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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

Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate

Prati, Alessandro; Bertola, Giuseppe; Bartolini, Leonardo - International Monetary Fund (IMF) - 2000

We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly...

Persistent link: https://www.econbiz.de/10005769266

An Evaluation of the World Economic Outlook Forecasts

Timmermann, Allan - International Monetary Fund (IMF) - 2006

The World Economic Outlook (WEO) is a key source of forecasts of global economic conditions. It is therefore important to review the performance of these forecasts against both actual outcomes and alternative forecasts. This paper conducts a series of statistical tests to evaluate the quality of...

Persistent link: https://www.econbiz.de/10005769333

Relative Prices, Inflation and Core Inflation

Roger, Scott - International Monetary Fund (IMF) - 2000

Empirical evidence on the distribution of relative price changes almost invariably reveals high kurtosis and a tendency toward right-skewness. Simple mixed distribution models including volatile and infrequently adjusted prices can account for these and other common features, such as correlation...

Persistent link: https://www.econbiz.de/10005599288

Emerging Markets in Transition: Growth Prospects and Challenges

Cubeddu, Luis M.; Culiuc, Alexander; Fayad, Ghada; Gao, Yuan - International Monetary Fund (IMF) - 2014

After a short-lived slowdown in the immediate aftermath of the global financial crisis and a swift rebound, emerging markets (EM) are now entering a period of slower growth. In fact, growth is now lower than the post-crisis peak of 2010-11, as well as the rates seen in the decade before the...

Persistent link: https://www.econbiz.de/10010878427

Demand Patterns in France, Germany, and Belgium: Can We Explain the Differences?

Lebrun, Igor; Ruiz, Esther Pérez - International Monetary Fund (IMF) - 2014

The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the … core. This paper puts recent demand patterns in France, Germany, and Belgium into historical perspective. We find that …-specific factors matter in some cases, demand patterns in these countries are largely driven by common determinants. Third …

Persistent link: https://www.econbiz.de/10010959463

Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments

Tressel, Thierry; Wang, Shengzu - International Monetary Fund (IMF) - 2014

dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes … ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove …

Persistent link: https://www.econbiz.de/10010959477

People's Republic of China; 2013 Article IV Consultation

International Monetary Fund (IMF); International … - 2013

This staff report on Peopleâ€™s Republic of China 2013 Article IV Consultation highlights macroeconomic developments and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment to sustain activity is raising vulnerabilities. The...

Persistent link: https://www.econbiz.de/10011244201

Turkey: Staff Report for the 2013 Article IV Consultation

International Monetary Fund (IMF); International … - 2013

rotation back to domestic demand-led growth, the current account deficit is widening again, while inflation remains above …

Persistent link: https://www.econbiz.de/10011244217

Chile; 2013 Article IV Consultation

International Monetary Fund (IMF); International … - 2013

The staff reports for the 2013 Article IV Consultation on the Chile discuss the strong and inclusive growth over the medium term. Technocratic, rules-based, and transparent policy management; monetary policy under a floating exchange rate undertaken by a credible central bank; and prudent fiscal...

Persistent link: https://www.econbiz.de/10011244359