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Europe > Ireland

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
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Cover IMF Working Papers
Cyclical Behavior of Inventories and Growth Projections Recent Evidence From Europe and the United States
Mr. Willy A Hoffmaister
and
Mr. Jens R Clausen
In the United States and a few European countries, inventory behavior is mainly the outcome of demand shocks: a standard buffer-stock model best characterizes these economies. But most European countries are described by a modified buffer-stock model where supply shocks dominate. In contrast to the United States, inventories boost growth with a one-year lag in Europe. Moreover, inventories provide limited information to improve growth forecasts particularly when a modified buffer-stock model characterizes inventory behavior.
Keywords:
WP; stock; inventory behavior; buffer-stock model; Inventories; business cycle; forecasting; inventory investment; foresight inventory model; stylized fact; inventory change; inventories stem; Production growth; Business cycles; Employment protection; Vector autoregression; Supply shocks; Europe
Cover IMF Working Papers
Dissecting Taylor Rules in a Structural VAR
Woon Gyu Choi
and
Yi Wen
This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to different structural shocks. We find that U.S. monetary policy has been far more responsive over time to demand shocks than to supply shocks, and more aggressive toward inflation than output growth. Our estimated dynamic policy coefficients characterize the style of policy as a "bang-bang" control for the pre-1979 period and as a gradual control for the post-1979 period.
Keywords:
WP; interest rate; monetary policy; GDP deflator; endogenous monetary policy; Taylor rule; structural VAR; spectral decomposition; output growth; interest rate volatility; inflation volatility; inflation pressure; Inflation; Production growth; Supply shocks; Central bank policy rate; Business cycles; Global
Cover IMF Working Papers
Explaining International Comovements of Output and Asset Returns: The Role of Money and Nominal Rigidities
Robert Miguel W. K. Kollman
Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in the Real Business Cycle tradition, have great difficulties explaining this fact. This paper presents a dynamic-optimizing stochastic general equilibrium model of a two-country world with sticky nominal prices and wages and a flexible exchange rate. The structure here predicts positive international transmission of country-specific monetary policy and technology shocks, and it generates sizable cross-country correlations of output and of asset returns.
Keywords:
WP; Cross-country correlation of output and asset returns; money; nominal rigidities; international transmission of business cycles; money supply shock; price level; money supply supply shock; nominal interest rate; money supply innovation; equity return; supply schedule; home money supply supply shock; Monetary base; Sticky prices; Supply shocks; Currencies; Exchange rates