Inflation Reports and Models: How Well Do Central Banks Really Write?
We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their...
View ArticleCommercial Property Price Indexes: Problems of Sparse Data, Spatial...
Transaction-price residential (house) and commercial property price indexes (RPPIs and CPPIs) have inherent problems of sparse data on heterogeneous properties, more so CPPIs. In an attempt to control...
View ArticleInflation and Public Debt Reversals in the G7 Countries
This paper investigates the impact of low or high inflation on the public debt-to-GDP ratio in the G-7 countries. Our simulations suggest that if inflation were to fall to zero for five years, the...
View ArticleNew Zealand: 2014 Article IV Consultation-Staff Report Press Release
KEY ISSUES Outlook and risks The economic expansion is becoming increasingly embedded and broad-based, driven by supportive financial conditions, historically high commodity prices, resurgent...
View ArticleRepublic of Poland: 2014 Article IV Consultation: Staff Report Press Release...
The economy is steadily recovering from a substantial slowdown in 2012–13, helped by improving conditions in main trading partners and a rebound in job creation and household consumption....
View ArticleMs. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages
The global financial crisis has underscored the importance of understanding macro-financial developments and spillovers in an increasingly interconnected and intricate system. At the IMF, staff is...
View ArticleOn the use of Monetary and Macroprudential Policies for Small Open Economies
We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock...
View ArticleRussian Federation: 2014 Article IV Consultation-Staff Report Informational...
KEY ISSUES AND RECOMMENDATIONS Context. The growth slowdown continued in 2013, reflecting pre-existing structural reasons, despite accommodative policies. The fallout from geopolitical tensions...
View ArticleLiquidity Trap and Excessive Leverage
We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest...
View ArticleOutput Gap in Presence of Financial Frictions and Monetary Policy Trade-offs
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment...
View ArticleSweden: 2014 Article IV Consultation-Staff Report Press Release and Statement...
Sweden’s economy has re-gained speed, following supportive macroeconomic policies and strong household demand. Employment has been rising, but the labor force expanded even more, resulting...
View ArticleTrinidad and Tobago: 2014 Article IV Consultation-Staff Report Press Release...
KEY ISSUES The economy is embarking on sustainable growth, but the main challenge will be to boost long-run growth by structural reforms and reorienting fiscal policy. Supply-side slowdowns in the...
View ArticleMeasuring External Risks for Peru: Insights from a Macroeconomic Model for a...
This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China’s investment slowdown and the U.S. monetary policy tightening. In...
View ArticleGuatemala: 2014 Article IV Consultation-Staff Report Press Release and...
KEY ISSUES Context. Guatemala’s economy has performed solidly since the 2008–09 crisis. Output has converged to potential, inflation is under control, and macroeconomic policies...
View ArticleAre Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?
The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries are affected by the undershooting of the euro area inflation target. To shed light...
View ArticleA Model-Based Analysis of Spillovers: The Case of Poland and the Euro Area
This paper studies economic and financial spillovers from the euro area to Poland in a two-country semi-structural model. The model incorporates various channels of macrofinancial linkages and...
View ArticleManaging Inflation in China: Current Trends and New Strategies
As the RMB has tumbled to an 11-month low, with fears that it could fall further still and increase inflation in China. Managing Inflation in China: Current Trends and New Strategies, Volume 1, looks...
View ArticleManaging Inflation in China: Current Trends and New Strategies
Managing Inflation in China: Current Trends and New Strategies looks at the current levels of inflation in China and offers predictions for the near-future. The authors survey the trends of the recent...
View ArticleManaging Inflation in China: Current Trends and New Strategies
As the RMB has tumbled to an 11-month low, with fears that it could fall further still and increase inflation in China. Managing Inflation in China: Current Trends and New Strategies, Volume 1, looks...
View ArticleThe Truth About Inflation
<p>Inflation is a simple topic, in that the basic concepts are something that everyone can understand. However, inflation is not a simplistic topic. The composition of inflation and what the...
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