Author/Editor: Ali Alichi, Rania A Al-Mashat, Hayk Avetisyan, Jaromir Benes, Olivier Bizimana, Aram Butavyan, Robert Ford, Narek Ghazaryan, Vahagn Grigoryan, Mane Harutyunyan, Anahit Hovhannisyan, Edgar Hovhannisyan, Hayk Karapetyan, Mariam Kharaishvili, Douglas Laxton, Akaki Liqokeli, Karolina Matikyan, Gevorg Minasyan, Shalva Mkhatrishvili, Armen Nurbekyan, Andrei Orlov, Babken Pashinyan, Garik Petrosyan, Yekaterina Rezepina, Aleksandr Shirkhanyan, Tamta Sopromadze, Lusine Torosyan, Erik Vardanyan, Hou Wang, Jiaxiong Yao.

Release Date:July, 2018

Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to more...

Author/Editor: Jaromir Benes, Kevin Clinton, Asish George, Joice John, Ondra Kamenik, Douglas Laxton, Pratik Mitra, G V Nadhanael, Hou Wang, Fan Zhang.

Release Date:February, 2017

India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this more...

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...

Author/Editor: Jaromir Benes, Douglas Laxton, Joannes Mongardini.

Release Date:April, 2016

This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how more...

Author/Editor: Ali Alichi, Jaromir Benes, Joshua Felman, Irene Feng, Charles Freedman, Douglas Laxton, Evan Tanner, David Vavra, Hou Wang.

Release Date:April, 2015

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB’s recent more...

Author/Editor: Jaromir Benes, Michael Kumhof, Douglas Laxton.

Release Date:April, 2014

This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential more...

Author/Editor: Jaromir Benes, Michael Kumhof, Douglas Laxton.

Release Date:April, 2014

This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. more...

Author/Editor: Jaromir Benes, Michael Kumhof, Douglas Laxton, Dirk Muir, Susanna Mursula.

Release Date:December, 2013

This paper uses two of the IMF’s DSGE models to simulate the benefits of international fiscal and macroprudential policy coordination. The key argument is that these two policies are similar in more...

Author/Editor: Michal Andrle, Jaromir Benes.

Release Date:December, 2013

This paper proposes a novel way of formulating priors for estimating economic models. System priors are priors about the model's features and behavior as a system, such as the sacrifice ratio or the more...

Author/Editor: Nicolas Arregui, Jaromir Benes, Ivo Krznar, Srobona Mitra, Andre Santos.

Release Date:July, 2013

The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be more...