|An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank|
Author/Editor: Rania A Al-Mashat, Ales Bulir, N Nergiz Dinçer, Tibor Hlédik, Tomás Holub, Asya Kostanyan, Douglas Laxton, Armen Nurbekyan, Rafael A Portillo, Hou Wang.
Release Date:September, 2018
This paper develops a new central bank transparency index for inflation-targeting central banks (CBT-IT index). It applies the CBT-IT index to the Czech National Bank (CNB), one of the most more...
|Economic Fluctuations in Sub-Saharan Africa|
Author/Editor: Giovanni Melina, Rafael A Portillo.
Release Date:March, 2018
We compare business cycle fluctuations in Sub-Saharan African (SSA) countries vis-à-vis the rest of the world. Our main results are as follows: (i) African economies stand out by their macroeconomic more...
|Quarterly Projection Model for India : Key Elements and Properties|
Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Pranav Gupta, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Rafael Portillo, Hou Wang, Fan Zhang.
Release Date:February, 2017
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for more...
|Implications of Food Subsistence for Monetary Policy and Inflation|
Author/Editor: Rafael Portillo, Luis-Felipe Zanna, Stephen A O'Connell, Richard Peck.
Release Date:March, 2016
We introduce subsistence requirements in food consumption into a simple new-Keynesian model with flexible food and sticky non-food prices. We study how the endogenous structural transformation that more...
|Some Misconceptions about Public Investment Efficiency and Growth|
Author/Editor: Andrew Berg, Edward F. Buffie, Catherine A. Pattillo, Rafael Portillo, Andrea Presbitero, Luis-Felipe Zanna.
Release Date:December, 2015
We reconsider the macroeconomic implications of public investment efficiency, defined as
the ratio between the actual increment to public capital and the amount spent. We show more...
|A Model for Monetary Policy Analysis in Uruguay|
Author/Editor: Rafael Portillo, Yulia Ustyugova.
Release Date:July, 2015
Uruguay has recently reverted to a money targeting (MT) framework in the context of adisinflation strategy. We develop a quantitative model for monetary policy analysisincorporating money targets in more...
|On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure|
Author/Editor: Rafael Portillo, Luis-Felipe Zanna.
Release Date:February, 2015
We develop a tractable small open-economy model to study the first-round effects of international foodprice shocks in developing countries. We define first-round effects as changes in headline more...
|Monetary Policy in Hybrid Regimes: The Case of Kazakhstan|
Author/Editor: Natan P. Epstein, Rafael Portillo.
Release Date:June, 2014
This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two more...
|Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime|
Author/Editor: Andrew Berg, Rafael A Portillo, Luis-Felipe Zanna.
Release Date:January, 2014
We study the role of the exchange rate regime, reserve accumulation, and sterilization policies inthe macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption more...
|Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya|
Author/Editor: Michal Andrle, Andrew Berg, Enrico Berkes, Rafael A Portillo, Jan Vlcek, R Armando Morales.
Release Date:November, 2013
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an more...