African Knowledge Base(AKB) Platform
Integrated Essential Digital Resources on Africa

Search


Current filters:
Start a new search
Add filters:

Use filters to refine the search results.


Results 1-10 of 28 (Search time: 0.003 seconds).
Budget Consolidation : Short-Term Pain and Long-Term Gain
Book/Monograph, Created By Douglas Laxton; Susanna Mursula; Kevin Clinton; Michael Kumhof in ENGLISH language
The paper evaluates the costs and benefits of fiscal consolidation using simulations based on the IMFs global DSGE model GIMF. Over the longer run, well-targeted permanent reductions in budget deficits lead to a considerable increase in both the growth rate and the level of output. The gains may be enhanced by shifting some of the tax burden from incomes to consumption. In the short run, credibility plays a crucial role in determining the size of initial output loses. Global current account imbalances would be significantly reduced if budget conso...
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...
The Global Integrated Monetary and Fiscal Model (GIMF) Theoretical Structure
Book/Monograph, Created By Douglas Laxton; Susanna Mursula; Michael Kumhof; Dirk Muir in ENGLISH language
This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is used by the IMF for a variety of tasks including policy analysis, risk analysis, and surveillance.
The Global Integrated Monetary and Fiscal Model (GIMF) Theoretical Structure
Book/Monograph, Created By Douglas Laxton; Susanna Mursula; Michael Kumhof; Dirk Muir in ENGLISH language
This working paper presents a comprehensive overview of the theoretical structure of the Global Integrated Monetary and Fiscal Model (GIMF), a multi-region dynamic general equilibrium model that is used by the IMF for a variety of tasks including policy analysis, risk analysis, and surveillance.
Structural Models in Real Time
Book/Monograph, Created By Kevin Clinton; Marianne Johnson; Jaromir Benes; Douglas Laxton; Troy Matheson in ENGLISH language
This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is consistent with the underlying structure of the model. The method is flexible enough that predictions can be up-weighted or down-weighted on a case-by-case basis. We illustrate the approach using a small quarterly structural and real-time data for the United States.
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...
Structural Models in Real Time
Book/Monograph, Created By Kevin Clinton; Marianne Johnson; Jaromir Benes; Douglas Laxton; Troy Matheson in ENGLISH language
This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is consistent with the underlying structure of the model. The method is flexible enough that predictions can be up-weighted or down-weighted on a case-by-case basis. We illustrate the approach using a small quarterly structural and real-time data for the United States.
A Model for Full-Fledged Inflation Targeting and Application to Ghana
Book/Monograph, Created By Kevin Clinton; Jihad Dagher; Ondrej Kamenik; Douglas Laxton; Ali Alichi; Marshall Mills in ENGLISH language
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge&...
A Model for Full-Fledged Inflation Targeting and Application to Ghana
Book/Monograph, Created By Kevin Clinton; Jihad Dagher; Ondrej Kamenik; Douglas Laxton; Ali Alichi; Marshall Mills in ENGLISH language
A model in which monetary policy pursues full-fledged inflation targeting adapts well to Ghana. Model features include: endogenous policy credibility; non-linearities in the inflation process; and a policy loss function that aims to minimize the variability of output and the interest rate, as well as deviations of inflation from the long-term low-inflation target. The optimal approach from initial high inflation to the ultimate target is gradual; and transitional inflation-reduction objectives are flexible. Over time, as policy earns credibility, expectations of inflation converge&...
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 ...