 | Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area Author/Editor: Dominic Quint, Pau Rabanal. Release Date:October, 2013 In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and more...
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 | Deciding to Enter a Monetary Union: TheRole of Trade and Financial Linkages Author/Editor: Ruy Lama, Pau Rabanal. Release Date:October, 2012 This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model more...
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| Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates? Author/Editor: Pau Rabanal, Juan F. Rubio-Ramirez. Release Date:January, 2012 Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which more...
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| How to Deal with Real Estate Booms : Lessons From Country Experiences Author/Editor: Pau Rabanal, Christopher W. Crowe, Giovanni Dell'Ariccia, Deniz Igan. Release Date:April, 2011 The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on more...
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 | Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms : Options to Deal with Real Estate Booms Release Date:March, 2011 DISCLAIMER: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors more...
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| Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia Author/Editor: Damiano Sandri, Pau Rabanal, Isabelle Mejean. Release Date:March, 2011 A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper more...
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| The Effects of Housing Prices and Monetary Policy in a Currency Union Author/Editor: Pau Rabanal, Oriol Aspachs-Bracons. Release Date:January, 2011 The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as the appropriate policy response. We analyze the case of Spain, where housing more...
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| Forecasting U.S. Investment Author/Editor: Pau Rabanal, Jaewoo Lee. Release Date:November, 2010 The driving force of U.S. economic growth is expected to rotate from the fiscal stimulus and inventory rebuilding in 2009 to private demand in 2010, with consumption and particularly investment more...
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 | U.S. Consumption after the 2008 Crisis Author/Editor: Jaewoo Lee, Pau Rabanal, Damiano Sandri. Release Date:January, 2010 U.S. household consumption declined sharply in late 2008, marking a departure from thetrend of a steady increase in U.S. consumption as a share of income since the 1980s.Combining econometric and more...
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| Monetary and Macroprudential Policy Rules in a Model with House Price Booms Author/Editor: Alasdair Scott, Pau Rabanal, Prakash Kannan. Release Date:November, 2009 We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit more...
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