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Results 1-10 of 15 (Search time: 0.003 seconds).
Important Elements for Inflation Targeting for Emerging Economies
Book/Monograph, Created By Inci tker; Charles Freedman in ENGLISH language
This is the fifth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines whether certain conditions have to be met before emerging economies can adopt an inflation-targeting regime and provides some empirical evidence on the matter. The issues analyzed are the priority of inflation targeting over other goals, the absence of fiscal dominance, central bank independence, the degree of control over the policy interest rate, a sound methodology for forecasting, and...
Important Elements for Inflation Targeting for Emerging Economies
Book/Monograph, Created By Inci tker; Charles Freedman in ENGLISH language
This is the fifth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say." It examines whether certain conditions have to be met before emerging economies can adopt an inflation-targeting regime and provides some empirical evidence on the matter. The issues analyzed are the priority of inflation targeting over other goals, the absence of fiscal dominance, central bank independence, the degree of control over the policy interest rate, a sound methodology for forecasting, and...
Effects of Fiscal Stimulus in Structural Models
Book/Monograph, Created By Michael Kumhof; Dirk Muir; Carlos de Resende; Jan in t Veld; Ren Lalonde; Davide Furceri; Annabelle Mourougane; John Roberts; Stephen Snudden; Mathias Trabandt; G nter Coenen; Susanna Mursula; Christopher J. Erceg; Charles Freedman; Jesper Lind; Werner Roeger; Douglas Laxton in ENGLISH language
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence...
Effects of Fiscal Stimulus in Structural Models
Book/Monograph, Created By Michael Kumhof; Dirk Muir; Carlos de Resende; Jan in t Veld; Ren Lalonde; Davide Furceri; Annabelle Mourougane; John Roberts; Stephen Snudden; Mathias Trabandt; G nter Coenen; Susanna Mursula; Christopher J. Erceg; Charles Freedman; Jesper Lind; Werner Roeger; Douglas Laxton in ENGLISH language
The paper assesses, using seven structural models used heavily by policymaking institutions, the effectiveness of temporary fiscal stimulus. Models can, more easily than empirical studies, account for differences between fiscal instruments, for differences between structural characteristics of the economy, and for monetary-fiscal policy interactions. Findings are: (i) There is substantial agreement across models on the sizes of fiscal multipliers. (ii) The sizes of spending and targeted transfers multipliers are large. (iii) Fiscal policy is most effective if it has some persistence...
Inflation Targeting Pillars - Transparency and Accountability
Book/Monograph, Created By Douglas Laxton; Charles Freedman in ENGLISH language
This is the fourth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether ...
Adding Indonesia to the Global Projection Model
Book/Monograph, Created By Roberto Garcia-Saltos; Douglas Laxton; Michal Andrle; Haris Munandar; Charles Freedman; Danny Hermawan in ENGLISH language
This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Indonesia to a previously estimated small quarterly projection model of the US, euro area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce...
Adding Indonesia to the Global Projection Model
Book/Monograph, Created By Roberto Garcia-Saltos; Douglas Laxton; Michal Andrle; Haris Munandar; Charles Freedman; Danny Hermawan in ENGLISH language
This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Indonesia to a previously estimated small quarterly projection model of the US, euro area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce...
Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits :
Book/Monograph, Created By Douglas Laxton; Dirk Muir; Michael Kumhof; Susanna Mursula; Charles Freedman in ENGLISH language
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the worl...
Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Book/Monograph, Created By Douglas Laxton; Dirk Muir; Michael Kumhof; Susanna Mursula; Charles Freedman in ENGLISH language
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary accommodation and the presence of a financial accelerator mechanism. A permanent 0.5 percentage point increase in the U.S. deficit to GDP ratio raises the U.S. tax burden and world real interest rates in the long run, thereby reducing U.S. and rest of the worl...
Adding Indonesia to the Global Projection Model
Book/Monograph, Created By Roberto Garcia-Saltos; Douglas Laxton; Michal Andrle; Haris Munandar; Charles Freedman; Danny Hermawan in ENGLISH language
This is the fifth of a series of papers that are being written as part of a larger project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this paper, we add Indonesia to a previously estimated small quarterly projection model of the US, euro area, and Japanese economies. The model is estimated with Bayesian techniques, which provide a very efficient way of imposing restrictions to produce...