- International Monetary Fund. Western Hemisphere Dept.
- Published Date:
- May 2011
AnandRahul and Eswar S.Prasad2010“Optimal Price Indices for Targeting Inflation Under Incomplete Markets,”IMF Working Paper 10/200 (Washington: International Monetary Fund).
ArmasAdrián2005“Forex Intervention in Peru: 2002–2004,”in Foreign Exchange Market Intervention in Emerging Markets: Motives Techniques and Implications BIS Papers No. 24May (Basel: Bank for International Settlements).
Bank for International Settlements2005Foreign Exchange Market Intervention in Emerging Markets: Motives Techniques and Implications BIS Papers No. 24May (Basel: Bank of International Settlements).
BerminghamColin2007“How Useful Is Core Inflation for Forecasting Headline Inflation?”The Economic and Social ReviewVol. 38No.3 pp. 355–77.
BlanchardOlivier and JordiGáli2007“The Macroeconomic Effects of Oil Shocks: Why Are the 2000s So Different from the 1970s?”NBER Working Paper No. 13368 (Cambridge, Massachusetts: National Bureau of Economic Research).
BlejerMario I. and LilianaSchumacher2000“Central Banks’ Use of Derivatives and Other Contingent Liabilities: Analytical Issues and Policy Implications,”IMF Working Paper 00/66 (Washington: International Monetary Fund).
BryanMichael F. and Stephen G.Cecchetti1993“Measuring Core Inflation,”Working Paper 9304 (Cleveland: Federal Reserve Bank of Cleveland).
CampbellJohn Y.StefanoGiglio and ParagPathakforthcoming“Forced Sales and House Prices,”American Economic Review.
Canales-KriljenkoJorgeIván2003“Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey,”IMF Working Paper 03/95 (Washington: International Monetary Fund).
Canales-KriljenkoJorgeIvánRobertoGuimaraes and CemKaracadag2003“Official Intervention in the Foreign Exchange Market: Elements of Best Practice,”IMF Working Paper 03/152 (Washington: International Monetary Fund).
CarrollChristopher D.MisuzuOtsuka and JiriSlacalek2010“How Large Are Housing and Financial Wealth Effects? A New Approach,”Journal of Money Credit and BankingVol. 43No. 1 pp. 55–79.
CelasunOya and MartinSommer2010“The Financing of U.S. Federal Deficits,”IMF Country Report No. 10/248 (Washington: International Monetary Fund).
Central Bank of Chile2010aFinancial Stability Report (December).
Central Bank of Chile2010bMonetary Policy Report (December).
Central Bank of Chile2011Monetary Policy Report (March).
Central Bank of Colombia2010Financial Stability Report (September).
Central Bank of Peru2011Inflation Report (March).
ChinnMenzie D. and HiroIto2008“A New Measure of Financial Openness,”Journal of Comparative Policy Analysis: Research and PracticeVol. 10No. 3 pp. 309–22.
CroneTheodoreN.NeilK.KhettryLoretta J.Mester and Jason A.Novak2008“Core Measures of Inflation as Predictors of Total Inflation,”Research Department Working Paper No. 08–9 (Philadelphia: Federal Reserve Bank of Philadelphia).
CubedduLuis and Camilo E.Tovar2011“Today’s Information is Ammunition for Tomorrow,”iMFdirect blog. Available at: http://blog-imfdirect.imf.org/2011/01/21/todays-information-tomorrows-ammunition/
CutlerJoanne2001“Core Inflation in the UK,”External MPC Unit Discussion Paper No. 3 (London: Bank of England).
DeGregorio joséAndreaTokman2005“Flexible Exchange Rate Regime and Forex Intervention,”in Foreign Exchange Market Intervention in Emerging Markets: Motives Techniques and Implications BIS Papers No. 24May (Basel: Bank of International Settlements).
DeGregorio joséOscarLanderretche and ChristopherNeilson2007“Another Pass-Through Bites the Dust? Oil Prices and Inflation,”Working Paper No. 417 (Santiago: Central Bank of Chile).
DisyatatPiti and GabrieleGalati2007“The Effectiveness of Foreign Exchange Market Intervention in Emerging Market Countries: Evidence from the Czech KorunaJournal of International Money and FinanceVol. 26 pp. 383–402.
DominguezKathrynRasmusFatum and PavelVacek2010“Does Foreign Exchange Decumulation Lead to Currency Appreciation?”NBER Working Paper No. 16044 (Cambridge, Massachusetts: National Bureau of Economic Research).
EchavarríaJuanDiegoVásquez and MauricioVillamizar2009“Impacto de las Intervenciones Cambiarias sobre el Nivel y la Volatilidad de la Tasa de Cambio en Colombia,”Borradores de Economia (Banco de la Republica de ColombiaApril).
EyzaguirreNicolásMartinKaufmanStevenPhillips and RodrigoValdés2011”Managing Abundance to Avoid a Bust in Latin America,”IMF Staff Discussion Note 11/07 (Washington: International Monetary Fund).
FatumRasmus and MichaelRobert King2005“Rules versus Discretion in Foreign Exchange Intervention: Evidence from Official Bank of Canada High-Frequency Data,”SCCIE Working Paper 04–24 (Santa Cruz: Center for International Economics).
FreemanDonald G.1998“Do Core Inflation Measures Help Forecast Inflation?”Economics LettersVol. 58 (February) pp. 143–17.
GalesiAlessandro and Macro J.Lombardi2009“External Shocks and International Inflation Linkages: A Global VAR Analysis,”Working Paper No. 1062 (Frankfurt: European Central Bank).
GonzálezMaria2009“Leaning-Against-the-Appreciation-Winds or Self Insurance? Disentangling the Motives for Central Bank Intervention in Latin America,” unpublished.
GonzálezMariaUsamanKhosaPhillipLiuAlfredSchipke and NitaThackerforthcoming“Offshore Financial Centers: Opportunities and Challenges for the Caribbean,”IMF Working Paper (Washington: International Monetary Fund).
GourinchasPierre-OlivierRodrigoValdés and OscarLanderretche2001“Lending Booms: Latin America and the World,”NBER Working Paper No. 8249 (Cambridge, Massachusetts: National Bureau of Economic Research).
HartleyDaniel2010“The Effect of Foreclosures on Nearby Housing Prices: Supply or Disamenity?”Working Paper Series 10–11 (Cleveland: Federal Reserve Bank of Cleveland).
HumalaAlberto and GabrielRodríguez2009“Foreign Exchange Intervention and Exchange Rate Volatility in Peru,”Working Paper Series No. 2009–008April (Lima: Banco Central del Peru).
International Monetary Fund 2007–11World Economic Outlook (Washington various issues).
International Monetary Fund2007Regional Economic Outlook: Asia and Pacific (WashingtonOctober).
International Monetary Fund2008aFood and Fuel Prices—Recent Developments Macroeconomic Impact and Policy Responses (WashingtonInternational Monetary Fund). Available at: www.imf.org/external/np/pp/eng/2008/063008.pdf
International Monetary Fund2008bRegional Economic Outlook: Western Hemisphere—Grappling with the Global Financial Crisis (WashingtonOctober).
International Monetary Fund2010Regional Economic Outlook: Western Hemisphere—Heating up in the South Cooler in the North (WashingtonOctober)
International Monetary Fund2011aFiscal Monitor (WashingtonApril).
International Monetary Fund2011bGlobal Financial Stability Report (WashingtonApril).
International Monetary Fund2011cRecent Experiences in Managing Capital Inflows—Cross-Cutting Themes and Possible Policy Framework (WashingtonInternational Monetary Fund). Available at: www.imf.org/external/np/pp/eng/2011/021411a.pdf
International Monetary Fund2011dAssessing Reserve Adequacy (WashingtonInternational Monetary Fund).
JaraAlejandroRamónMoreno and Camilo E.Tovar2009“The Global Crisis and Latin America: Financial Impact and Policy Responses,”BIS Quarterly ReviewJune pp. 53–68 (Basel: Bank for International Settlements).
JeanneOlivier and RomainRanciere2009“The Optimal Level of International Reserves for Emerging Market Countries: A New Formula and Some Applications,”unpublished.
KamilHerman2008“Is Central Bank Intervention Effective Under Inflation Targeting Regimes? The Case of Colombia,”IMF Working Paper 08/88 (Washington: International Monetary Fund).
KearnsJonathan and RobertoRigobon2005“Identifying the Efficacy of Central Bank Interventions: Evidence from Australia and Japan,”Journal of International EconomicsVol. 66 (May) pp. 31–48.
LevyYeyatiEduardo2008“The Cost of Reserves,”Economic LettersVol. 100 pp. 39–12.
LyonsRichard K.2001The Microstructure Approach to Exchange Rates (Cambridge, Massachusetts: MIT Press).
MagudNicolás and SebastiánSosa2010“When and Why Worry About Real Exchange Rate Appreciation? The Missing Link between Dutch Disease and Growth,”IMF Working Paper 10/271 (Washington: International Monetary Fund).
MankikarAlan and JoPaisley2004“Core Inflation: A Critical Guide,”Working Paper No. 242 (London: Bank of England).
MarquesCarlos RobalosPedroDuarte Neves and LuisMorais Sarmento2003“Evaluating Core Inflation Indicators,”Economic ModelingVol. 20 (July) pp. 765–75.
MelvinMichaelLukasMenkhoff and MaikSchmeling2009“Exchange Rate Management in Emerging Markets: Intervention via an Electronic Limit Order,”Journal of International EconomicsVol. 79 pp. 54–63.
MendozaEnrique and MarcoTerrones2008“An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data,”IMF Working Paper 08/226 (Washington: International Monetary Fund).
NeelyChris2008“Central Bank Authorities’ Beliefs about Foreign Exchange Intervention,”Journal of International Money and FinanceVol. 27 pp. 1–25.
NessenMarianne and UlfSöderström2001“Core Inflation and Monetary Policy,”International FinanceVol. 4No. 3 pp. 401–39.
OstryJonathan D.Atish R.GhoshKarlHabermeierMarcosChamonMahvash S.Qureshi and Dennis B.S. Reinhardt2010Capital Inflows: The Role of Controls IMF Staff Position Note 10/04 (Washington: International Monetary Fund).
OstryJonathan D.Atish R.GhoshKarl F.HabermeierLucLaevenMarcosChamonMahvash S.Qureshi and AnnamariaKokenyne2011“Managing Capital Inflows: What Tools to Use?”IMF Staff Discussion Note 11/06 (Washington: International Monetary Fund).
RincónHernán and JorgeToro2010“Are Capital Controls and Central Bank Intervention Effective?”Borradores de Economia (Banco de la Republica de ColombiaOctober).
RoblesMarcosJoséCuestaSuzanneDuryeaTedEnamoradoAlbertoGonzales and VictoriaRodríguez2008Rising Food Prices and Poverty in Latin America: Effects of the 2006–08 Price Surge (unpublished; Washington: Inter-American Development Bank).
SarnoLucio and MarkTaylor2001“Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?”Journal of Economic LiteratureVol. 34 (September) pp. 839–68.
ShogoIshiiJorge IvánCanales-KriljenkoRobertoGuimarães and CemKaracadağ2006Official Foreign Exchange Intervention IMF Occasional Paper 249 (Washington: International Monetary Fund).
SidaouiJosé2005“Central Banking Intervention under a Floating Exchange Rate Regime: Ten Years of Mexican Experience,”in Foreign Exchange Market Intervention in Emerging Markets: Motives Techniques and Implications BIS Papers No. 24May (Basel: Bank for International Settlements).
StoneMark R.ScottRogerAnnaNordstromSeiichiShimizuTurgutKisinbay and JorgeRestrepo2009The Role of the Exchange Rate in Inflation-Targeting Emerging Economies IMF Occasional Paper No. 267 (Washington: International Monetary Fund).
TapiaMatías and AndreaTokman2004“Effects of Foreign Exchange Intervention Under Public Information: The Chilean Case,”EconomiaVol. 4No. 2 pp. 215–56 (Brookings Institution Press).
UribeJosé Dario and JorgeToro2005“Foreign Exchange Market Intervention in Colombia,”in Foreign Exchange Market Intervention in Emerging Markets: Motives Techniques and Implications BIS Papers No. 24 (Basel: Bank for International Settlements).
New Publications from the Western Hemisphere Department, July 2009–April 2011
1. IMF Working Papers
2. Selected Issues Papers
- Growth Dynamics, by Gamal El-Masry and Lulu Shui.
- External Stability, by John Ralyea.
- Barbados’ Financial System in the Aftermath of the Global Crisis, by Carla Macario.
- Hydrocarbon Revenue Sharing Arrangements, by Fabian Bornhorst.
- Precautionary Reserves: An Application to Bolivia, by Fabian Valencia.
- The Post-Crisis Canadian Housing Market, by Evridiki Tsounta.
- Interpreting Canada’s Currency Movements During the Crisis, by Nicoletta Batini and Thomas Dowling.
- Canada’s Potential Growth: A Post-Crisis Assessment, by Evridiki Tsounta.
- The Bumpy Road Ahead for North American Automakers, by Nicoletta Batini, Grace Bin Li, and John Dowling.
- Canada’s Housing Finance System: Policy Backdrop, by John Kiff.
- Canadian Banks and the Credit Turmoil, by Lev Ratnovski and Rocco Huang.
- Canadian Residential Mortgage Markets: Boring But Effective?, by John Kiff.
- How Do Commodity Prices Affect Economic Slumps in Commodity Exporters?, by Rupa Duttagupta.
- Is the Canadian Housing Market Overvalued? A Tale of Two Regions, by Evridiki Tsounta.
- The Impact of Global Shocks on Canada—What do Macro-Financial Linkages Tell Us?, by Rupa Duttagupta and Natalia Barrera.
- Growth in the ECCU: What Went Wrong and Can It Be Fixed?, by Nita Thacker, Sebastian Acevedo, Joong Shik Kang, Roberto Perrelli, and Melesse Tashu.
- Public debt in ECCU Countries, by Arnold McIntyre and Sumiko Ogawa.
- Rationalizing Public Expenditure in the ECCU, by Shamsuddin Tareq, Alejandro Simone, Koffie Nassar, and Arina Viseth.
- Insurance Against Natural Disasters in the Caribbean, by Yu Ching Wong, Anthony Lemus, and Nancy Wagner.
- Risk Analysis of Public Debt in the Caribbean: A “Fan-Chart” Approach, by Koffie Nassar and Catherine Pattillo.
- Strengthening Chile’s Rule-based Fiscal Framework, by Teresa Dabán.
- Too-Connected-to-Fail Risk in the Chilean Banking System: A Balance Sheet Network Analysis, by Jorge A. Chan-Lau.
- A Note on Terms of Trade Shocks and the Wage Gap, by Nicolas Magud.
- Revisiting the Estimation of the Chilean Output Gap, by Nicolas Magud and Leandro Medina.
- A Longer-Term Approach to Fiscal Policy in Chile, by Borja Gracia, Gabriel Di Bella, and Martin Cerisola.
- Investment-Specific Productivity Growth: Chile in a Global Perspective, by Gabriel Di Bella and Martin Cerisola.
- The Global Financial Turmoil and Its Impact on Chilean Banks, by Jorge Chan-Lau.
- An Assessment of Financial Sector Indicators for the Colombian Corporate Sector, by Mercedes Vera-Martin.
- Are Capital Controls Effective in the 21st Century? The Recent Experience of Colombia, by Benedict J. Clements and Herman Kamil.
- Determinants of Investment Grade Status and Implications for Colombia’s Public Debt, by Laura Jaramillo.
- Does Financial Soundness Affect Credit Growth?, by Iva Petrova and Enrique Flores.
- Monetary and Fiscal Policy Options for Dealing with External Shocks: Insights from the GIMF for Colombia, by Benedict J. Clements, Enrique Flores, and Daniel Leigh.
- The Colombian Banking Sector—A Contingent Claims Analysis, by Marcos Souto and Lisandro Abrego.
- The Impact of the Global Crisis and Policy Response, by Magda Kandil.
- The Impact of the EU Sugar Trade Preferences and their Erosion, by Felix Eschenbach.
- Assessing the Fiscal Structural Stance, by Carla Macario.
- Estimating Default Frequences and Macrofinancial Linkages in the Mexican Banking System, by Rodolphe Blavy and Marcos Souto.
- Exchange Rate Exposure of the Mexican Corporate Sector: Progress and Remaining Vulnerabilities, by Herman Kamil and W. Christopher Walker.
- Expanding the Regulatory Perimeter: The Case of Sofoles and Sofomes, by Jose Giancarlo Gasha.
- Labor Market Informality and Macroeconomic Performance, by Kristin Magnusson Bernard.
- Reforming the Fiscal Framework: Budget Rules and Fiscal Risks, by Geremia Palomba.
- The Global Crisis and Potential Growth in Mexico, by Kornelia Krajnyak.
- Benefits From Attaining Investment Grade Status and Implications for Panama, by Mario Dehesa.
- Macro-Financial Linkages in Panama, by Juliana Araujo and Kristin Magnusson.
- Assessing the Appropriateness of Monetary and Fiscal Policies in an Adverse External Environment, by Montfort Mlachila and Brieuc Monfort.
- Financial Sector Issues: Advances in the Implementation of the Financial Sector Assessment Program Recommendations, by Sylwia Nowak.
- Paraguay’s Tax System in a Regional Perspective, by Ernesto Crivelli.
- Post-Crisis Behavior of Banks in Mercosur, by Sarah O. Sanya and Montfort Mlachila.
- Sustainable Management of Revenues from Itaipu, by Teresa Dabán-Sánchez and Walter Zarate.
- The Monetary Policy Transmission Mechanism in Paraguay, by Santiago Acosta-Ormaechea and Teresa Dabán-Sánchez.
- Balance Sheet Vulnerabilities in a Dollarized Economy, by Maria Gonzalez.
- Credit Growth: Anatomy and Policy Responses, by Luis Breuer, Jose Gasha, Giancarlo Peschiera, and Juan Alonso Perez-Salmon.
- Disentangling the Motives for Foreign Exchange Intervention in Peru, by Maria Gonzalez.
- Drivers of De-Dollarization, by Mercedes Garcia-Escribano.
- Macroeconomic Stability and the Role of Fiscal Policy, by Daniel Leigh.
- Performance of Alternative Fiscal Rules: An Application to Peru, by Isabel Rial.
- Potential Growth and Output Gap in Peru, by Leandro Medina.
- Progress in Strengthening Peru’s Prudential Framework, by Patrick Amir Imam and Jose Giancarlo Gasha.
- Regional Disparities and Public Transfers, by Mercedes Garcia-Escribano.
- What to Expect when you are Expecting...Large Capital Inflows? Lessons from Cross-Country Experiences, by Mercedes Vera Martin.
- Commodity Prices, Growth and the Fiscal Position in Uruguay, by Rita Babihuga.
- Dynamic Loan Loss Provisioning in Uruguay, by Torsten Wezel.
- Exchange Rate and Competitiveness Assessment, by Felipe Zanna.
- How Important Are Regional Factors for Uruguay?, by Sebastian Sosa.
- The Great Recession and Structural Unemployment, by Thomas Dowling, Marcello Estevão, and Evridiki Tsounta.
- Prospects for the U.S. Household Saving Rate, by Martin Sommer.
- Production and Jobs: Can We Have One Without the Other?, by Nicoletta Batini, Marcello Estevão, and Geoff Keim.
- The Financing of U.S. Federal Budget Deficits, by Oya Celasun and Martin Sommer.
- The U.S. Government’s Role in Reaching the American Dream, by Evridiki Tsounta.
- The U.S. Fiscal Gap: Who Will Pay and How?, by Nicoletta Batini, Giovanni Callegari, and Julia Guerreiro.
- Spillovers from U.S. Federal Debt Issuance: The Case of Emerging Market Sovereign Borrowing, by Oya Celasun.
- Strategic Priorities for the Reform of U.S. Financial Regulation, by Ashok Bhatia, Andrea Maechler, and Paul Mills.
- The U.S. Federal Debt Outlook: A Stochastic Simulation Approach, by Oya Celasun and Geoffrey Keim.
- U.S. Potential Growth in the Aftermath of the Crisis, by Natalia Barrera, Marcello Estevao, and Geoffrey Keim.