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Financial Frictions and Sources of Business Cycle

Sanjani, Marzie Taheri - International Monetary Fund (IMF) - 2014

This paper estimates a New Keynesian DSGE model with an explicit financial intermediary sector. Having measures of …

Persistent link: https://www.econbiz.de/10010959466

Financial Frictions in Data: Evidence and Impact

Sanjani, Marzie Taheri - International Monetary Fund (IMF) - 2014

This paper investigates financial frictions in US postwar data to understand the interaction between the real business cycle and the credit market. A Bayesian estimation technique is used to estimate a large Vector Autoregression and New Keynesian models demonstrating how financial shocks can...

Persistent link: https://www.econbiz.de/10011144607

Is Transparency Good for You, and Can the IMF Help?

Shin, Yongseok; Glennerster, Rachel - International Monetary Fund (IMF) - 2003

This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads...

Persistent link: https://www.econbiz.de/10005604837

Treatment of Mobile Phone Licences in the National Accounts

Mæhle, Nils Øyvind; Dippelsman, Robert - International Monetary Fund (IMF) - 2001

The treatment of license payments in the national accounts has become increasingly important in recent years; with mobile phone licenses being auctioned for substantial values in several countries. Because the text of the System of National Accounts 1993 does not provide specific guidance on...

Persistent link: https://www.econbiz.de/10005825893

The Effects of Economic Newson Commodity Prices; Is Gold Just Another Commodity?

Roache, Shaun K.; Rossi, Marco - International Monetary Fund (IMF) - 2009

's traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro …

Persistent link: https://www.econbiz.de/10008528618

Macroeconomic Fundamentals, Price Discovery and Volatility Dynamics in Emerging Markets

International Monetary Fund (IMF); International … - 2009

respond to news about macroeconomic fundamentals. As in mature bond markets, macroeconomic surprises in external emerging bond … markets. International and regional macroeconomic news is at least as important as local news for both asset valuations and …

Persistent link: https://www.econbiz.de/10008528627

Macroeconomic News and Stock Returns in the United States and Germany

Funke, Norbert; Matsuda, Akimi - International Monetary Fund (IMF) - 2002

Using daily data for the January 1997 to June 2002 period, we analyze the impact of a broad set of macroeconomic news … on stock prices in the United States and Germany. With GARCH specifications we test five hypotheses and find that news on … depend on the state of the economy. In a boom period, bad economic news may be good news for stock prices. For German stock …

Persistent link: https://www.econbiz.de/10005264061

New Shocks and Asset Price Volatility in General Equilibrium

Rebucci, Alessandro; Matsumoto, Akito; Cova, Pietro; … - International Monetary Fund (IMF) - 2011

We study equity price volatility in general equilibrium with news shocks about future productivity and monetary policy …. As West (1988) shows, in a partial equilibrium present discounted value model, news about the future cash flow reduces … asset price volatility. We show that introducing news shocks in a canonical dynamic stochastic general equilibrium model may …

Persistent link: https://www.econbiz.de/10009019570

Taxing Fossil Fuels under Speculative Storage

Tumen, Semih; Unalmis, Deren; Unalmis, Ibrahim; Unsal, … - International Monetary Fund (IMF) - 2014

answer to the question how monetary policy should interact with environmental tax policies in our DSGE model of fossil fuel …

Persistent link: https://www.econbiz.de/10011106150

Fiscal Sustainability, Public Investment, and Growth in Natural Resource-Rich, Low-Income Countries; The Case of Cameroon

Samaké, Issouf; Muthoora, Priscilla S.; Versailles, Bruno - International Monetary Fund (IMF) - 2013

This paper assesses the implications of the use of oil revenue for public investment on growth and fiscal sustainability in Cameroon. We develop a dynamic stochastic general equilibrium model to analyze the effects of such investment on growth and on the path of key fiscal indicators, such as...

Persistent link: https://www.econbiz.de/10011242196