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International Spillovers of Macroeconomic Shocks
			: A Quantitative Exploration

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

DOI: http://dx.doi.org/10.5089/9781451852509.001

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...

Government Spending and Inflationary Finance
			: A Public Finance Approach

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

DOI: http://dx.doi.org/10.5089/9781451949025.001

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 »

Volume/Issue: 1988/94

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 October 1988

DOI: http://dx.doi.org/10.5089/9781451950618.001

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 »

Volume/Issue: 1994/75

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1994

DOI: http://dx.doi.org/10.5089/9781451849660.001

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 »

Volume/Issue: 1995/10

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

DOI: http://dx.doi.org/10.5089/9781451842647.001

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...

Japan
			: Selected Issues

Japan : Selected Issues »

Volume/Issue: 2001/220

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 December 2001

DOI: http://dx.doi.org/10.5089/9781451820607.002

ISBN: 9781451820607

Keywords: inflation, monetary policy, nominal interest rates, interest rates, rate of inflation

The paper discusses the cures available for the economic malaise that can arise because nominal interest rates cannot be reduced below zero. However, a sufficiently high rate of target inflation can prevent the occ...

IMF Staff papers
			: Volume 32 No. 3

IMF Staff papers : Volume 32 No. 3 »

Volume: 32

Series: IMF Staff Papers

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1985

DOI: http://dx.doi.org/10.5089/9781451972863.024

ISBN: 9781451972863

Keywords: inflation, nominal interest rate, monetary fund, rate of inflation, real interest rates

The purpose of this paper is to outline a theoretical framework that can serve as a starting point for analyzing interest rate behavior in those developing countries that are in the process of removing controls on...

A Forward-Looking Macroeconomic Simulation Model for a Developing Country

A Forward-Looking Macroeconomic Simulation Model for a Developing Country »

Volume/Issue: 1989/53

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 June 1989

DOI: http://dx.doi.org/10.5089/9781451969849.001

ISBN: 9781451969849

Keywords: exchange rate, foreign exchange, nominal interest rate, money supply, real interest rates

The paper develops a small dynamic macroeconomic simulation model for a representative developing country which relies on familiar macroeconomic theory and in which expectations are formed rationally. The model is...

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

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

DOI: http://dx.doi.org/10.5089/9781451848588.001

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 »

Volume/Issue: 2007/141

Series: IMF Working Papers

Author(s): Pär Österholm , and Erik Hjalmarsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

DOI: http://dx.doi.org/10.5089/9781451867053.001

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...