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The objective of this paper is to review the Fund's thinking about signaling since its inception, with a view to … drawing lessons for the design of possible signaling mechanisms. Over the years, the Fund has both reflected on the ways in … instruments for the express purpose of signaling. Overall, attempts to 'design' signaling mechanisms have been less than fully …
Persistent link: https://www.econbiz.de/10014409740
bank of allowing the free play of market forces to reveal more of the information available to market participants …
Persistent link: https://www.econbiz.de/10014400555
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. It is shown that, under asymmetric information, banks may therefore rationally lend more than they would otherwise in …
Persistent link: https://www.econbiz.de/10014401746
This paper considers the demand for various monetary aggregates with a view to assessing their potential roles as intermediate variables for monetary policy. Illustrative estimates using a generalized autoregressive distributed lag model are presented. For M1, the results support an “error...
Persistent link: https://www.econbiz.de/10014396094
This paper presents an econometric model of U.S. current account transactions. The model is used to analyze the factors behind the deterioration in the U.S. external position during the 1980s and to examine the sensitivity of the U.S. current account balance to changes in factors which are its...
Persistent link: https://www.econbiz.de/10014396470
The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the largest global slowdown since the 1930s. We estimate spillover effects across major advanced country regions in a structural VAR (SVAR) using pre-crisis data. Our new method...
Persistent link: https://www.econbiz.de/10014402644
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. Nevertheless, changes in M2 do contain information about future inflation, consistent with the view that the demand for money …
Persistent link: https://www.econbiz.de/10014395786