Taking Stock Of Imf Capacity Development On Monetary Policy Forecasting And Policy Analysis Systems

Author : John C. Odling-Smee
Publisher : International Monetary Fund
ISBN 13 : 155775327X
Total Pages : 68 pages
Book Rating : 4.74/5 ( download)

DOWNLOAD NOW!

Download or read book Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems written by John C. Odling-Smee and published by International Monetary Fund. This book was released on 1993 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes stock of forecasting and policy analysis system capacity development (FPAS CD), drawing extensively on the experience and lessons learned from developing FPAS capacity in the central banks. By sharing the insights gained during FPAS CD delivery and outlining the typical tools developed in the process, the paper aims to facilitate the understanding of FPAS CD within the IMF and to inform future CD on building macroeconomic frameworks. As such, the paper offers a qualitative assessment of the experience with FPAS CD delivery and the use of FPAS in the decision-making process in central banks.

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.79/5 ( download)

DOWNLOAD NOW!

Download or read book Taking Stock of IMF Capacity Development on Monetary Policy Forecasting and Policy Analysis Systems written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.67/5 ( download)

DOWNLOAD NOW!

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Author : Nils Mæhle
Publisher : International Monetary Fund
ISBN 13 : 1513526855
Total Pages : 57 pages
Book Rating : 4.50/5 ( download)

DOWNLOAD NOW!

Download or read book Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks written by Nils Mæhle and published by International Monetary Fund. This book was released on 2020-02-07 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be the daily operating target, including for countries relying on a money targeting policy strategy. The paper discusses how a policy formulation framework based on monetary aggregates can be combined with an operational framework that ensures more stable and predictable short-term rates to enhance policy transmission. It also discusses how to best configure an interest-rate-based operational framework when markets are underdeveloped and liqudity management capacity is weak.

Author : Mr. Andrew Berg
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 123 pages
Book Rating : 4.95/5 ( download)

DOWNLOAD NOW!

Download or read book FINEX - A New Workhorse Model for Macroeconomic Forecasting and Policy Analysis written by Mr. Andrew Berg and published by International Monetary Fund. This book was released on 2023-11-10 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a semi-structural macroeconomic model aimed at facilitating policy analysis and forecasting, primarily in countries with imperfect capital mobility and hybrid monetary policy regimes. Compared to earlier gap-trend projection models, the Forecasting Model of Internal and External Balance (FINEX) contains three main innovations: it accentuates external and internal balances; explicitly incorporates fiscal policy; and partly endogenizes the main trends. FINEX thus covers a broad set of policy instruments, including foreign exchange interventions (FXI), capital flow management measures (CFM), as well as common fiscal policy instruments. The model incorporates insights from the recent DSGE literature, while maintaining a more accessible gap-trend structure that lends itself to practical policy applications. While the paper refrains from drawing broad policy lessons, it emphasizes the model's ability to interpret recent data in terms of structural shocks and policy responses, thereby aiding policymakers in constructing coherent economic narratives and considering alternative scenarios.

Author : Mr. Tigran Poghosyan
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.47/5 ( download)

DOWNLOAD NOW!

Download or read book Strengthening Monetary Policy Frameworks in the Caucasus and Central Asia written by Mr. Tigran Poghosyan and published by International Monetary Fund. This book was released on 2023-08-28 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amidst a global backdrop of persistent post-COVID inflation and spillovers from Russia’s war in Ukraine, the countries of the Caucasus and Central Asia (CCA) region have faced strong price pressures in recent years. Inflation is estimated to have peaked in early 2023, but still exceeds central bank targets. In particular, core inflation remains stubbornly high reflecting a combination of second-round effects, surges in global energy and food prices, and domestic demand pressures. More broadly, uncertainty and downside risks also weigh on the economic outlook, including due to regional tensions, financial turmoil related to international monetary policy normalization, and a growth slowdown in key trading partners. In this context, CCA countries’ ability to contain inflationary pressures and anchor inflation expectations hinges on the credibility and effectiveness of their monetary policy frameworks. Since gaining independence in the 1990s, countries in the CCA region have made considerable progress in modernizing their monetary policy frameworks. CCA central banks have strengthened their legal frameworks and established broad de-jure independence. Armenia, Georgia, Kazakhstan, the Kyrgyz Republic, and Uzbekistan are transitioning to inflation targeting regimes, while the central banks of Azerbaijan, Tajikistan, and Turkmenistan rely on the exchange rate as an operational target. However, the post-COVID surge in inflation has highlighted the limitations of current frameworks and triggered a fresh policy debate on the need to strengthen monetary policy effectiveness in the CCA. This paper reviews the CCA region’s monetary policy landscape, highlights challenges in monetary policy design and implementation, and identifies areas that warrant strengthening. It draws on original surveys of country authorities, IMF country teams, and the work by Unsal and others (2022). It uses novel empirical work to analyze monetary policy transmission, the link between foreign exchange interventions and exchange rate dynamics, the drivers of financial de-dollarization, and the effects of central bank communication in the CCA.

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
ISBN 13 : 1513568817
Total Pages : 74 pages
Book Rating : 4.12/5 ( download)

DOWNLOAD NOW!

Download or read book International Monetary Fund Annual Report 2021 written by International Monetary Fund. Secretary's Department and published by International Monetary Fund. This book was released on 2021-10-04 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.

Author : Philip Abradu-Otoo
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.87/5 ( download)

DOWNLOAD NOW!

Download or read book Quarterly Projection Model for the Bank of Ghana written by Philip Abradu-Otoo and published by International Monetary Fund. This book was released on 2022-09-02 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper describes the Quarterly Projection Model (QPM) that underlies the Bank of Ghana Forecasting and Policy Analysis System (FPAS). The New Keynesian semi-structural model incorporates the main features of the Ghanaian economy, transmission channels and policy framework, including an inflation targeting central bank and aggregate demand effects of fiscal policy. The shock propagation mechanisms embedded in the calibrated QPM demonstrate its theoretical consistency, while out-of-sample forecasting accuracy validates its empirical robustness. Another important part of the QPM is endogenous policy credibility, which may aggravate policy trade-offs in the model and make it more realistic for developing economies. Historical track record of real time policy analysis and medium-term forecasting conducted with the QPM – as a component of the broader FPAS analytical organization – establishes its critical role in supporting the Bank’s forward-looking monetary policy framework.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1513511726
Total Pages : 122 pages
Book Rating : 4.26/5 ( download)

DOWNLOAD NOW!

Download or read book International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund and published by International Monetary Fund. This book was released on 2019-10-04 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.63/5 ( download)

DOWNLOAD NOW!

Download or read book Republic of Armenia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-14 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Republic of Armenia: Selected Issues