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Business and Economics > Information Management

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Cover IMF Research Bulletin
IMF Research Perspectives: Spring/Summer 2018
IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.
Keywords:
IRB; big data wave; populism; product market reform; reform agenda; rise of populism; big data innovation; Big data; Global financial crisis of 2008-2009; Personal income; Output gap; Global; Europe
Cover IMF Working Papers
The Adjustment to Commodity Price Shocks in Chile, Colombia, and Peru
Mr. Francisco Roch
This paper presents a comparative analysis of the macroeconomic adjustment in Chile, Colombia, and Peru to commodity terms-of-trade shocks. The study is done in two steps: (i) an analysis of the impulse responses of key macroeconomic variables to terms-of-trade shocks and (ii) an event study of the adjustment to the recent decline in commodity prices. The experiences of these countries highlight the importance of flexible exchange rates to help with the adjustment to lower commodity prices, and staying vigilant in addressing depreciation pressures on inflation through tightening monetary policies. On the fiscal front, evidence shows that greater fiscal space, like in Chile and Peru, gives more room for accommodating terms-of-trade shocks.
Keywords:
WP; commodity price; commodity; Chile; Peru; Commodity Prices; Fiscal Policy; Flexible Exchange Rates; Colombia; Peru t; commodity exporters' emerging economies; oil price decline; large commodity price shock; shock to commodity price; country-specific commodity price index; propagation mechanism of commodity price shock; contribution of commodity price; effects of commodity-price fluctuation; Colombia t; adjustment to commodity price; Commodity price shocks; Current account; Technology transfer; Current account deficits; Sub-Saharan Africa