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Credit Cyclicality in Chile

Credit Cyclicality in Chile »

Source: Credit Cyclicality in Chile : A Cross-Country Analysis

Volume/Issue: 2008/55

Series: IMF Working Papers

Author(s): Ludvig Söderling

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

ISBN: 9781451869170

Keywords: Credit growth, business cycle, panel VAR, terms of trade shocks, trade shocks, financial stability, competitive pressure,

This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global...

The Drivers of Housing Cycles in Spain1

The Drivers of Housing Cycles in Spain1 »

Source: The Drivers of Housing Cycles in Spain

Volume/Issue: 2009/203

Series: IMF Working Papers

Author(s): Pau Rabanal , and Oriol Aspachs-Bracons

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

ISBN: 9781451873504

Keywords: inflation, monetary shocks, price level, monetary economics, Financial Markets and the Macroeconomy, Open Economy Macroeconomics, Financial Constraints,

Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a curre...

Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations

Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations »

Source: Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations

Volume/Issue: 2010/63

Series: IMF Working Papers

Author(s): Felipe Meza , and Carlos Urrutia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982077

Keywords: Real Exchange Rate, Appreciation, Financial Liberalization, Structural Change, tradable goods, relative price, terms of trade shocks, Open Economy Macroeconomics, Economic Growth and Aggregate Productivity: General,

We account for the appreciation of the real exchange rate in Mexico between 1988 and 2002 using a two sector dynamic general equilibrium model of a small open economy with two driving forces: (i) differential produ...

Incorporating Financial Stability in Inflation Targeting Frameworks

Incorporating Financial Stability in Inflation Targeting Frameworks »

Source: Incorporating Financial Stability in Inflation Targeting Frameworks

Volume/Issue: 2011/224

Series: IMF Working Papers

Author(s): Burcu Aydin , and Engin Volkan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463904326

Keywords: DSGE, financial accelerator, inflation, central bank, monetary shock, Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data), Financial Markets and the Macroeconomy, Monetary Policy

The global financial crisis has exposed the limitations of a conventional inflation targeting (IT) framework in insulating an economy from shocks, and demonstrated that its rigid application may aggravate the effec...

Monetary Policy and Risk-Premium Shocks in Hungary

Monetary Policy and Risk-Premium Shocks in Hungary »

Source: Monetary Policy and Risk-Premium Shocks in Hungary : Results from a Large Bayesian VAR

Volume/Issue: 2011/259

Series: IMF Working Papers

Author(s): Adina Popescu , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463923983

Keywords: Risk premium shocks, Transmission mechanism, Large Bayesian VAR, inflation, central bank, financial stability, foreign currency, General Aggregative Models: Forecasting and Simulation, Money and Interest Rates: Forecasting and Simulation, Bayesian Analysis

We document the transmission of monetary policy and risk-premium shocks in Hungary, by applying recent advances in the Bayesian estimation of large VAR models. The method allows extracting information from over 100...

Fire Sales and the Financial Accelerator

Fire Sales and the Financial Accelerator »

Source: Fire Sales and the Financial Accelerator

Volume/Issue: 2010/141

Series: IMF Working Papers

Author(s): Woon Choi , and David Cook

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

ISBN: 9781455201242

Keywords: fire sales, financial accelerator, endogenous recovery rate, financial shock, liquidity spiral, collateral, inflation, monetary policy, inflation targeting, real interest rates

During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous recovery rates...

Credit Cyclicality in Chile
			: A Cross-Country Analysis

Credit Cyclicality in Chile : A Cross-Country Analysis »

Volume/Issue: 2008/55

Series: IMF Working Papers

Author(s): Ludvig Söderling

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

DOI: http://dx.doi.org/10.5089/9781451869170.001

ISBN: 9781451869170

Keywords: Credit growth, business cycle, panel VAR, terms of trade shocks, trade shocks, financial stability, competitive pressure,

This paper analyzes the determinants of credit cyclicality. It constructs a financial development index and studies whether it affects the amplitude of impulse responses to shocks to output, terms of trade, global...

The Drivers of Housing Cycles in Spain

The Drivers of Housing Cycles in Spain »

Volume/Issue: 2009/203

Series: IMF Working Papers

Author(s): Pau Rabanal , and Oriol Aspachs-Bracons

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873504.001

ISBN: 9781451873504

Keywords: inflation, monetary shocks, price level, monetary economics, Financial Markets and the Macroeconomy, Open Economy Macroeconomics, Financial Constraints,

Since Spain joined the EMU, two main important factors behind the housing boom appear to be the decrease of nominal interest rates and demographic factors. In this paper we estimate a New Keynesian model of a curre...

Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations

Financial Liberalization, Structural Change, and Real Exchange Rate Appreciations »

Volume/Issue: 2010/63

Series: IMF Working Papers

Author(s): Felipe Meza , and Carlos Urrutia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451982077.001

ISBN: 9781451982077

Keywords: Real Exchange Rate, Appreciation, Financial Liberalization, Structural Change, tradable goods, relative price, terms of trade shocks, Open Economy Macroeconomics, Economic Growth and Aggregate Productivity: General,

We account for the appreciation of the real exchange rate in Mexico between 1988 and 2002 using a two sector dynamic general equilibrium model of a small open economy with two driving forces: (i) differential produ...

Incorporating Financial Stability in Inflation Targeting Frameworks

Incorporating Financial Stability in Inflation Targeting Frameworks »

Volume/Issue: 2011/224

Series: IMF Working Papers

Author(s): Burcu Aydin , and Engin Volkan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904326.001

ISBN: 9781463904326

Keywords: DSGE, financial accelerator, inflation, central bank, monetary shock, Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data), Financial Markets and the Macroeconomy, Monetary Policy

The global financial crisis has exposed the limitations of a conventional inflation targeting (IT) framework in insulating an economy from shocks, and demonstrated that its rigid application may aggravate the effec...