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Should Unconventional Monetary Policies Become Conventional?*

Should Unconventional Monetary Policies Become Conventional?* »

Source: Should Unconventional Monetary Policies Become Conventional?

Volume/Issue: 2017/85

Series: IMF Working Papers

Author(s): Dominic Quint , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2017

ISBN: 9781475591330

Keywords: United States, Banking, Western Hemisphere, Unconventional Monetary Policy, Optimal Rules, Time-Series Models, Monetary Policy (Targets, Instruments, and Effects)

The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect...

Leaning Against Windy Bank Lending*

Leaning Against Windy Bank Lending* »

Source: Leaning Against Windy Bank Lending

Volume/Issue: 2017/179

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

ISBN: 9781484312674

Keywords: United States, Western Hemisphere, lending relationships, credit growth, leaning against the wind, Bayesian estimation, optimal monetary policy, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows...

Pension Reform Options in Chile

Pension Reform Options in Chile »

Source: Pension Reform Options in Chile : Some Tradeoffs

Volume/Issue: 2017/53

Series: IMF Working Papers

Author(s): Marika Santoro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

ISBN: 9781475586206

Keywords: Pension reforms, Chile, Pensions, Private savings, Fiscal policy, Monetary policy, Indirect taxation, Macro-fiscal analysis, General equilibrium models, macroeconomic analysis

In this paper, we study the macroeconomic impact of pension reform options in Chile, using a dynamic general equilibrium model. The main reform proposal considers raising contributions (employer side) and vehicle a...

Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union

Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union »

Source: Tax Coordination, Tax Competition, and Revenue Mobilization in the West African Economic and Monetary Union

Volume/Issue: 2013/163

Series: IMF Working Papers

Author(s): Mario Mansour , and Gregoire Rota Graziosi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2013

ISBN: 9781484354216

Keywords: Revenue mobilization, Tax policy, Tax revenues, West African Economic and Monetary Union, tax coordination, tax harmonization, tax competition

We review the current state of the West African Economic and Monetary Union's tax coordination framework, against the main objectives of the WAEMU Treaty of 1994: reduce distortions to intra-community trade, and mo...

Multivariate Filter Estimation of Potential Output for the United States

Multivariate Filter Estimation of Potential Output for the United States »

Source: Multivariate Filter Estimation of Potential Output for the United States

Volume/Issue: 2017/106

Series: IMF Working Papers

Author(s): Ali Alichi , Olivier Bizimana , Douglas Laxton , Kadir Tanyeri , Hou Wang , Jiaxiong Yao , and Fan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2017

ISBN: 9781475598384

Keywords: United States, Western Hemisphere, Potential output, Macroeconomic Modeling, Model Construction and Estimation, Monetary Policy (Targets, Instruments, and Effects)

Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on capacity utilization, this paper extends the multivariate filter developed by La...

Quantitative Easing and Long-Term Yields in Small Open Economies*

Quantitative Easing and Long-Term Yields in Small Open Economies* »

Source: Quantitative Easing and Long-Term Yields in Small Open Economies

Volume/Issue: 2017/212

Series: IMF Working Papers

Author(s): Antonio Diez de los Rios , and Maral Shamloo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2017

ISBN: 9781484320730

Keywords: Europe, Sweden, Switzerland, Central banks and their policies, United Kingdom, United States, Western Hemisphere, Unconventional monetary policy, event study, signaling

We compare the effectiveness of Federal Reserve's asset purchase programs in lowering longterm yields with that of similar programs implemented by the Bank of England, the Swedish Riksbank, and the Swiss National B...

Potential Output Growth Estimates for Central America and the Dominican Republic1

Potential Output Growth Estimates for Central America and the Dominican Republic1 »

Source: Potential Output Growth Estimates for Central America and the Dominican Republic

Volume/Issue: 2016/250

Series: IMF Working Papers

Author(s): Roberto Garcia-Saltos , Fan Zhang , and Iulia Ruxandra Teodoru

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2016

ISBN: 9781475563153

Keywords: Potential output, Parameter estimation, Central America, Cross country analysis, Dominican Republic, Economic growth, Productivity, Econometric models, Western Hemisphere, macroeconomic modeling

This paper presents estimates of potential output for all Central American economies. Our findings are that potential output growth has declined in recent years in most economies of Central America. Lower capital a...

Should Unconventional Monetary Policies Become Conventional?

Should Unconventional Monetary Policies Become Conventional? »

Volume/Issue: 2017/85

Series: IMF Working Papers

Author(s): Dominic Quint , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2017

DOI: http://dx.doi.org/10.5089/9781475591330.001

ISBN: 9781475591330

Keywords: United States, Banking, Western Hemisphere, Unconventional Monetary Policy, Optimal Rules, Time-Series Models, Monetary Policy (Targets, Instruments, and Effects)

The large recession that followed the Global Financial Crisis of 2008-09 triggered unprecedented monetary policy easing around the world. Most central banks in advanced economies deployed new instruments to affect...

Leaning Against Windy Bank Lending

Leaning Against Windy Bank Lending »

Volume/Issue: 2017/179

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 July 2017

DOI: http://dx.doi.org/10.5089/9781484312674.001

ISBN: 9781484312674

Keywords: United States, Western Hemisphere, lending relationships, credit growth, leaning against the wind, Bayesian estimation, optimal monetary policy, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

Using an estimated dynamic stochastic general equilibrium model with banking, this paper first provides evidence that monetary policy reacted to bank loan growth in the US during the Great Moderation. It then shows...

Pension Reform Options in Chile
			: Some Tradeoffs

Pension Reform Options in Chile : Some Tradeoffs »

Volume/Issue: 2017/53

Series: IMF Working Papers

Author(s): Marika Santoro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2017

DOI: http://dx.doi.org/10.5089/9781475586206.001

ISBN: 9781475586206

Keywords: Pension reforms, Chile, Pensions, Private savings, Fiscal policy, Monetary policy, Indirect taxation, Macro-fiscal analysis, General equilibrium models, macroeconomic analysis

In this paper, we study the macroeconomic impact of pension reform options in Chile, using a dynamic general equilibrium model. The main reform proposal considers raising contributions (employer side) and vehicle a...