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Deposit Formation in Georgia

Deposit Formation in Georgia »

Source: Deposit Formation in Georgia

Volume/Issue: 2011/78

Series: IMF Working Papers

Author(s): Robert Tchaidze , and Salome Tvalodze

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455226108

Keywords: currency-deposit ratio, depositary base, real money, nominal interest rate, foreign currency, inflation,

This paper analyzes behavior of the real deposits in Georgia in1996-2009 by modeling demand for the real broad money balances and the cash-deposit ratio. The results suggest that the main factors that affected depo...

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices »

Source: Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices

Volume/Issue: 2007/217

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867817

Keywords: Optimal monetary policy, asset market segmentation, inflation, asset market, market segmentation, nominal interest rate,

This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal m...

Simple Monetary Rules Under Fiscal Dominance

Simple Monetary Rules Under Fiscal Dominance »

Source: Simple Monetary Rules Under Fiscal Dominance

Volume/Issue: 2007/271

Series: IMF Working Papers

Author(s): Michael Kumhof , Ricardo Nunes , and Irina Yakadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2007

ISBN: 9781451868340

Keywords: Optimal simple policy rules, inflation targeting, monetary authority, nominal interest rates,

Is aggressive monetary policy response to inflation feasible in countries that suffer from fiscal dominance? We find that if nominal interest rates are allowed to respond to government debt, even aggressive rules t...

'Monetary and Fiscal Rules in an Emerging Small Open Economy'

'Monetary and Fiscal Rules in an Emerging Small Open Economy' »

Source: 'Monetary and Fiscal Rules in an Emerging Small Open Economy'

Volume/Issue: 2009/22

Series: IMF Working Papers

Author(s): Paul Levine , Joseph Pearlman , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871692

Keywords: emerging economies, fiscal and monetary rules, financial accelerator, liability dollarization, inflation, fiscal rule, nominal interest rate,

We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensure...

Contractionary Devaluation in Developing Countries

Contractionary Devaluation in Developing Countries »

Source: Contractionary Devaluation in Developing Countries : An Analytic Overview

Volume/Issue: 1988/51

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 1988

ISBN: 9781451970524

Keywords: imported inputs, aggregate demand, nominal interest rate, terms of trade, relative price

This paper evaluates the growing literature on whether devaluation has contractionary effects on output in developing countries. It explores the nature of the links between the exchange rate and real output within...

The Inverted Fisher Hypothesis

The Inverted Fisher Hypothesis »

Source: The Inverted Fisher Hypothesis : Inflation Forecastability and Asset Substitution"

Volume/Issue: 2000/194

Series: IMF Working Papers

Author(s): Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2000

ISBN: 9781451859850

Keywords: Inverted Fisher hypothesis, asset substitution, inflation forecastability, switching regression, threshold effect, nominal interest rate, inflation process, high inflation, inflation rate

This paper examines the implications of inflation persistence for the inverted Fisher hypothesis that nominal interest rates do not adjust to inflation because of a high degree of substitutability between money and...

Structural Reforms in the Euro Area

Structural Reforms in the Euro Area »

Source: Structural Reforms in the Euro Area : Economic Impact and Role of Synchronization Across Markets and Countries

Volume/Issue: 2006/137

Series: IMF Working Papers

Author(s): Luc Everaert , and Werner Schule

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451863970

Keywords: markups, labor market, real interest rate, nominal interest rate, inflation, Forecasting and Other Model Applications, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these marke...

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies »

Source: Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Volume/Issue: 2012/121

Series: IMF Working Papers

Author(s): Luis-Felipe Zanna , and Marco Airaudo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503500

Keywords: Small Open Economy, Interest Rate Rules, Taylor Rules, Multiple Equilibria, Chaos, Cycles and Endogenous Fluctuations, inflation, nominal interest rate, open economy, trade openness

We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest r...

Inflation and Public Debt Reversals in the G7 Countries1

Inflation and Public Debt Reversals in the G7 Countries1 »

Source: Inflation and Public Debt Reversals in the G7 Countries

Volume/Issue: 2014/96

Series: IMF Working Papers

Author(s): Bernardin Akitoby , Takuji Komatsuzaki , and Ariel Binder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2014

ISBN: 9781498369954

Keywords: debt drisis, G7, soverign debt, average inflation, nominal interest rates, real interest rates, increase in inflation, International Lending and Debt Problems,

This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the average net debt-...

An Estimated Model with Macrofinancial Linkages for India

An Estimated Model with Macrofinancial Linkages for India »

Source: An Estimated Model with Macrofinancial Linkages for India

Volume/Issue: 2010/21

Series: IMF Working Papers

Author(s): Magnus Saxegaard , Rahul Anand , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

ISBN: 9781451962321

Keywords: financial accelerator, macro-financial linkages, optimal policy, bayesian estimation, inflation, foreign currency, nominal interest rate, monetary economics,

This paper develops a small open economy dynamic stochastic general-equilibrium model with macrofinancial linkages. The model includes a financial accelerator--entrepreneurs are assumed to partially finance investm...