Author/Editor: Giovanni Dell'Ariccia, Luc Laeven, Gustavo Suarez.

Release Date: June, 2013

We present evidence of a risk-taking channel of monetary policy for the U.S. bankingsystem. We use confidential data on the internal ratings of U.S. banks on loans tobusinesses over the period 1997 more...

Author/Editor: Troy Matheson, Emil Stavrev.

Release Date: May, 2013

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the more...

Author/Editor: Yan Carriere-Swallow, Pablo Garcia-Silva.

Release Date: May, 2013

This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account more...

Author/Editor: Donal McGettigan, Kenji Moriyama, Jean F Noah Ndela Ntsama, Francois Painchaud, Haonan Qu, Chad Steinberg.

Release Date: May, 2013

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The more...

Author/Editor: Olivier J Blanchard, Giovanni Dell'Ariccia, Paolo Mauro.

Release Date: April, 2013

This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the more...

Author/Editor: Ioan Carabenciov, Charles Freedman, Roberto Garcia-Saltos, Douglas Laxton, Ondra Kamenik, Petar Manchev.

Release Date: April, 2013

This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to more...

Author/Editor: Itai Agur, Maria Demertzis.

Release Date: April, 2013

If monetary policy is to aim also at financial stability, how would it change? To analyze this question, this paper develops a general-form framework. Financial stability objectives are shown to make more...

Author/Editor: Serhan Cevik, Katerina Teksoz.

Release Date: March, 2013

This paper presents an empirical investigation of inflation dynamics in Libya over the period 1964–2010, using cointegration and error correction models. While inflation inertia is found to be a more...

Author/Editor: Michal Andrle, Andrew Berg, R Armando Morales, Rafael Portillo, Jan Vlcek.

Release Date: March, 2013

We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for forecasting and monetary policy analysis in low-income countries and apply it to more...

Author/Editor: Derek Anderson, Benjamin Hunt, Mika Kortelainen, Michael Kumhof, Douglas Laxton, Dirk Muir, Susanna Mursula, Stephen Snudden.

Release Date: February, 2013

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international more...

Author/Editor: Hamid Reza Davoodi, Shiv Dixit, Gabor Pinter.

Release Date: February, 2013

Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard more...

Author/Editor: Nils Øyvind Mæhle, Haimanot Teferra, Armine Khachatryan.

Release Date: January, 2013

Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated more...

Author/Editor: Mario Pessoa, Michael J. Williams.

Release Date: January, 2013

This technical note and manual (TNM) addresses the following main issues: Interaction between treasury cash management and monetary policy operations within the wider context of the respective more...

Author/Editor: Jaromir Benes, Andrew Berg, Rafael A Portillo, David Vavra.

Release Date: January, 2013

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various more...

Author/Editor: Harun Alp, Selim Elekdag.

Release Date: November, 2012

Thailand had to endure three major shocks during 2008–2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation more...

Release Date: October, 2012

The October 2012 World Economic Outlook (WEO) assesses the prospects for the global recovery in light of such risks as the ongoing euro area crisis and the fiscal cliff facing U.S. policymakers. more...

Release Date: September, 2012

Published since 1950, this authoritative annual reference is based on a unique IMF database that tracks exchange and trade arrangements for 187 IMF member countries, along with Hong Kong SAR, Aruba, more...

Release Date: September, 2012

Release Date: September, 2012

Release Date: September, 2012