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Spillovers of Domestic Shocks

Spillovers of Domestic Shocks »

Source: Spillovers of Domestic Shocks : Will They Counteract the 'Great Moderation'?

Volume/Issue: 2010/78

Series: IMF Working Papers

Author(s): Ashoka Mody , and Alina Carare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982213

Keywords: Output growth volatility, vertical specialization, output growth, domestic shocks, global trade,

Even prior to the extreme volatility just observed, output growth volatility-following protracted decline-was flattening or mildly rising in some countries. More widespread was an increasing tendency from the mid-1...

Capital Mobility and the Output-Inflation Tradeoff

Capital Mobility and the Output-Inflation Tradeoff »

Source: Capital Mobility and the Output-Inflation Tradeoff

Volume/Issue: 2000/87

Series: IMF Working Papers

Author(s): Assaf Razin , Prakash Loungani , and Chi-Wa Yuen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2000

ISBN: 9781451851014

Keywords: Output-inflation tradeoff, capital mobility, openness, aggregate demand, inflation rate

Identifying determinants of the output-inflation tradeoff has long been a key issue in business cycle research. We provide evidence that in countries with greater restrictions on capital mobility, a given reduction...

The Utilization-Adjusted Output Gap

The Utilization-Adjusted Output Gap »

Source: The Utilization-Adjusted Output Gap : Is the Russian Economy Overheating?

Volume/Issue: 2006/68

Series: IMF Working Papers

Author(s): Nienke Oomes , and Oksana Dynnikova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2006

ISBN: 9781451863284

Keywords: Output gap, natural rate, Phillips curve, Russia, survey, surveys, equation, sample size,

This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available s...

Financial Factors

Financial Factors »

Source: Financial Factors : Implications for Output Gaps

Volume/Issue: 2015/153

Series: IMF Working Papers

Author(s): Pau Rabanal , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2015

ISBN: 9781513512860

Keywords: Monetary Union, Output Gap, Financial Frictions, Bayesian Estimation, potential output, credit, costs, monetary policy, Model Construction and Estimation, Monetary Policy (Targets

We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level...

Steady as She Goes-Estimating Potential Output During Financial 'Booms and Busts'

Steady as She Goes-Estimating Potential Output During Financial 'Booms and Busts' »

Source: Steady as She Goes-Estimating Potential Output During Financial 'Booms and Busts'

Volume/Issue: 2015/233

Series: IMF Working Papers

Author(s): Helge Berger , Thomas Dowling , Sergi Lanau , Mico Mrkaic , Pau Rabanal , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2015

ISBN: 9781513503271

Keywords: Output gap, variables, gdp, demand, Financial Markets and the Macroeconomy, Model Construction and Estimation, Estimation, All Countries,

Potential output-in the sense of the GDP level or path an economy can sustain over the medium term-is a crucial benchmark for policymakers. However, it is difficult to estimate when financial 'booms and busts' are...

International Evidenceon the Determinants of Trade Dynamics

International Evidenceon the Determinants of Trade Dynamics »

Source: International Evidenceon the Determinants of Trade Dynamics

Volume/Issue: 1997/172

Series: IMF Working Papers

Author(s): Eswar Prasad , and Jeffery Gable

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

ISBN: 9781451858549

Keywords: Trade balance, exchange rates, OECD industrial economies, exchange rate, international trade, trade variables, real exchange rate, output growth

This paper provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in industrial economies. First, a comprehensive set of stylized facts concerning fl...

Expansionary Austerity New International Evidence

Expansionary Austerity New International Evidence »

Source: Expansionary Austerity New International Evidence

Volume/Issue: 2011/158

Series: IMF Working Papers

Author(s): Daniel Leigh , Andrea Pescatori , and Jaime Guajardo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

ISBN: 9781455294695

Keywords: government expenditure, output fluctuations, fiscal adjustments, fiscal consolidations, budget deficit, Taxation, Subsidies, and Revenue: General, And Finance,

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fi...

Wage Flexibility and Economic Performance

Wage Flexibility and Economic Performance »

Source: Wage Flexibility and Economic Performance : Evidence Across Industrial Countries

Volume/Issue: 2000/137

Series: IMF Working Papers

Author(s): Magda Kandil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2000

ISBN: 9781451855906

Keywords: Wage Flexibility, demand shocks, energy price shocks, productivity shocks, wage, inflation, aggregate demand, wage inflation, real output

This paper provides new empirical evidence on the degree of nominal wage flexibility in a sample of nineteen industrial countries. Across countries, aggregate uncertainty increases the degree of wage flexibility in...

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs »

Source: Output Gap in Presence of Financial Frictions and Monetary Policy Trade-offs

Volume/Issue: 2014/128

Series: IMF Working Papers

Author(s): Francesco Furlanetto , Paolo Gelain , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

ISBN: 9781498305327

Keywords: Business cycles, Economic growth, Econometric models, Potential output, Macroprudential Policy, Monetary policy, Financial Frictions, Optimal Monetary Policy, Output Gap, inflation

The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial...

Real Unit Labor Costs Differentials in EMU+L4700

Real Unit Labor Costs Differentials in EMU+L4700 »

Source: Real Unit Labor Costs Differentials in EMU+L4700 : How Big, How Benign and How Reversible?

Volume/Issue: 2011/109

Series: IMF Working Papers

Author(s): Igor Lebrun , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455261383

Keywords: Relative real unit labor costs, capital-output ratio, labor and product market institutions, EMU, labor costs, labor market, intermediate inputs, product market, Aggregate Factor Income Distribution, Prices

Real unit labor costs (RULC) growth differentials between euro area members have persisted since EMU began and even widened out in the run-up to the crisis. This paper focuses on the causes underlying such dispersi...