|Unconventional Policy Instruments in the New Keynesian Model|
Author/Editor: Zineddine Alla, Raphael A. Espinoza, Atish R. Ghosh.
Release Date:March, 2016
This paper analyzes the use of unconventional policy instruments in New Keynesian setups in which the ‘divine coincidence’ breaks down. The paper discusses the role of a second instrument more...
|What’s In a Name? That Which We Call Capital Controls|
Author/Editor: Atish R. Ghosh, Mahvash Qureshi.
Release Date:February, 2016
This paper investigates why controls on capital inflows have a bad name, and evoke such visceral opposition, by tracing how capital controls have been used and perceived, since the late nineteenth more...
|Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence|
Author/Editor: Olivier J. Blanchard, Jonathan David Ostry, Atish R. Ghosh, Marcos Chamon.
Release Date:October, 2015
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging market policy makers however believe that more...
|When Should Public Debt Be Reduced?|
Author/Editor: Jonathan David Ostry, Atish R Ghosh, Raphael A Espinoza.
Release Date:June, 2015
What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big more...
|Regulating Capital Flows at Both Ends: Does it Work?|
Author/Editor: Atish R. Ghosh, Mahvash Qureshi, Naotaka Sugawara.
Release Date:October, 2014
This paper examines whether cross-border capital flows can be regulated by imposing capital account restrictions (CARs) in both source and recipient countries, as was originally advocated by John more...
|Friedman Redux: External Adjustment and Exchange Rate Flexibility|
Author/Editor: Atish R. Ghosh, Mahvash Qureshi, Charalambos G. Tsangarides.
Release Date:August, 2014
Milton Friedman argued that flexible exchange rates would facilitate external adjustment. Recent studies find surprisingly little robust evidence that they do. We argue that this is because they use more...
|Exchange Rate Management and Crisis Susceptibility: A Reassessment|
Author/Editor: Atish R. Ghosh, Jonathan David Ostry, Mahvash Qureshi.
Release Date:January, 2014
This paper revisits the bipolar prescription for exchange rate regime choice and asks two questions: are the poles of hard pegs and pure floats still safer than the middle? And where to draw the line more...
|Obstacles to International Policy Coordination, and How to Overcome Them|
Author/Editor: Jonathan David Ostry, Atish R Ghosh.
Release Date:December, 2013
In bilateral and multilateral surveillance, countries are often urged to consider alternative policies that would result in superior outcomes for the country itself and, perhaps serendipitously, for more...
|Multilateral Aspects of Managing the Capital Account|
Author/Editor: Jonathan David Ostry, Atish R Ghosh, Anton Korinek.
Release Date:September, 2012
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are more...
Author/Editor: Atish R. Ghosh, Jun Il Kim, Mahvash Saeed Qureshi, Juan Zalduendo.
Release Date:January, 2012
This paper examines why surges in capital flows to emerging market economies (EMEs) occur, and what determines the allocation of capital across countries during such surge episodes. We use two more...