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Monetary Policy Analysis And Forecasting In The Group Of Twenty
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Book Synopsis Monetary Policy Analysis and Forecasting in the Group of Twenty by : Francis Vitek
Download or read book Monetary Policy Analysis and Forecasting in the Group of Twenty written by Francis Vitek and published by International Monetary Fund. This book was released on 2010-06-01 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty. This structural macroeconometric model features extensive linkages between the real and financial sectors, both within and across economies. A variety of monetary policy analysis and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Book Synopsis Monetary Policy Analysis and Forecasting in the World Economy by : Francis Vitek
Download or read book Monetary Policy Analysis and Forecasting in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2009-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into its fifteen largest national economies. This structural macroeconometric model features extensive linkages between the real and financial sectors, both within and across economies. A variety of monetary policy analysis and forecasting applications of the estimated model are demonstrated, based on a novel Bayesian framework for conditioning on judgment.
Book Synopsis Policy Analysis and Forecasting in the World Economy by : Francis Vitek
Download or read book Policy Analysis and Forecasting in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2012-06-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Book Synopsis Policy Analysis and Forecasting in the World Economy by : Francis Vitek
Download or read book Policy Analysis and Forecasting in the World Economy written by Francis Vitek and published by International Monetary Fund. This book was released on 2013-12-19 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model encompasses an approximate linear panel dynamic stochastic general equilibrium model featuring a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Book Synopsis Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems by : John C. Odling-Smee
Download or read book Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems written by John C. Odling-Smee and published by International Monetary Fund. This book was released on 1993 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks. As such, the paper offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.
Book Synopsis Global Growth and Financial Spillovers and the South African Macro-economy by : Mthuli Ncube
Download or read book Global Growth and Financial Spillovers and the South African Macro-economy written by Mthuli Ncube and published by Springer. This book was released on 2016-04-29 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: To what extent is South Africa affected by G8 economies and BRIC growth shocks? This book identifies channels that amplify these shock effects, the relevance of third country transmission effects and the effects of the first and second rounds of US quantitative easing. The changing reactions of South African variables over time to financial shocks emanating from the US and selected countries in the Euro area, is presented. The book quantifies the effects of capital flow shocks, determines the counterfactuals of asset prices and economic growth variables, and compares the contribution of capital flows and domestic macro factors on asset prices. The effects of the exchange rate depreciation are contrasted to the decline in investment as key drivers of the trade balance. Stock market interdependence is determined amongst South African, Indian and Brazilian equities. The contributions of stock price returns and volatility on South African economic growth are contrasted. The authors construct a financial stress index for South Africa and determine how it amplifies shocks.
Book Synopsis Germany In An Interconnected World Economy by : Mr.Ashoka Mody
Download or read book Germany In An Interconnected World Economy written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2013-04-10 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Germany has been a central player in discussions on the future architecture of Europe, and has been called on to play a larger role in supporting global and, especially, European recovery from the financial crisis that triggered the Great Recession. This book focuses on the possible economic role of Germany and shows that the quantitative effects of a German fiscal stimulus would be small on the heavily indebted euro area periphery countries that most need the boost. The book finds that Germany itself faces a growth challenge and that efforts to raise its own growth potential are important for Germany, and that more rapid growth of domestic demand will more powerfully stimulate European economic growth through its expanded demand for imports.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis Growth Spillover Dynamics From Crisis to Recovery by : Ms.Helene Poirson Ward
Download or read book Growth Spillover Dynamics From Crisis to Recovery written by Ms.Helene Poirson Ward and published by International Monetary Fund. This book was released on 2011-09-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can positive growth shocks from the faster-growing countries in Europe spill over to the slower growing countries, providing useful tailwinds to their recovery process? This study investigates the potential relevance of growth spillovers in the context of the crisis and the recovery process. Based on a VAR framework, our analysis suggests that the U.S. and Japan remain the key source of growth spillovers in this recovery, with France also playing an important role for the European crisis countries. Notwithstanding the current export-led cyclical upswing, Germany generates relatively small outward spillovers compared to other systemic countries, but likely plays a key role in transmitting and amplifying external growth shocks to the rest of Europe given its more direct exposure to foreign shocks compared to other European countries. Positive spillovers from Spain were important prior to the 2008 - 09 crisis, however Spain is generating negative spillovers in this recovery due to a depressed domestic demand. Negative spillovers from the European crisis countries appear limited, consistent with their modest size.
Book Synopsis Conditionality in Evolving Monetary Policy Regimes by : International Monetary Fund
Download or read book Conditionality in Evolving Monetary Policy Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-05-03 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Book Synopsis Macroeconomic Model Spillovers and Their Discontents by : Mr.Tamim Bayoumi
Download or read book Macroeconomic Model Spillovers and Their Discontents written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2013-01-08 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate lower international correlations of output and financial asset prices than are seen in even pre-crisis data. Imposing higher financial market correlations creates more reasonable cross-country spillovers, and is likely to become the norm in policy modeling despite weak theoretical underpinnings, as is already true of sticky wages. We propose using event studies to calibrate market reactions to particular policy announcements, and report results for U.S. monetary and fiscal policy announcements in 2009 and 2010 that are plausible and event-specific.
Book Synopsis Inflation Expectations by : Peter J. N. Sinclair
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1455243140 Total Pages :12 pages Book Rating :4.4/5 (552 download)
Book Synopsis IMF Research Bulletin, September 2010 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2010 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2010-09-30 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.
Book Synopsis Japan by : International Monetary Fund
Download or read book Japan written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-07-19 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan’s position is one of the largest and richest economies in the world. Tokyo as a financial marketplace is not a major intermediator of global capital flows. The current macroeconomic environment is conducive to spillovers being larger than captured by the empirical analysis. Apart from heading off tail risks, fiscal consolidation in Japan would have medium to long-term benefits for its partner countries. Exchange rate-related spillovers on foreign financial markets are found to be small and depend partly on policy developments abroad.
Book Synopsis Apocalypse then by : Mr.Tamim Bayoumi
Download or read book Apocalypse then written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2011-09-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis, originated from the collapse of US housing markets in 2008, reverberates around the world. Its destructive force was felt nowhere more keenly than Western Europe. Indeed, it continues to mire in financial volatility as the debt problem contagiously spreads around the periphery Euro area. Taking a wider historical view of the evolution over the recent decades of the North Atlantic economy, comprising North America and Western Europe, we argue that while trade links were in relative stasis, the increasing and uniquely-close Transatlantic financial relationship was a crucial conduit in transmitting US shocks into global ones.
Book Synopsis Quarterly Projection Model for India by : Mr.Jaromir Benes
Download or read book Quarterly Projection Model for India written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2017-02-13 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
