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Europe > Norway

You are looking at 1 - 5 of 5 items for :

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Cover Selected Issues Papers
Japan’s Fertility: More Children Please
Kohei Asao
,
Danila Smirnov
, and
TengTeng Xu
Japan’s fertility has declined in the past three decades. Raising Japan’s fertility rate is a key policy priority for the government. Using cross-country analysis and case studies, this paper finds that the most successful measure to support the fertility rate is the provision of childcare facilities, particularly for children aged 0-2. Offering stronger incentives for the use of paternity leave can alleviate the burden of childcare on mothers, supporting fertility. On the other hand, there is limited evidence that cash transfers are effective in supporting fertility, based on international experience.
Keywords:
Fertility; childcare; gender; labor market; fertility growth; TengTeng xu; Japan's fertility; fertility rate; fertility rate growth; Women; Gender inequality; Gender diversity; Employment; Aging; East Asia
Cover IMF Working Papers
Revisiting the Monetary Transmission Mechanism Through an Industry-Level Differential Approach
Sangyup Choi
,
Tim Willems
, and
Seung Yong Yoo
We combine industry-level data on output and prices with monetary policy shock estimates for 105 countries to analyze how the effects of monetary policy vary with industry characteristics. Next to being interesting in their own right, our findings are informative on the importance of various transmission mechanisms (as they are thought to vary systematically with the included characteristics). Results suggest that monetary contractions reduce output by more in industries featuring assets that are more difficult to collateralize, consistent with the credit channel, followed by industries producing durables, as predicted by the interest rate channel. The credit channel is stronger during bad times as well as in countries with lower levels of financial development, in line with financial accelerator logic. We do not find support for the cost channel of monetary policy, nor for a channel running via exports. Our database (containing estimated monetary policy shocks for over 170 countries) may be of independent interest to researchers.
Keywords:
Monetary policy transmission; Industry growth; Financial frictions; Asymmetry in transmissions; balance sheet channel; channel of monetary policy; differential approach; IMF working papers; monetary policy stance; Financial statements; Central bank policy rate; Exchange rates; Monetary tightening; Export fluctuations; Global; credit channel; monetary policy shock; effects of monetary policy; x MPS; shock series; Credit; Financial sector development
Cover IMF Research Bulletin
IMF Research Bulletin, December 2014
International Monetary Fund
The December 2015 IMF Research Bulletin features a sampling of key research from the IMF. The Research Summaries in this issue look at “The Impact of Deflation and Lowflation on Fiscal Aggregates (Nicolas End, Sampawende J.-A. Tapsoba, Gilbert Terrier, and Renaud Duplay); and “Oil Exporters at the Crossroads: It Is High Time to Diversify” (Reda Cherif and Fuad Hasanov). Mahvash Saeed Qureshi provides an overview of the fifth Lindau Meeting in Economics in “Meeting the Nobel Giants.” In the Q&A column on “Seven Questions on Financial Frictions and the Sources of the Business Cycle, Marzie Taheri Sanjani looks at the driving forces of the business cycle and macroeconomic models. The top-viewed articles in 2014 from the IMF Economic Review are highlighted, along with recent IMF Working Papers, Staff Discussion Notes, and IMF publications.
Keywords:
IRB; IMF Team; IMF research bulletin; emerging market volatility; monetary policy interaction; IMF department; IMF research; Deflation; Oil prices; Financial frictions; Oil; Income inequality; Global
Cover IMF Working Papers
Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts
Mr. Olivier Coibion
and
Mr. Yuriy Gorodnichenko
We propose a new approach to test the full-information rational expectations hypothesis which can identify whether rejections of the arise from information rigidities. This approach quantifies the economic significance of departures from the and the underlying degree of information rigidity. Applying this approach to U.S. and international data of professional forecasters and other agents yields pervasive evidence consistent with the presence of information rigidities. These results therefore provide a set of stylized facts which can be used to calibrate imperfect information models. Finally, we document evidence of state-dependence in the expectations formation process.
Keywords:
WP; standard deviation; real GDP; growth rate; information rigidity; Numbers; Expectations; Survey Forecasts; noisy-information model; forecast error; information friction; Rational expectations; Inflation; Oil prices; Industrial production
Cover IMF Working Papers
When and Why Worry About Real Exchange Rate Appreciation? The Missing Link Between Dutch Disease and Growth
International Monetary Fund
We review the literature on Dutch disease, and document that shocks that trigger foreign exchange inflows (such as natural resource booms, surges in foreign aid, remittances, or capital inflows) appreciate the real exchange rate, generate factor reallocation, and reduce manufacturing output and net exports. We also observe that real exchange rate misalignment due to overvaluation and higher volatility of the real exchange rate lower growth. Regarding the effect of undervaluation of the exchange rate on economic growth, the evidence is mixed and inconclusive. However, there is no evidence in the literature that Dutch disease reduces overall economic growth. Policy responses should aim at adequately managing the boom and the risks associated with it.
Keywords:
WP; natural resource; DD effect; exchange rate appreciation; open economy; DD shock; real exchange rate; Dutch disease; growth; exchange rate overvaluation; exchange rate volatility; learning by doing; exchange rate intervention; DD phenomenon; undervalued exchange rate; Dutch disease effects; overvalued exchange rate; DD model; Real exchange rates; Natural resources; Exchange rates; Asia and Pacific; Caribbean; Sub-Saharan Africa