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Record ID
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610
[ Page 9 of 68, No. 1 ]
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Date
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2015-03 |
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Author
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Stanley Fischer
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Affiliation
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Vice Chairman, Board of Governors of the Federal Reserve System |
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Title
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Nonbank Financial Intermediation, Financial Stability, and the Road Forward |
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Summary /
Abstract
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A speech at the "Central Banking in the Shadows: Monetary Policy and Financial Stability Post-Crisis," 20th Annual Financial Markets Conference sponsored by the Federal Reserve Bank of Atlanta, Stone Mountain, Georgia, March 30, 2015. |
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Keywords
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Nonbank financial intermediation, Financial Stability, Post-Crisis, Shadow Banking |
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URL
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http://www.federalreserve.gov/newsevents/speech/fischer20150330a.pdf
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Record ID
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608
[ Page 9 of 68, No. 3 ]
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Date
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2015-04 |
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Author
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Robert M. Heath
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Affiliation
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Statistics Department, IMF |
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Title
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What has Capital Liberalization Meant for Economic and Financial Statistics? |
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Summary /
Abstract
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The liberalization of capital flows both in the domestic economy and cross-border has been among the most important policies adopted by IMF member countries over recent decades. The impact has been wide-ranging. This paper looks at the impact on the field of economic and financial statistics in the past two decades, as statisticians have responded to the changing policy needs. The paper considers the historical context of changes that have occurred, draws out the key trends, and asks where these trends might lead statisticians in the foreseeable future. The paper considers that there has been nothing short of a revolution in the field of economic and financial statistics over the past two decades led by a need for greater transparency; greater standardization; new data sets to support understanding of financial interconnections and financial sector risks; and the strengthening of the governance of the statistical function through greater independence of statistical agencies. |
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Keywords
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Capital account liberalization, transparency, data dissemination standards, Group of Twenty, financial sector, financial interconnections |
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URL
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http://www.imf.org/external/pubs/ft/wp/2015/wp1588.pdf
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Record ID
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607
[ Page 9 of 68, No. 4 ]
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Date
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2015-04 |
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Author
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Cem Karayalcin and Mihaela Pintea
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Affiliation
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Research Department and Strategy and Policy Review Department, IMF |
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Title
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The Role of Productivity, Transportation Costs, and Barriers to Intersectoral Mobility in Structural Transformation |
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Summary /
Abstract
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The process of economic development is characterized by substantial re-allocations of resources across sectors. In this paper, we construct a multi-sector model in which there are barriers to the movement of labor from low-productivity traditional agriculture to modern sectors. With the barrier in place, we show that improvements in productivity in modern sectors (including agriculture) or reductions in transportation costs may lead to a rise in agricultural employment and through terms-of-trade effects may harm subsistence farmers if the traditional subsistence sector is larger than a critical level. This suggests that policy advice based on the earlier literature needs to be revised. Reducing barriers to mobility (through reductions in the cost of skill acquisition and institutional changes) and improving the productivity of subsistence farmers needs to precede policies designed to increase the productivity of , modern sectors or decrease transportation costs. |
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Keywords
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Structural transformation, subsistence agriculture, multi-sector models, economic development, transportation costs |
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URL
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http://www.imf.org/external/pubs/ft/wp/2015/wp1591.pdf
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Record ID
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606
[ Page 9 of 68, No. 5 ]
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Date
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2005-05 |
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Author
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Sohrab Rafiq
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Affiliation
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Asia and Pacific Department, IMF |
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Title
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How Important are Debt and Growth Expectations for Interest Rates? |
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Summary /
Abstract
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This paper uses a dataset on private-sector risk aversion as well as expectations of long-run growth and debt to explain trends in implied forward rates on government bonds in the G-7 countries. The results show, consistent with the literature, that a one-percent rise in the long-run projected debt-to-GDP ratio causes an increase in bond yields of a relatively modest 1-to-6 basis points. Shocks to growth expectations and risk aversion have been comparatively more successful in explaining the behavior of long-term rates. The findings imply that growth policies rather than long-run projections of fiscal outcomes may be more important in helping influence long-term borrowing costs. |
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Keywords
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Public debt, economic growth, expectations, time-variation |
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URL
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http://www.imf.org/external/pubs/ft/wp/2015/wp1594.pdf
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Record ID
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604
[ Page 9 of 68, No. 7 ]
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Date
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2015-04 |
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Author
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Prepared by an interdepartmental staff team from the Asia & Pacific; Legal; Monetary and Capital Markets;
Research; and Strategy, Policy and Review departments, comprising V. Arora, K. Kochhar, J. Ostry, K. Habermeier,
M. Goodman, N. Rendak, V. Chensavasdijai, A. Kokenyne-Ivanics, K. Kwak, and S. Sanya.
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Affiliation
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IMF |
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Title
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IMF Policy Paper: Group of Twenty - Measures Which are Both Macroprudential and Capital Flow Management Measures: IMF Approach |
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Summary /
Abstract
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The global financial crisis underscored the costs of systemic instability at both the national and global levels and highlighted the importance of dedicated macroprudential and capital flow management policies. The IMF has been assisting its members with policy advice as well as developing and making operational their policy frameworks. Multilateral aspects of both policies need to be fully considered, including the interaction with other domestic and international legal frameworks. To the extent that capital flows are the source of systemic financial sector risks, the tools used to address those risks can be seen as both capital flow management measures (CFMs) and macroprudential measures (MPMs). |
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Keywords
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Financial stability, macroprudential measures, capital flow management measures, financial sector risks. |
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URL
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http://www.imf.org/external/np/pp/eng/2015/041015.pdf
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Record ID
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603
[ Page 9 of 68, No. 8 ]
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Date
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2015-04 |
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Author
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Qianying Chen, Andrew Filardo, Dong He, and Feng Zhu
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Affiliation
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European Department, IMF |
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Title
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Financial Crisis, US Unconventional Monetary Policy and International Spillovers |
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Summary /
Abstract
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Working Paper No. 15/85: Summary: We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies. Third, the estimated effects on the emerging economies have been diverse but often larger than those recorded in the US and other advanced economies. The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs. |
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Keywords
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Emerging economies; financial crisis; global VAR; in ternational monetary policy spillovers; quantitative easing; unconventional monetary policy |
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URL
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http://www.imf.org/external/pubs/ft/wp/2015/wp1585.pdf
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Record ID
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602
[ Page 9 of 68, No. 9 ]
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Date
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2015-01 |
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Author
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Emmanuel Farhi and Ivan Werning
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Affiliation
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Harvard University and MIT |
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Title
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A Theory of Macroprudential Policies in the Presence of Nominal Rigidities |
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Summary /
Abstract
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We provide a unifying foundation for monetary policy and macroprudential policies in financial markets for economies with nominal rigidities in goods and labor markets and constraints on monetary policy such as the zero lower bound or fixed exchange rates. Macroprudential interventions in financial markets are beneficial because of an aggregate demand externality. Ex post, the distribution of wealth across agents affects aggregate demand and output through Keynesian channels. However, ex ante, these effects are not privately internalized in the financial decisions agents make. We obtain a simple formula that characterizes the size and direction for optimal financial market interventions as a function of a small number of empirically measurable sufficient statistics. We also characterize optimal monetary policy. We then show how to extend our framework to also incorporate financial markets frictions giving rise to pecuniary externalities. Finally, we provide a number of relevant concrete applications of our general theory. |
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Keywords
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Monetary policy, macroprudential policy, nominal rigidities, externalities |
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URL
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http://scholar.harvard.edu/files/farhi/files/generic_inefficiency_macroprudential_2.pdf
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Record ID
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601
[ Page 9 of 68, No. 10 ]
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Date
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2015-02 |
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Author
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Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, Patrick E.; Natalucci, Fabio M.; Remache, Julie
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Affiliation
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Federal Reserve Bank of New York and Board of Governors of the Federal Reserve System |
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Title
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Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations |
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Summary /
Abstract
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We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including impacts on the structure of short-term funding markets and financial stability. We also investigate design features of an ON RRP facility that could mitigate secondary effects deemed undesirable. Finally, we discuss tradeoffs that policymakers may face in designing an ON RRP facility, as they seek to balance the objectives of setting an effective floor on money market rates during t he normalization process and limiting any adverse secondary effects. |
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Keywords
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Federal Reserve Board and Federal Reserve System; monetary policy; interest on excess reserves; money market funds; overnight RRP; repo; reverse repo |
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URL
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http://www.federalreserve.gov/econresdata/feds/2015/files/2015010pap.pdf
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