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Business and Economics > Production and Operations Management

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Cover IMF Staff Country Reports
Liberia: Selected Issues
International Monetary Fund. African Dept.
Selected Issues
Keywords:
G. climate change policy priority; growth potential; A. climate change; dollarization indicator; climate change institution; Climate change; Monetary base; Currencies; Exchange rates; De-dollarization; Global; West Africa; Sub-Saharan Africa
Cover IMF Working Papers
The Monetary Policy Credibility Channel and the Amplification Effects in a Semi-structural Model
Thitipat Chansriniyom
,
Mr. Natan P. Epstein
, and
Valeriu Nalban
The paper extends a standard semi-structural model to account for nonlinear and asymmetric effects of monetary policy credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the announced inflation target, with positive deviations being more costly compared to negative ones. A loss in policy credibility as a result of shocks leads to a more persistent, backward-looking inflation process, and is associated with lower output. We find that the extended model with credibility effects matches well the key macroeconomic data over specific past episodes for Indonesia and Philippines and consider its adaptation to integrated policy frameworks as an area for further exploration.
Keywords:
WP; inflation expectation; transmission mechanism; MP credibility; high-inflation regime; inflation variability; exchange rate; inflation persistence; inflation target; inflation deviation; inflation development; Inflation; Output gap; Central bank policy rate; Inflation targeting; Price stabilization; Southeast Asia; Monetary policy credibility; Inflation expectations; Indonesia; Philippines; Asia and Pacific
Cover IMF Working Papers
Policy Conflicts and Inflation Targeting: The Role of Credit Markets
Woon Gyu Choi
and
Mr. David Cook
This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when inflation is overshooting. We find that central banks with inflation targeting (IT) are responsive to credit conditions in both advanced economies and emerging-market economies (EMEs). However, EMEs are more sensitive to inflation conditions, responding to credit growth only when consistent with IT. Macroprudential measures are also deployed to address credit growth volatility when orthodox policy moves would be inconsistent with IT, complementing monetary policy.
Keywords:
WP; core inflation rate; business cycle; exchange rate; Inflation Targeting; Policy Conflicts; Taylor rule; Credit Growth; Macroprudential Policy; inflation gap; coefficient estimate; Inflation; Credit; Central bank policy rate; Output gap; Global; Africa
Cover IMF Staff Country Reports
Israel: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines labor productivity in Israel. Israel’s GDP per capita is low relative to the United States despite high labor input, as labor productivity is low. Catch-up of labor productivity to the United States stopped in the 1980s and relative labor productivity has since declined. Low labor productivity is the result of a low capital-to-labor ratio—kept low by high employment growth—and low total factor productivity growth. The latter may reflect lack of competition and product market restrictions, which are among the highest in advanced economies. Boosting competition, lowering product-market restrictions, and improving the quality of education and infrastructure would help boost productivity.
Keywords:
ISCR; CR; Israel; price; pay; productivity; productivity growth; income inequality; price boom; wage income; product market; income of woman; growth equation; goods export boom; inequality in Israel; Housing; Housing prices; Inflation; Labor productivity; Income; Global; Western Europe
Cover Finance & Development
Finance and Development, September 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finance and Development, September 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finance and Development, September 2013
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Keywords:
FD; F&D; economy; investment; remittance; natural resource; revenue; resource wealth; rhetorical device of founding argument; mineral commodity summary; story of White's treachery; Bretton Woods system; Natural resources; Output gap; Public investment spending; Remittances; Potential output; Global; South America; Central Asia and the Caucasus; North America; Caribbean
Cover Finance & Development
Finanzas & Desarrollo, septiembre de 2013
International Monetary Fund. External Relations Dept.
Suscríbase a Finanzas & Desarrollo para mantenerse al día de las últimas corrientes del pensamiento económico en lo que respecta al sistema financiero internacional, la política monetaria, el desarrollo económico, la reducción de la pobreza y otras cuestiones de importancia fundamental. Esta amena revista trimestral ofrece análisis profundos de técnicos del FMI y respetados expertos internacionales sobre estas y otras cuestiones. Los artículos están redactados teniendo en mira al lector no especializado interesado en comprender el funcionamiento de la economía mundial y las políticas y actividades del FMI.
Keywords:
FD; F&D; economy; investment; remittance; natural resource; revenue
Cover Finance & Development
Finances & Développement, septembre 2013
International Monetary Fund. External Relations Dept.
Pour les dernières idées sur le système financier international, la politique monétaire, le développement économique, la lutte contre la pauvreté et d’autres questions importantes, abonnez-vous à Finances & Développement (F&D). Ce trimestriel attrayant présente des analyses approfondies sur ces thèmes et d'autres sujets, rédigées par les membres des services du FMI ainsi que par des experts de renommée internationale. Les articles sont écrits pour les non-spécialistes qui souhaitent enrichir leur compréhension des rouages de l'économie mondiale et des politiques et activités du FMI.
Keywords:
FD; F&D; economy; investment; remittance; natural resource; revenue
Cover IMF Working Papers
International R&D Spillovers and Institutions
Mr. Willy A Hoffmaister
,
Mr. David T. Coe
, and
Mr. Elhanan Helpman
The empirical analysis in "International R&D Spillovers" (Coe and Helpman, 1995) is first revisited by applying modern panel cointegration estimation techniques to an expanded data set that we have constructed for the purpose of this study. The new estimates confirm the key results reported in Coe and Helpman about the impact of domestic and foreign R&D capital stocks on TFP. In addition, we show that domestic and foreign R&D capital stocks have measurable impacts on TFP even after controlling for the impact of human capital. Furthermore, we extend the analysis to include institutional variables, such as legal origin and patent protection, in order to allow for parameter heterogeneity based on a country's institutional characteristics. The results suggest that institutional differences are important determinants of total factor productivity and that they impact the degree of R&D spillovers.
Keywords:
WP; R&D capital; estimation technique; group estimates give; time series