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Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt

Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt »

Source: Strategic Interactions between an Independent Central Bank and a Myopic Government with Government Debt

Volume/Issue: 2008/164

Series: IMF Working Papers

Author(s): Sven Jari Stehn , and David Vines

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870220

Keywords: Monetary and Fiscal Policy, Policy Myopia, Non-cooperative games, Stabilisation Bias, inflation, central bank, monetary policy, aggregate demand, high interest rates,

We analyse optimal discretionary games between a benevolent central bank and a myopic government in a New Keynesian model. First, when lump-sum taxes are available and public debt is absent, we show that a Nash gam...

Stabilization and Growth in Transition Economies

Stabilization and Growth in Transition Economies »

Source: Stabilization and Growth in Transition Economies : The Early Experience

Volume/Issue: 1996/31

Series: IMF Working Papers

Author(s): Stanley Fischer , Carlos Végh Gramont , and Ratna Sahay

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1996

ISBN: 9781451980042

Keywords: high inflation, inflation stabilization, monetary fund, inflation rates

This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly...

Debt Stabilization Bias and the Taylor Principle

Debt Stabilization Bias and the Taylor Principle »

Source: Debt Stabilization Bias and the Taylor Principle : Optimal Policy in a New Keynesian Model with Government Debt and Inflation Persistence

Volume/Issue: 2007/206

Series: IMF Working Papers

Author(s): David Vines , and Sven Jari Stehn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867701

Keywords: Stabilization Bias, control of inflation, aggregate demand, monetary economics,

We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence. Leith and Wren-Lewis (2007) have shown that optimal discretionary policy is subject to a 'debt stab...

Financial Infusion and Exiting from a Money Rule

Financial Infusion and Exiting from a Money Rule »

Source: Financial Infusion and Exiting from a Money Rule

Volume/Issue: 1998/31

Series: IMF Working Papers

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1998

ISBN: 9781451980097

Keywords: Monetary and exchange rate policy, money demand, stabilization, inflation, money growth, money supply

Money demand often surges after successful macroeconomic stabilization. This paper gives a name—financial infusion—to these surges because their size, unpredictability, and concurrence with other &#x2...

Inflation and Growth in Transition

Inflation and Growth in Transition »

Source: Inflation and Growth in Transition : Are the Asian Economies Different?

Volume/Issue: 1999/118

Series: IMF Working Papers

Author(s): Torsten Sloek , and Sanja Kalra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

ISBN: 9781451854060

Keywords: Transition economies, Asia, growth, structural reforms, inflation stabilization, transition countries, relative price

This paper examines the progress made in four Asian transition economies—China, Lao P.D.R., Vietnam, and Mongolia—to market-based systems. Overall, these economies appear to have had a more favorable...

Fiscal Deficits and Inflation

Fiscal Deficits and Inflation »

Source: Fiscal Deficits and Inflation

Volume/Issue: 2003/65

Series: IMF Working Papers

Author(s): Luis Catão , and Marco Terrones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451848700

Keywords: Macroeconomic Stabilization, price inflation, monetary policy, inflation tax, low inflation, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General,

Macroeconomic theory postulates that fiscal deficits cause inflation. Yet empirical research has had limited success in uncovering this relationship. This paper reexamines the issue in light of broader data and a n...

Inflation Targeting and Fiscal Rules

Inflation Targeting and Fiscal Rules »

Source: Inflation Targeting and Fiscal Rules : Do Interactions and Sequencing Matter?

Volume/Issue: 2014/89

Series: IMF Working Papers

Author(s): Jean-Louis Combes , Xavier Debrun , Alexandru Minea , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

ISBN: 9781498322379

Keywords: institutional reform sequencing, inflation, inflation rate, terms of trade, Monetary Policy (Targets, Instruments, and Effects), Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy, Deficit,

The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contr...

India’s Recent Macroeconomic Performance

India’s Recent Macroeconomic Performance »

Source: India's Recent Macroeconomic Performance : An Assessment and Way Forward

Volume/Issue: 2014/68

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Rakesh Mohan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

ISBN: 9781484360675

Keywords: Exchange Rate, Growth, Oil Demand, Savings, inflation, financial stability, real interest rate, real interest rates, Monetary Policy (Targets, Instruments

The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and...

Rethinking Macro Policy II

Rethinking Macro Policy II »

Source: Rethinking Macro Policy II : Getting Granular

Volume/Issue: 2013/3

Series: Staff Discussion Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2013

ISBN: 9781484363478

Keywords: Financial stability, Fiscal consolidation, Central banks and their policies, Central banks, Capital flows, Public debt, Stabilization measures, Fiscal policy, Inflation targeting, Monetary policy

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associ...

Inflation-Forecast Targeting for India

Inflation-Forecast Targeting for India »

Source: Inflation-Forecast Targeting for India : An Outline of the Analytical Framework

Volume/Issue: 2017/32

Series: IMF Working Papers

Author(s): Jaromir Benes , Kevin Clinton , Asish George , Joice John , Ondra Kamenik , Douglas Laxton , Pratik Mitra , G.V. Nadhanael , Hou Wang , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

ISBN: 9781475578690

Keywords: Asia and Pacific, Disinflation, India, Inflation targeting, Forecasting models, Monetary policy, Price stabilization, Central banks and their policies, inflation targeting; Reserve Bank of India; inflation episodes in India; forecasting models; monetary policy models; model calibration; monetary policy rules; monetary policy simulations, Reserve Bank of India

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper d...