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  • 1
    Online Resource
    Online Resource
    In search of successful inflation targeting : evidence from an inflation targeting (2009)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edocfu_9958078128402883
    Format: 35 p. : , ill.
    Edition: 1st ed.
    ISBN: 1-4623-2247-6 , 1-4518-7295-X , 1-282-84362-1 , 9786612843624 , 1-4519-9533-4
    Series Statement: IMF working paper ; WP/09/148
    Content: In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and variation of inflation is more quadratic than that of transparency; (2) after adding the transparency index, the impact of flexibility is no longer significant. The significant and negative association between transparency and the level and variation of inflation is confirmed when we check for robustness by controlling for disinflation stage, subsampling, instrumental variable estimation, and principal component analysis (PCA).
    Note: Bibliographic Level Mode of Issuance: Monograph , Intro -- Contents -- I. Introduction -- II. Literature Review and the Construction of an IT Index -- A. What Constitutes Inflation Targeting? -- B. A Framework for Constructing an IT Index -- III. Data and Econometric Analysis -- A. The Validity of the Subindices on Flexibility and Transparency -- B. Does IT Matter? Is There an Optimal Degree of Flexibility or Transparency? -- C. A Horse Race Between Different IT Components -- IV. Robutsness Checks -- A. Principal Component Analysis (PCA) -- B. Subsampling -- C. Endogeneity -- V. Avenues for Future Research and Reflections -- A. The Creditbility and Flexibility Trade-off -- B. Final Reflections -- VI. Appendices -- Tables -- 1. Flexibility of IT and Target Design -- 2. Formal Procedures for Target Breach and Escape Clauses -- 3. The Flexibility Index of Full-fledged ITers -- 4. The Transparency Index of Full-fledget ITers -- 5. Mean Inflation and Inflation Targeting Indices -- 6. Inflation Variation and Inflation Targeting Indices -- 7. Principal Components without Orthogonal Rotation -- 8. Principal Components and the Level and Variation of Inflation -- 9. Principal Components with Orthogonal Rotation -- 10. Correlations between the Rotated Factors and the Underlying Attributes -- 11. Rotated Principal Components and the Level and Variation of Inflation -- 12. Mean and Variation of Inflation: Subsampling -- 13. Mean and Variation of Inflation: Controlling for Disinflation -- 14. Instrument for Transparency and 2SLS Estimation -- Figures -- 1. Inflation and Tranparency for Selected ITers -- 2. Inflation and Flexibility for Selected ITers -- 3. Inflation Variation and Transparency for Selected ITers -- 4. Inflation Variation and Flexibility for Selected ITers -- 5. Scree Plot of Eigenvalues after PCA -- References. , English
    Additional Edition: ISBN 1-4519-1724-4
    Language: English
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    Charité
  • 2
    Online Resource
    Online Resource
    The real exchange rate and growth revisited : the Washington consensus strikes back? (2009)
    Washington, D.C. :International Monetary Fund, Research and African Department,
    Details
    UID:
    edocfu_9958066516302883
    Format: 1 online resource (41 p.)
    ISBN: 1-4623-3859-3 , 1-4527-8132-X , 1-282-84547-0 , 9786612845475 , 1-4519-6375-0
    Series Statement: IMF working paper ; WP/10/58
    Content: There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The "Washington Consensus" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008) argues that undervaluation relative to purchasing power parity is good for growth because it promotes the otherwise inefficiently small tradable sector. Our main result is that WC and the Rodrik views of the role of misalignment in growth are observationally equivalent for the main growth regressions he reports. There is an identification problem: Determinants of misalignment are also likely to be independent drivers of growth, and these types of growth regressions are hard-pressed to disentangle the different channels. However, we confirm that not only are overvaluations bad but undervaluations are also good for growth, a result squarely consistent with the Rodrik story but one that requires some gymnastics from the WC viewpoint.
    Note: "March 2010." , Cover Page; Title Page; Copyright Page; Contents; I. Introduction-A Horse Race; II. Two Measures of Misalignment; A. The Rodrik Undervaluation Index; Figure 1a. Distribution of PPP-Based Misalignment; Table 1. The Exchange Rate Regression; B. The FEER Undervaluation Index; Figure 1b. Distribution of FEER-Based Misalignment; Figure 2. Plots of the Two Undervaluation Indices; III. Which Misalignment Definition Matters for Growth?; A. Two Growth Models; Table 2. Growth and Undervaluations-A Horse Race; B. A Horse Race Between PPP- and FEER-Based Concepts of Misalignment? , IV. Undervaluation vs OvervaluationTable 3. Undervaluation vs Overvaluation; Table 4. Linearity and Symmetry Hypothesis Test; V. Conclusion; VI. References; Footnotes
    Language: English
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    FU Berlin
    Charité
  • 3
    Online Resource
    Online Resource
    In Search of Successful Inflation Targeting : Evidence From An Inflation Targeting Index (2009)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845900021
    Format: Online-Ressource (35 p)
    Edition: Online-Ausg.
    ISBN: 145187295X , 9781451872958
    Series Statement: IMF Working Papers Working Paper No. 09/148
    Content: In a first attempt to treat inflation targeting (IT) as a continuous variable, we construct IT subindices for 21 full-fledged ITers on three dimensions: flexibility, transparency, and explicitness. Comparing flexibility and transparency we find that (1) the impact of flexibility on both the mean and variation of inflation is more quadratic than that of transparency; (2) after adding the transparency index, the impact of flexibility is no longer significant. The significant and negative association between transparency and the level and variation of inflation is confirmed when we check for robustness by controlling for disinflation stage, subsampling, instrumental variable estimation, and principal component analysis (PCA)
    Additional Edition: Erscheint auch als Druck-Ausgabe Miao, Yanliang In Search of Successful Inflation Targeting: Evidence From An Inflation Targeting Index Washington, D.C. : International Monetary Fund, 2009 ISBN 9781451872958
    Language: English
    DOI: 10.5089/9781451872958.001
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
  • 4
    Online Resource
    Online Resource
    In search of successful inflation targeting : evidence from an inflation targeting (2009)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    almahu_9948319763502882
    Format: 35 p. : , ill.
    Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Series Statement: IMF working paper ; WP/09/148
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    HU Berlin
  • 5
    Online Resource
    Online Resource
    Reviving the Competitive Storage Model : A Holistic Approach to Food Commodity Prices (2011)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edoccha_9958073795002883
    Format: 1 online resource (57 p.)
    ISBN: 1-4623-2433-9 , 1-4623-5257-X , 1-283-55564-6 , 9786613868091 , 1-4552-2510-X
    Series Statement: IMF Working Papers
    Content: We revive in this paper the empirical relevance of the competitive storage model by taking a holistic approach to food commodity prices. We augment the seminal Deaton and Laroque (1992, 1996) model by incorporating more comprehensive and realistic supply and demand factors: output and demand trends, shocks to the yield, and time-varying interest rates. While the computational burden increases exponentially, the augmented model succeeds in replicating all four key patterns of food commodity prices. Our simulation and comparative statics also show that (i) the long-run declining trend of food prices may come to a halt or even reverse due to the shifting balance between supply and demand; (ii) short-run price fluctuations are mainly attributable to sizeable, though low-probability, shocks to output such as inclement weather; and (iii) the impact of monetary policy, though small in normal times, is nonlinear and asymmetric, and can become large if the real rate passes a certain threshold.
    Note: Description based upon print version of record. , Cover Page; Title Page; Copyright Page; Contents; 1. Introduction; 2. Empirical Motivation: Factors That Affect Food Prices; 2.1 Supply: Production and Storage; 2.2 Demand: Consumption and Storage; 2.3 Other Factors; 3. How Commodity Prices Are Determined; 3.1 The Prototype Competitive Storage Model; 3.2 The Augmented Model; 4. Matching Theory And Data; 4.1 The Method of Simulated Moments Estimation; 4.2 Comparative Statics; 4.2.1 The Effect of Output Trend; 4.2.2 The Effect of Demand Trend; 4.2.3 The Effect of Yield Shocks; 4.2.4 The Effect of Interest Rates , 4.2.5 The Effect of Depreciation Rates4.2.6 The Effect of Consumption Elasticity; 4.3 Overall Effects; 4.4 The Role of Storage; 4.5 Other Food Commodities; 5. Conclusion; A Data; B The Endogenous Grid Points Algorithm; C Method of Simulated Moments; Footnotes , English
    Additional Edition: ISBN 1-4552-2806-0
    Language: English
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    Charité
  • 6
    Online Resource
    Online Resource
    Reviving the Competitive Storage Model : A Holistic Approach to Food Commodity Prices (2011)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edocfu_9958073795002883
    Format: 1 online resource (57 p.)
    ISBN: 1-4623-2433-9 , 1-4623-5257-X , 1-283-55564-6 , 9786613868091 , 1-4552-2510-X
    Series Statement: IMF Working Papers
    Content: We revive in this paper the empirical relevance of the competitive storage model by taking a holistic approach to food commodity prices. We augment the seminal Deaton and Laroque (1992, 1996) model by incorporating more comprehensive and realistic supply and demand factors: output and demand trends, shocks to the yield, and time-varying interest rates. While the computational burden increases exponentially, the augmented model succeeds in replicating all four key patterns of food commodity prices. Our simulation and comparative statics also show that (i) the long-run declining trend of food prices may come to a halt or even reverse due to the shifting balance between supply and demand; (ii) short-run price fluctuations are mainly attributable to sizeable, though low-probability, shocks to output such as inclement weather; and (iii) the impact of monetary policy, though small in normal times, is nonlinear and asymmetric, and can become large if the real rate passes a certain threshold.
    Note: Description based upon print version of record. , Cover Page; Title Page; Copyright Page; Contents; 1. Introduction; 2. Empirical Motivation: Factors That Affect Food Prices; 2.1 Supply: Production and Storage; 2.2 Demand: Consumption and Storage; 2.3 Other Factors; 3. How Commodity Prices Are Determined; 3.1 The Prototype Competitive Storage Model; 3.2 The Augmented Model; 4. Matching Theory And Data; 4.1 The Method of Simulated Moments Estimation; 4.2 Comparative Statics; 4.2.1 The Effect of Output Trend; 4.2.2 The Effect of Demand Trend; 4.2.3 The Effect of Yield Shocks; 4.2.4 The Effect of Interest Rates , 4.2.5 The Effect of Depreciation Rates4.2.6 The Effect of Consumption Elasticity; 4.3 Overall Effects; 4.4 The Role of Storage; 4.5 Other Food Commodities; 5. Conclusion; A Data; B The Endogenous Grid Points Algorithm; C Method of Simulated Moments; Footnotes , English
    Additional Edition: ISBN 1-4552-2806-0
    Language: English
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    FU Berlin
  • 7
    Online Resource
    Online Resource
    Coincident Indicators of Capital Flows / (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edoccha_9958091093502883
    Format: 1 online resource (26 p.)
    ISBN: 1-4639-4630-9 , 1-4639-4629-5
    Series Statement: IMF Working Papers
    Content: Capital flows data from Balance of Payments statistics often lag 3-6 months, which renders timely surveillance and policy deliberation difficult. To address the tension, we propose two coincident composite indicators for capital flows that improve upon existing proxies. We find that the most widely used proxy, the capital tracker, often overpredicts net flows by 30 percent. We augment the tracker into a composite indicator by assigning to it a lesser but optimally estimated weight while incorporating other regional and global coincident correlates of capital flows. The proposed composite indicator of net flows outperforms the capital tracker in its original format. To complement the indicator with an even timelier variant, we also utilize the EPFR high frequency coverage of gross bond and equity flows as an indicator on foreign investors' sentiment.
    Note: Description based upon print version of record. , Cover; Contents; I. Introduction; II. Capital Flows Statistics and the Use of Proxies; III. Performance of Existing Proxies; Figure 1. Net capital flows into emerging markets; Table 1. Summary statistics: net capital flows; Figure 2: Capital flow tracker and net capital flows; IV. A Coincident Indicator for Net Capital Inflows; Table 2. A coincident indicator for net capital flows based on the capital tracker; Figure 3. Net flows, capital tracker, and composite indicators; V. EPFR and Proxies for Gross Portfolio Flows; Figure 4. Balance of payments flows vs. EPFR flows , Table 3: Unit root test results: BoP portfolio flows & EPFR flowsTable 4a. A coincident indicator for portfolio bond flows based on EPFR; Table 4b. A coincident indicator for portfolio equity flows based on EPFR; Figure 5a. BoP portfolio flows, EPFR and composite indicator: Bond; Figure 5b. BoP portfolio flows, EPFR and composite indicator: Equity; VI. Applying the Indicators to Gauge Capital Flows; Figure 6. One-quarter-ahead forecast of composite indicators; VII. Conclusion; Appendix 1: Lags of BoP and merchandise trade data in selected EMs , Appendix 2: EM sample coverage of the capital tracker and the EPFRReferences , English
    Additional Edition: ISBN 1-4639-4628-7
    Additional Edition: ISBN 1-4639-3773-3
    Language: English
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    Online Resource
    Charité
  • 8
    Online Resource
    Online Resource
    Coincident Indicators of Capital Flows / (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    edocfu_9958091093502883
    Format: 1 online resource (26 p.)
    ISBN: 1-4639-4630-9 , 1-4639-4629-5
    Series Statement: IMF Working Papers
    Content: Capital flows data from Balance of Payments statistics often lag 3-6 months, which renders timely surveillance and policy deliberation difficult. To address the tension, we propose two coincident composite indicators for capital flows that improve upon existing proxies. We find that the most widely used proxy, the capital tracker, often overpredicts net flows by 30 percent. We augment the tracker into a composite indicator by assigning to it a lesser but optimally estimated weight while incorporating other regional and global coincident correlates of capital flows. The proposed composite indicator of net flows outperforms the capital tracker in its original format. To complement the indicator with an even timelier variant, we also utilize the EPFR high frequency coverage of gross bond and equity flows as an indicator on foreign investors' sentiment.
    Note: Description based upon print version of record. , Cover; Contents; I. Introduction; II. Capital Flows Statistics and the Use of Proxies; III. Performance of Existing Proxies; Figure 1. Net capital flows into emerging markets; Table 1. Summary statistics: net capital flows; Figure 2: Capital flow tracker and net capital flows; IV. A Coincident Indicator for Net Capital Inflows; Table 2. A coincident indicator for net capital flows based on the capital tracker; Figure 3. Net flows, capital tracker, and composite indicators; V. EPFR and Proxies for Gross Portfolio Flows; Figure 4. Balance of payments flows vs. EPFR flows , Table 3: Unit root test results: BoP portfolio flows & EPFR flowsTable 4a. A coincident indicator for portfolio bond flows based on EPFR; Table 4b. A coincident indicator for portfolio equity flows based on EPFR; Figure 5a. BoP portfolio flows, EPFR and composite indicator: Bond; Figure 5b. BoP portfolio flows, EPFR and composite indicator: Equity; VI. Applying the Indicators to Gauge Capital Flows; Figure 6. One-quarter-ahead forecast of composite indicators; VII. Conclusion; Appendix 1: Lags of BoP and merchandise trade data in selected EMs , Appendix 2: EM sample coverage of the capital tracker and the EPFRReferences , English
    Additional Edition: ISBN 1-4639-4628-7
    Additional Edition: ISBN 1-4639-3773-3
    Language: English
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    FU Berlin
  • 9
    Online Resource
    Online Resource
    Reviving the Competitive Storage Model : A Holistic Approach to Food Commodity Prices (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845876821
    Format: Online-Ressource (47 p)
    Edition: Online-Ausg.
    ISBN: 1455228060 , 9781455228065
    Series Statement: IMF Working Papers Working Paper No. 11/64
    Content: We revive in this paper the empirical relevance of the competitive storage model by taking a holistic approach to food commodity prices. We augment the seminal Deaton and Laroque (1992, 1996) model by incorporating more comprehensive and realistic supply and demand factors: output and demand trends, shocks to the yield, and time-varying interest rates. While the computational burden increases exponentially, the augmented model succeeds in replicating all four key patterns of food commodity prices. Our simulation and comparative statics also show that (i) the long-run declining trend of food prices may come to a halt or even reverse due to the shifting balance between supply and demand; (ii) short-run price fluctuations are mainly attributable to sizeable, though low-probability, shocks to output such as inclement weather; and (iii) the impact of monetary policy, though small in normal times, is nonlinear and asymmetric, and can become large if the real rate passes a certain threshold
    Additional Edition: Erscheint auch als Druck-Ausgabe Funke, Norbert Reviving the Competitive Storage Model: A Holistic Approach to Food Commodity Prices Washington, D.C. : International Monetary Fund, 2011 ISBN 9781455228065
    Language: English
    DOI: 10.5089/9781455228065.001
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
  • 10
    Online Resource
    Online Resource
    The Real Exchange Rate and Growth Revisited : The Washington Consensus Strikes Back? (2010)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845896059
    Format: Online-Ressource (24 p)
    Edition: Online-Ausg.
    ISBN: 1451963750 , 9781451963755
    Series Statement: IMF Working Papers Working Paper No. 10/58
    Content: There is good reason and much evidence to suggest that the real exchange rate matters for economic growth, but why? The ""Washington Consensus"" (WC) view holds that real exchange rate misalignment implies macroeconomic imbalances that are themselves bad for growth. In contrast, Rodrik (2008) argues that undervaluation relative to purchasing power parity is good for growth because it promotes the otherwise inefficiently small tradable sector. Our main result is that WC and the Rodrik views of the role of misalignment in growth are observationally equivalent for the main growth regressions he reports. There is an identification problem: Determinants of misalignment are also likely to be independent drivers of growth, and these types of growth regressions are hard-pressed to disentangle the different channels. However, we confirm that not only are overvaluations bad but undervaluations are also good for growth, a result squarely consistent with the Rodrik story but one that requires some gymnastics from the WC viewpoint
    Additional Edition: Erscheint auch als Druck-Ausgabe Berg, Andrew The Real Exchange Rate and Growth Revisited: The Washington Consensus Strikes Back? Washington, D.C. : International Monetary Fund, 2010 ISBN 9781451963755
    Language: English
    DOI: 10.5089/9781451963755.001
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    Open Access Request
    Stabi Berlin
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