Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States

Is the Phillips Curve Really a Curve? Some Evidence for Canada, the United Kingdom, and the United States
Author: Mr.Douglas Laxton
Publisher: International Monetary Fund
Total Pages: 38
Release: 1996-10-01
Genre: Business & Economics
ISBN: 1451853424

Previous tests for convexity in the Phillips curve have been biased because researchers have employed filtering techniques for the NAIRU that have been fundamentally inconsistent with the existence of convexity. This paper places linear and nonlinear models of the Phillips curve on an equal statistical footing by estimating model-consistent measures of the NAIRU. After imposing plausible restrictions on the variability in the NAIRU we find that the nonlinear model fits the data best. The implications for the macroeconomic policy debate is that policymakers that are unsuccessful in stabilizing the business cycle will induce a higher natural rate of unemployment.

The Monetary Transmission Process

The Monetary Transmission Process
Author: D. Bundesbank
Publisher: Springer
Total Pages: 329
Release: 2001-01-29
Genre: Business & Economics
ISBN: 0230595995

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.

IMF Staff papers

IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 204
Release: 1997-01-01
Genre: Business & Economics
ISBN: 1451930968

This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]

How Monetary Policy Works

How Monetary Policy Works
Author: Lavan Mahadeva
Publisher: Routledge
Total Pages: 359
Release: 2004-08-02
Genre: Business & Economics
ISBN: 1134289839

For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.

Estimates of Potential Output and the Neutral Rate for the U.S. Economy

Estimates of Potential Output and the Neutral Rate for the U.S. Economy
Author: Ali Alichi
Publisher: International Monetary Fund
Total Pages: 31
Release: 2018-07-06
Genre: Business & Economics
ISBN: 1484366328

Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to significant revisions. This paper extends the structural multivariate filter methodology by adding a monetary policy block, which allows estimating the neutral rate of interest for the U.S. economy. The addition of the monetary policy block further improves the reliability of the structural multivariate filter.

EMU One Year on

EMU One Year on
Author: OECD
Publisher: OECD Publishing
Total Pages: 181
Release: 2000-03-29
Genre:
ISBN: 9264181202

This study assesses economic developments and policies during the inaugural year of Europe's single currency regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence.

Research Activities of the IMF, January 1991-December 1999

Research Activities of the IMF, January 1991-December 1999
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 144
Release: 2000-01-01
Genre: Business & Economics
ISBN: 9781557759801

Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.

Handbook of Monetary and Fiscal Policy

Handbook of Monetary and Fiscal Policy
Author: Alan A. Rabin
Publisher: CRC Press
Total Pages: 1848
Release: 2001-12-19
Genre: Political Science
ISBN: 9780824707811

Examines the politics of economic policy, focusing on forecasting, inflation, interest rates, market expectations, financial crises, disruptions in global markets, and tax policy, as well as state and local government budgeting, financial management, and policy initiatives for development and growth.