Policy analysis in real time using IMF's monetary model
| Author | : Q. Farooq Akram |
| Publisher | : |
| Total Pages | : |
| Release | : 2010 |
| Genre | : |
| ISBN | : 9788275535601 |
Download Policy analysis in real time using IMF's monetary model Book in PDF, Epub and Kindle
Policy Analysis In Real Time Using Imfs Monetary Model
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The Mechanics of a Strong Euro Area
| Author | : Ms.Petya Koeva Brooks |
| Publisher | : International Monetary Fund |
| Total Pages | : 286 |
| Release | : 2015-10-21 |
| Genre | : Business & Economics |
| ISBN | : 1498305539 |
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Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.
A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco
| Author | : Daniel Baksa |
| Publisher | : International Monetary Fund |
| Total Pages | : 35 |
| Release | : 2021-07-16 |
| Genre | : Business & Economics |
| ISBN | : 151359298X |
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The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.
Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 74 |
| Release | : 2015-10-23 |
| Genre | : Business & Economics |
| ISBN | : 1498344062 |
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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.
Conditionality in Evolving Monetary Policy Regimes
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 61 |
| Release | : 2014-05-03 |
| Genre | : Business & Economics |
| ISBN | : 1498343694 |
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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.
Monetary Policy Analysis with a Quarterly Projection Model
| Author | : Chris Jackson |
| Publisher | : International Monetary Fund |
| Total Pages | : 14 |
| Release | : 2024-08-13 |
| Genre | : |
| ISBN | : |
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The calibration of monetary policy is particularly challenging at a time of large shocks. Interest rates in Hungary rose sharply in response a significant increase in inflation and depreciation in the forint in 2022. As inflationary pressures have eased, the base rate has been reduced but remains restrictive. Balancing the risks of loosening too quickly and inflation taking longer to return to target against those of loosening too slowly with larger costs to output requires careful calibration. This paper uses a Quarterly Projection Model to provide a quantitative guide to the calibration of monetary policy in Hungary. As underlying inflation remains elevated and second-round effects continue to push up services inflation, the model suggests that further cuts in interest rates should proceed cautiously and gradually.
The Chicago Plan Revisited
| Author | : Mr.Jaromir Benes |
| Publisher | : International Monetary Fund |
| Total Pages | : 71 |
| Release | : 2012-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505523 |
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At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.
Staff Guidance Note on Macroprudential Policy
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 45 |
| Release | : 2014-06-11 |
| Genre | : Business & Economics |
| ISBN | : 1498342620 |
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This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls
| Author | : Mokhtar Benlamine |
| Publisher | : International Monetary Fund |
| Total Pages | : 29 |
| Release | : 2018-02-14 |
| Genre | : Business & Economics |
| ISBN | : 1484341813 |
Download Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls Book in PDF, Epub and Kindle
The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.
Macroprudential Policy - An Organizing Framework - Background Paper
| Author | : International Monetary Fund. Monetary and Capital Markets Department |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2011-03-14 |
| Genre | : Business & Economics |
| ISBN | : 1498339174 |
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MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
