Elekdag, Selim and Dirk Muir, October 2013, “Trade Linkages, Balance Sheets, and Spillovers: the German-Central European Supply Chain,” IMF Working Paper 13/210 (Washington).
International Monetary Fund, 2013h, “German Economy Fares Well but Reform Agenda Still Unfinished”, IMF survey Online (Washington).
International Monetary Fund, 2013s, “Reassessing the Role and Modalities of Fiscal Policy in Advanced Economies” (Washington).
The study was completed in April 2014 (except for a few very minor subsequent edits), and takes into account information available up to that date.
Following the Integrated Surveillance Decision adopted in July 2012, Article IV consultations became a vehicle for bilateral and multilateral surveillance.
Table 1 does not include important research such as Blanchard’s (2010) analysis suggesting that a 2 percent inflation target may expose countries to high risk of hitting the zero bound on interest rates, and analyzing alternative, higher, target inflation rates.
The 2013 IMF Article IV for Germany contains an innovative device for expressing the complexity of some of the issues, by including a Q and A format in one section to cover responses to alternative viewpoints. This also helps to communicate the lack of certainty over some issues, thereby helping authorities and the public better appreciate how to weigh the IMF’s favored views.