 | The Impact of Uncertainty Shocks on the UK Economy Author/Editor: Stephanie Denis, Prakash Kannan. Release Date:March, 2013 This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic more...
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 | New Evidenceon Cyclical and Structural Sources of Unemployment Author/Editor: Jinzhu Chen, Bharat Trehan, Prakash Kannan, Prakash Loungani. Release Date:May, 2011 We provide cross-country evidence on the relative importance of cyclical and structural factors in explaining unemployment, including the sharp rise in U.S. long-term unemployment during the Great more...
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| Credit Conditions and Recoveries from Recessions Associated with Financial Crises Author/Editor: Prakash Kannan. Release Date:March, 2010 Recoveries from recessions associated with a financial crisis tend to be sluggish. In this paper, we present evidence that stressed credit conditions are an important factor constraining the pace of 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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| Macroeconomic Patterns and Monetary Policy in the Run-up to Asset Price Busts Author/Editor: Alasdair Scott, Pau Rabanal, Prakash Kannan. Release Date:November, 2009 We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of asset price busts. By contrast, credit, shares of investment in GDP, current more...
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| The Uncertainty Channel of Contagion Author/Editor: Prakash Kannan, Fritzi Köhler-Geib. Release Date:October, 2009 The 2007 subprime crisis in the U.S. triggered a succession of financial crises around the globe, reigniting interest in the contagion phenomenon. Not all crises, however, are contagious. This paper more...
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| Incorporating Market Information into the Construction of the Fan Chart Author/Editor: Prakash Kannan, Selim Elekdag. Release Date:August, 2009 This paper develops a simple procedure for incorporating market-based information into the construction of fan charts. Using the International Monetary Fund (IMF)'s global growth forecast as a more...
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| Evaluating Historical CGER Assessments : How Well Have They Predicted Subsequent Exchange Rate Movements? Author/Editor: Jungjin Lee, Abdul Abiad, Prakash Kannan. Release Date:February, 2009 The IMF's Consultative Group on Exchange Rate issues (CGER) has been conducting exchange rate assessments as part of the surveillance process since 1997. This paper evaluates CGER assessments from more...
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| Perspectives on High Real Interest Rates in Turkey Author/Editor: Prakash Kannan. Release Date:October, 2008 The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a more...
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| On The Welfare Benefits of an International Currency Author/Editor: Prakash Kannan. Release Date:March, 2007 Is it beneficial for a country's currency to be used internationally? And, if so, can we quantify the benefit? Since the emergence of the euro, there has been great interest in the consequences of a more...
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