 | Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework 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...
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| The Chicago Plan Revisited Author/Editor: Jaromir Benes, Michael Kumhof. Release Date:August, 2012 At the height of the Great Depression a number of leading U.S. economists advanced a
proposal for monetary reform that became known as the Chicago Plan. It envisaged the
separation of the monetary more...
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| The Future of Oil: Geology versus Technology Author/Editor: Jaromir Benes, Marcelle Chauvet, Ondra Kamenik, Michael Kumhof, Douglas Laxton, Susanna Mursula, Jack Selody. Release Date:May, 2012 We discuss and reconcile two diametrically opposed views concerning the future of world oil
production and prices. The geological view expects that physical constraints will dominate
the future more...
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| Monetary Policy in Low Income Countries in the Face of the Global Crisis: The Case of Zambia Author/Editor: Alfredo Baldini, Jaromir Benes, Andrew Berg, Mai Dao, Rafael Portillo. Release Date:April, 2012 We develop a DSGE model with a banking sector to analyze the impact of the financial crisis on Zambia and the role of the monetary policy response. We view the crisis as a combination of three more...
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 | Risky Bank Lending and Optimal Capital Adequacy Regulation Author/Editor: Jaromir Benes, Michael Kumhof. Release Date:June, 2011 We study the welfare properties of a New Keynesian monetary economy with an essential role for risky bank lending. Banks lend funds deposited by households to a financial accelerator sector, and face more...
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| Structural Models in Real Time Author/Editor: Kevin Clinton, Marianne Johnson, Jaromir Benes, Douglas Laxton, Troy Matheson. Release Date:March, 2010 This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is more...
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| Modeling with Macro-Financial Linkages : Credit and Policy Shocks in Emerging Markets Author/Editor: Jaromir Benes, Inci Ötker, David Vávra. Release Date:June, 2009 This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for more...
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