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Globalization, markups and the natural rate of interest
Natal, Jean-Marc; Stoffels, Nicolas - Schweizerische Nationalbank (SNB) - 2007
propositions: 1) Globalization - via the impplied variation in markups - has a potentially significant impact on the natural rate …In this paper, we investigate how, in a stylised theoretical framework, an increase in the degree of globalization … - modelled as a deline in trade costs - affects the real natural rate of interest by impacting firms markups. Outlining a two …
Persistent link: https://www.econbiz.de/10005091307
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Effects of the M&A Wave in the Global Brewing Industry 2000-2010
Madsen, Erik S.; Pedersen, Kurt; Lund-Thomsen, Lars - In: Journal of International Agricultural Trade and Development 61 (2012) 4
unterstützen die aus der Literatur der industriellen Organisation bekannte Marktmacht-Hypothese. …
Persistent link: https://www.econbiz.de/10011250308
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Estimation of a Time Varying Natural Interest Rate for Peru
Humala, Alberto; Rodríguez, Gabriel - Banco Central de Reserva del Perú - 2009
Following the approach of Mésonnier and Renne (2007), we estimate a Natural Rate of Interest (NRI) using quarterly Peruvian data for the period 1996:3 - 2008:3. The model has six equations and it is estimated using the Kalman filter with output gap and NRI as unobservable variables. Estimation...
Persistent link: https://www.econbiz.de/10005056574
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On Price Stability and Welfare
Yehoue, Etienne B. - International Monetary Fund (IMF) - 2012
The financial crisis in the advanced countries that began in 2007 has led central bankers to adopt unconventional policy measures as policy interest rates neared the zero bound. One suggestion (Blanchard, Dell’Ariccia, and Mauro, 2010) has been to raise inflation targets to provide more...
Persistent link: https://www.econbiz.de/10011141999
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The Rising Resilience of Emerging Market and Developing Economies
Abiad, Abdul; Bluedorn, John C; Guajardo, Jaime; … - International Monetary Fund (IMF) - 2012
Economic performance in many emerging market and developing economies (EMDEs) improved substantially over the past twenty years. The past decade was particularly good—for the first time EMDEs spent more time in expansion and had smaller downturns thanadvanced economies. In this paper we...
Persistent link: https://www.econbiz.de/10011142060
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To Cut or Not to Cut? That is the (Central Bank’s) Question In Search of the Neutral Interest Rate in Latin America
Magud, Nicolas E.; Tsounta, Evridiki - International Monetary Fund (IMF) - 2012
This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of methodologies commonly used in the literature. We find that NRIRs have declined in the...
Persistent link: https://www.econbiz.de/10011142184
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The Cyclicality of Sales, Regular and Effective Prices; Business Cycle and Policy Implications
Coibion, Olivier; Gorodnichenko, Yuriy; Hong, Gee Hee - International Monetary Fund (IMF) - 2012
We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local...
Persistent link: https://www.econbiz.de/10011242242
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On the Sources and Consequences of Oil Price Shocks; The Role of Storage
Unalmis, Deren; Unalmis, Ibrahim; Unsal, D. Filiz - International Monetary Fund (IMF) - 2012
Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various...
Persistent link: https://www.econbiz.de/10011242253
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GPM6; The Global Projection Model with 6 Regions
Carabenciov, Ioan; Freedman, Charles; Garcia-Saltos, Roberto - International Monetary Fund (IMF) - 2013
This is the sixth of a series of papers that are being written as part of a project to estimate a small quarterly Global Projection Model (GPM). The GPM project is designed to improve the toolkit to which economists have access for studying both own-country and cross-country linkages. In this...
Persistent link: https://www.econbiz.de/10011242396
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Alternative Monetary Policy Rules for India
Kapur, Muneesh; Patra, Michael Debabrata - International Monetary Fund (IMF) - 2012
This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of...
Persistent link: https://www.econbiz.de/10010790253