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Book
Prices, Wages, and Employment in the U.S. Economy : A Traditional Model and Tests of Some Alternatives
Authors: --- ---
Year: 1993 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England.


Book
Demand for money in developing countries : alternative estimates and policy implications
Authors: ---
ISBN: 9781626180321 1626180326 9781629480374 1629480371 Year: 2014 Publisher: New York, [New York] : Novinka,

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Abstract

This publication presents some empirical analysis on the demand for money. It covers a wide range of papers on econometric techniques and on previous empirical work on money demand. Further, it presents estimates of a common specification of money demand across a range of developing countries. One of the interesting contributions of the book is to give more serious attention to developing economies and to more recent empirical studies than previous studies had done. Studies on the demand for money and its stability are very crucial because it has implications for the monetary policy of a count


Book
Theories of Policy Accommodation : The Persistence of Inflation and Gradual Stabilizations
Author:
ISBN: 1462338984 1455299898 1281990191 9786613794628 1455261440 Year: 1992 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Persistent inflation and slow stabilization are usually the result of policy accommodation resorted to in an attempt to avoid the recessionary costs of a sharp reduction of inflation. This paper reviews three explanations for why policymakers, despite their dislike of inflation, may nevertheless choose to adopt accommodative policies. It emphasizes the role of indexation, uncertainty about policymakers’ preferences, and the existence of fixed costs associated with the implementation of a stabilization program. The paper also presents some evidence on the extent of persistence of inflation across countries.


Book
Guinea : Statistical Appendix.
Authors: ---
ISBN: 1462356486 1452726264 1280888946 9786613730251 1451880626 Year: 2000 Publisher: Washington, D.C. : International Monetary Fund,

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The statistical data on gross domestic product, consumer price index, financial operations of the central government, central government revenue and expenditure of Guinea are presented in this paper. The data on monetary survey, summary accounts of the central bank, summary accounts of deposit money banks, sectoral distribution of credit, quarterly distribution of credit by sector and maturity, balance of payments, composition of merchandise exports, debt-service liabilities on external public debt, nominal exchange rate and effective exchange rates indices, and related economic indices are also presented.


Book
Price and Monetary Dynamics Under Alternative Exchange Rate Regimes
Author:
ISBN: 1462348998 145278860X 1281601713 9786613782403 1451895410 Year: 1999 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

According to theory, inflation persistence should have less variance across countries under pegged than floating exchange rates, but not necessarily a lower mean. The paper tests this prediction on postwar data for OECD countries. After allowing for the upward bias to persistence estimates created by shifts in mean inflation, the paper finds persistence has a greater spread (but not a higher mean) in the floating-rate period, as predicted by theory. Monetary growth has been much less accommodative of inflation under floating rates, most probably because of the shifts in monetary policy rather than those in exchange rate regime.


Book
Conditionality as an Instrument of Borrower Credibility
Author:
ISBN: 146235727X 1455280062 1451974426 Year: 1997 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Fund member countries that adopt market-friendly policies often encounter a credibility problem—market-friendly policies are not effective in stimulating private investment as long as there remains a significant risk of policy reversal. The root of this risk lies in the discretionary policy-making authority of governments. Committing to a program with the Fund, and endorsing its conditionality, is one instrument available to governments to overcome this difficulty. The paper develops this interpretation of conditionality and indicates some of its operational implications for Fund programs.


Book
Solomon Islands : Request for an Extension of the Arrangement Under the Extended Credit Facility; Press Release; and Staff Report.
Author:
ISBN: 1513500848 1513500899 Year: 2015 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

This paper discusses Solomon Islands’ Request for an Extension of the Arrangement Under the Extended Credit Facility (ECF). All end-December 2014 performance criteria (PCs), indicative targets (ITs) for March 2015, and end-June 2015 PCs have been met by a considerable margin, with the exception of the ITs on government-funded recurrent spending on health and education, which have been consistently missed since 2014 albeit by a small margin. September 2015 available data indicate that ITs on international reserves, net domestic assets at the Central Bank, and net credit to the government have been comfortably met. The authorities remain committed to macroeconomic stability and completion of the reviews.


Book
Transmissionsmechanismen der geldpolitik
Authors: ---
ISBN: 3428497333 3428097335 3428797337 Year: 1999 Publisher: Berlin, [Germany] : Duncker & Humblot,

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Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht somit die Frage, wie sich geldpolitische Maßnahmen der Notenbanken auf gesamtwirtschaftliche Größen übertragen. -- G. Winckler und S. Kaufmann untersuchen in ihrem Beitrag den Transmissionsprozeß in kleinen, offenen Volkswirtschaften am Beispiel Österreichs und der Schweiz. Gemäß den geschätzten Resultaten reagierten die Industrieproduktion und das Preisniveau in Österreich erwartungsgemäß verzögert auf Veränderungen der deutschen geldpolitischen Variablen, während sie in der


Book
Crossing the Credit Channel: Credit Spreads and Firm Heterogeneity
Authors: ---
Year: 2020 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting information from a panel of corporate bonds matched with balance sheet data for U.S. non-financial firms, we document that firms with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results suggest that frictions in the financial intermediation sector play a crucial role in shaping the transmission mechanism of monetary policy.


Book
Digital Money and Remittances Costs in Central America, Panama, and the Dominican Republic
Authors: --- --- --- --- --- et al.
Year: 2022 Publisher: Washington, D.C. : International Monetary Fund,

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This paper investigates factors that predict variation in digital and non-digital remittance fees over time and across countries, exploring differences between CAPDR and other regions. The paper fills a void in the literature on how country- and corridor-specific factors relate to remittance fees at different levels of digitalization of the transaction mode. It also complements stylized facts and regression analysis with a survey analysis of the CAPDR authorities’ views on the latest developments, possibilities, and risks related to digital remittances with a view to gauging the authorities’ potential role in further reducing the cost of cross-border payments more generally and remittances fees in particular. The paper finds a clear trend of declining remittance fees across countries and at any level of digitalization, albeit they remain higher for CAPDR countries relative to non-CAPDR countries. More competition, financial and digital development in receiving countries—such as debit/credit card ownership or bank branch penetration—are associated with lower remittance fees, especially in CAPDR. The surveyed authorities actively explore the use of digital money to advance domestic payment systems, expedite financial inclusion, and lower remittances fees, yet see considerable risks, especially for preserving monetary sovereignty in CAPDR.

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