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Made in Mexico: Energy Reform and Manufacturing Growth
Alvarez, Jorge; Valencia, Fabian - International Monetary Fund (IMF) - 2015
energy prices, we find electricity prices––relative to oil and gas––to be more important in the manufacturing process …, with a one standard deviation reduction in electricity prices leading to a 2.8 percent increase in manufacturing output …. Our estimated elasticities together with plausible reductions in electricity tariffs derived from the energy reform, could …
Persistent link: https://www.econbiz.de/10011242302
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Bivariate Assessments of Real Exchange Rates Using PPP Data
Zalduendo, Juan - International Monetary Fund (IMF) - 2008
This paper focuses on assessments of real exchange rates using PPP data and examines their limitations when these are based exclusively on bivariate estimations. It begins by presenting an analytical framework of the real exchange rate that shows that these estimations make many restrictive...
Persistent link: https://www.econbiz.de/10005825611
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Central Bank Response to the 2007-08 Financial Market Turbulence; Experiences and Lessons Drawn
Stella, Peter; Shimizu, Seiichi; Gray, Simon; Klueh, … - International Monetary Fund (IMF) - 2008
The paper reviews the policy response of major central banks during the 2007–08 financial market turbulence and suggests that there is scope for convergence among central bank operational frameworks through the adoption of those elements that proved most instrumental in calming markets. These...
Persistent link: https://www.econbiz.de/10005825614
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Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Bertola, Giuseppe; Bartolini, Leonardo; Prati, Alessandro - International Monetary Fund (IMF) - 2000
We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each “reserve maintenance period,” when the...
Persistent link: https://www.econbiz.de/10005825728
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Can a Rule-Based Monetary Policy Framework Work in a Developing Country? the Case of Yemen
Elekdag, Selim; Ltaifa, Nabil Ben; Schneider, Todd; … - International Monetary Fund (IMF) - 2007
Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to anchor inflation expectations. This paper argues in favor of a new formal monetary policy...
Persistent link: https://www.econbiz.de/10005825743
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Taxes and the Price Level; A Further Examination of the PPP Hypothesis
Kleiman, Ephraim - International Monetary Fund (IMF) - 1993
tend to raise the general price level. In contrast to the accepted view, other prices do not seem to decline to offset the …
Persistent link: https://www.econbiz.de/10005825768
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A Real Model of Transitional Growth and Competitiveness in China
Lipschitz, Leslie; Verdier, Geneviève; Rochon, Céline - International Monetary Fund (IMF) - 2008
We present a stylized real model of the Chinese economy with the objective of explaining two features: (1) domestic production is highly competitive in the sense that an accumulation of capital that raises the marginal product of labor elicits increases in employment and output rather than only...
Persistent link: https://www.econbiz.de/10005825815
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Social Welfare and Cost Recovery in Two-Sided Markets
Bolt, Wilko; Tieman, Alexander F. - International Monetary Fund (IMF) - 2005
to increase users' participation by setting prices at both sides of the market such that the total price is below …
Persistent link: https://www.econbiz.de/10005825848
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Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization
Celasun, Oya - International Monetary Fund (IMF) - 2003
Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the literature has explained these empirical regularities with the lack of credibility of the...
Persistent link: https://www.econbiz.de/10005825871
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Money Demand and Inflation in Madagascar
Nassar, Koffie Ben - International Monetary Fund (IMF) - 2005
This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in … monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows …
Persistent link: https://www.econbiz.de/10005825934