Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States PDF Download
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Author: Mr.Douglas Laxton
Publisher: International Monetary Fund
ISBN: 1451853424
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.
Author: Mr.Douglas Laxton
Publisher: International Monetary Fund
ISBN: 1451853424
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.
Author: Guy Debelle
Publisher: [Washington, D.C.] : International Monetary Fund
ISBN:
Category : Inflation (Finance) Canada Mathematical models
Languages : en
Pages : 38
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Book Description
Author: Tobias Adrian
Publisher: International Monetary Fund
ISBN: 148432594X
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
Contributors working at the International Monetary Fund present 14 chapters on the development of monetary policy over the past quarter century through the lens of the evolution of inflation-forecast targeting. They describe the principles and practices of inflation-forecast targeting, including managing expectations, the implementation of a forecasting and policy analysis system, monetary operations, monetary policy and financial stability, financial conditions, and transparency and communications; aspects of inflation-forecast targeting in Canada, the Czech Republic, India, and the US; and monetary policy challenges faced by low-income countries and how inflation-forecast targeting can provide an anchor in countries with different economic structures and circumstances.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557758606
Category : Business & Economics
Languages : en
Pages : 124
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Book Description
A selective index of major research papers prepared by IMF staff in 1991-98.
Author: D. Bundesbank
Publisher: Springer
ISBN: 0230595995
Category : Business & Economics
Languages : en
Pages : 329
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Book Description
The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451930968
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]
Author: Lavan Mahadeva
Publisher: Routledge
ISBN: 1134289839
Category : Business & Economics
Languages : en
Pages : 359
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Book Description
For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.
Author: ROMER
Publisher: McGraw Hill
ISBN: 1526864762
Category : Business & Economics
Languages : en
Pages : 738
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Book Description
EBOOK: Advanced Macroeconomics
Author: Ali Alichi
Publisher: International Monetary Fund
ISBN: 1484366328
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
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 significant revisions. This paper extends the structural multivariate filter methodology by adding a monetary policy block, which allows estimating the neutral rate of interest for the U.S. economy. The addition of the monetary policy block further improves the reliability of the structural multivariate filter.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264181202
Category :
Languages : en
Pages : 181
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Book Description
This study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.
