywords: Switching Regime Models, Time-Varying Coefficients, Taylor Rule, inflation, central bank, nominal interest rate, real interest rate,

This paper estimates Taylor-type interest rates for the United States allowing for both time and state dependence. It provides evidence that the coefficients of the Taylor rule change significantly over time, and t...

The Impact of Foreign Interest Rateson the Economy

The Impact of Foreign Interest Rateson the Economy »

Source: The Impact of Foreign Interest Rateson the Economy : The Role of the Exchange Rate Regime

Volume/Issue: 2006/37

Series: IMF Working Papers

Author(s): Julian Di Giovanni , and Jay Shambaugh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451862973

Keywords: Exchange rate regime, international transmission, exchange rate, inflation, nominal interest rate, Macroeconomic Aspects Of International Trade And Finance,

This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high large-country interest rates have a contractionar...

Monetary Policy and the Lost Decade

Monetary Policy and the Lost Decade »

Source: Monetary Policy and the Lost Decade : Lessons from Japan

Volume/Issue: 2009/232

Series: IMF Working Papers

Author(s): Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

ISBN: 9781451873795

Keywords: liquidity trap, Bayesian econometrics, inflation, inflation target, price level, nominal interest rates,

This paper investigates how monetary policy can help ward off a protracted deflationary slump when policy rates are near the zero bound by studying the experience of Japan during the "Lost Decade" which followed th...