Author/Editor: Christopher J Erceg, Andrew Levin.

Release Date: December, 2013

In this paper, we provide compelling evidence that cyclical factors account for the bulk of thepost-2007 decline in the U.S. labor force participation rate. We then proceed to formulate astylized New more...

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

Release Date: November, 2013

We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an more...

Author/Editor: Will Clark, Manuel Rosales.

Release Date: November, 2013

Liberia is facing large infrastructure gaps and developmental needs that constrain the country’s growth potential. The government has set an ambitious agenda to transform the economy and to reach more...

Author/Editor: Emanuele Baldacci, Sanjeev Gupta, Carlos Mulas-Granados.

Release Date: November, 2013

This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 more...

Release Date: November, 2013

Over the past dozen years or so, China has faced major challenges in the conduct of monetary policy. In responding to these challenges, China’s monetary policy has successfully maintained stability more...

Author/Editor: Steven Pennings, Esther Pérez Ruiz.

Release Date: November, 2013

Should fiscal consolidations be front-loaded or proceed at a more steady pace, and how does this affect growth? We make an attempt to address this question using a three-step methodology. First, we more...

Author/Editor: Giancarlo Corsetti, Keith Kuester, André Meier, Gernot J Mueller.

Release Date: November, 2013

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary more...

Author/Editor: Stephen Snudden.

Release Date: November, 2013

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other more...

Author/Editor: Felix Fischer, Charlotte J Lundgren, Samir Jahjah.

Release Date: November, 2013

The paper looks at the challenges of conducting monetary policy in a context of high dollarization of the banking system and weak institutions in the Democratic Republic of the Congo. The empirical more...

Author/Editor: Ermal Hitaj, Yasin Kursat Onder.

Release Date: October, 2013

This paper gauges the scope for market discipline and the effectiveness of the regional surveillance framework in the West African Economic and Monetary Union (WAEMU). The paper finds that the more...

Author/Editor: Alexander Klemm.

Release Date: October, 2013

Current account deficits imply increasing liabilities to the rest of the world. External sustainability then depends on whether these can be met in the future without defaulting, i.e., normally more...

Author/Editor: Derek Anderson, Benjamin L Hunt, Stephen Snudden.

Release Date: October, 2013

The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to more...

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...

Author/Editor: Selim Elekdag, Dirk Muir.

Release Date: October, 2013

Germany and the Czech Republic, Hungary, Poland, and Slovakia (the CE4) have been in aprocess of deepening economic integration which has lead to the development of a dynamicsupply chain within more...

Author/Editor: Alejandro D Guerson.

Release Date: October, 2013

This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the more...

Author/Editor: Ali J Al-Eyd, Pelin Berkmen.

Release Date: October, 2013

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have more...

Release Date: October, 2013

The IMF's 2013 Annual Report chronicles the response of the institution's Executive Board and staff to the global financial crisis and other events during financial year 2013, which covers the period more...

Author/Editor: Andrew Berg, Luisa Charry, Rafael A Portillo, Jan Vlcek.

Release Date: September, 2013

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels more...

Author/Editor: Jaejoon Woo, Elva Bova, Tidiane Kinda, Yuanyan Sophia Zhang.

Release Date: September, 2013

The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal more...

Release Date: September, 2013

The Research Summaries in the September 2013 IMF Research Bulletin focus on “External Conditions and Debt Sustainability in Latin America” (Gustavo Adler and Sebastian Sosa) and “Monetary more...