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2 edition of Output fluctuations and monetary shocks found in the catalog.

Output fluctuations and monetary shocks

International Monetary Fund.

Output fluctuations and monetary shocks

evidence from Colombia

by International Monetary Fund.

  • 293 Want to read
  • 37 Currently reading

Published by International Monetary Fund, Research Department in [Washington, D.C.] .
Written in English


Edition Notes

Statementprepared by Carmen M. Reinhart and Vincent R. Reinhart ; authorized for distribution by Peter Wickham.
SeriesIMF working paper -- WP/91/35
ContributionsReinhart, Vincent R., Reinhart, Carmen M., International Monetary Fund. Research Dept.
The Physical Object
Pagination29 p. --
Number of Pages29
ID Numbers
Open LibraryOL18314503M

shocks, we check to see if these shocks are respon- sible for their results. We find that including oil prices in their analysis makes monetary policy as specified by the Romers insignificant. Negating the results of Romer and Romer does not imply that monetary policy plays no role in deter- mining economic activity. monetary shocks are identified by assuming that structural monetary shocks should not lead to a conditional forward excess return. 4See, for example, Cochrane (, ), Bernanke and Mihov (), Sims and Zha (), Bagliano and Favero () and .


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Output fluctuations and monetary shocks by International Monetary Fund. Download PDF EPUB FB2

Output Fluctuations and Monetary Shocks: Evidence From Colombia Article (PDF Available) in IMF Staff Papers 38(4) April with 27 Reads How we measure 'reads'.

"Output Fluctuations and Monetary Shocks in Colombia: Reply to García," IMF Staff Papers, Palgrave Macmillan, vol. 40(4), pagesDecember. Reinhart, Carmen, " Output fluctuations and monetary shocks in Colombia: A reply to Garcia," MPRA PaperOutput fluctuations and monetary shocks book Library of.

"Monetary vs. fiscal policy: Some evidence from vector autoregression for India," Journal of Asian Economics, Elsevier, vol. 7(4), pages Carmen M. Reinhart & Vincent R. Reinhart, "Output Fluctuations and Monetary Shocks in Colombia: Reply to García," IMF Staff Papers, Palgrave Macmillan, vol.

40(4), pagesDecember. Get this from a library. Output Fluctuations and Monetary Shocks: Evidence from Colombia. [Vincent Reinhart; Carmen Reinhart] -- Using annual data for Colombia over the last thirty years and a new battery of econometric techniques, we test opposing theories that explain macroeconomic fluctuations: The neoclassical synthesis.

Using annual data for Colombia over the last 30 years, we test opposing theories that explain macroeconomic fluctuations: the neoclassical synthesis, which posits that in the presence of temporary price rigidity an unanticipated monetary expansion produces output gains that erode over time with increases in the price level; and an alternative explanation, which focuses on “real Cited by: Output Fluctuations and Monetary Shocks: Language: English: Keywords: monetary policy exchange rates output capital controls multipliers: Subjects: F - International Output fluctuations and monetary shocks book > F3 - International Finance E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit.

Our focus on monetary shocks does not reflect a judgment that these shocks cause a significant fraction of business-cycle fluctuations. On the contrary, most of the available evidence suggests that monetary shocks account for a relatively small fraction of output volatility.

Asymmetric Policy Shocks and Real Output Fluctuations in Nigeria () Article (PDF Available) in The International Journal of Applied Economics and Finance February with 48 Reads.

In contrast, the presence of financial frictions and financial shocks crucially Output fluctuations and monetary shocks book the size and shape of the estimated output gap and the relative importance of different shocks in driving economic fluctuations, with financial shocks absorbing explanatory power from labor supply shocks.

Keywords: Financial frictions, output gap, monetary Cited by: 1. 3 thoughts on “ Real and Monetary Shocks ” tr00pa 20 March, at This may be a stupid question, but did Hayek assume a stable V(elocity). Also, I may be wrong, but, while Sumner does tend to talk about V in terms of monetary causes of recessions, I think he is viewing it from the NGDP perspective (NGDP is a measurement stick, an indicator of excess, or too low money growth).

News Shocks and Optimal Monetary Policy Guido Lorenzoni. NBER Working Paper No. Issued in February NBER Program(s):Economic Fluctuations and Growth Program, Monetary Economics Program This paper studies monetary policy in a model where output fluctuations are caused by shocks to public beliefs on the economy's fundamentals.

monetary policy Output fluctuations and monetary shocks book have been tighter, dampening output and labor productivity. In this way, the Output fluctuations and monetary shocks book accommodation provided by unconventional monetary policy tools appears to have boosted output and labor productivity substantially.

Section I shows that various supply-side indicators are positively correlated with the business cycle. This paper examines the relative importance of external shocks as sources of business cycle fluctuations in Mexico, and identifies the dynamic responses of domestic output to foreign disturbances.

Using a VAR model with block exogeneity restrictions, it finds that U.S. shocks explain a large share of Mexico's Output fluctuations and monetary shocks book fluctuations after NAFTA.

Monetary policy affects aggregate demand Output fluctuations and monetary shocks book inflation through a variety of channels. Adverse shocks, such as an oil price increase, can lead to higher unemployment and higher inflation.

Many governments have given responsibility for monetary policy—often described as inflation targeting—to central banks.

This paper offers a general equilibrium model that explains how the observed correlations of money and output fluctuations may come about through endogenously determined fluctuations in the money multiplier.

Monetary Aggregates and Output. and then subjected to shocks to the Solow residual following a random process like that observed Cited by: Start studying eco ch. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Economists believe that most short-run fluctuations in output are the result of supply shocks.

False. Economists believe that expectations have little impact on macroeconomic outcomes. short-run fluctuations in output and employment. External shocks, Bank Lending Spreads, and Output Fluctuations Argentina in the Aftermath of the Tequila E ffect, Pierre-Richard Agénor, Joshua Aizenman, and Alexander W.

Hoffmaister∗ First draft: Aug 1 This version: Aug Abstract This paper studies the effects of external shocks on bank lending. Mark Sadowski recently discussed a study by Harald Uhlig on the effects of monetary shocks on RGDP.

Uhlig didn't find much effect. I suggested that there is a severe identification problem, and that NGDP fluctuations are the best indicator of monetary shocks. Mark replied as follows: Scott, Well if all NGDP shocks were treated as monetary shocks then we're assuming that AD.

In this period, Mexico’s output fluctuations have been closely synchronized with the U.S. cycle, with a large and rapid impact of U.S. shocks on Mexican growth. JEL. The New Keynesian Economics and the Output- Inflation Trade-off fluctuations in output arise largely from fluctuations in such as the addition of supply shocks, have led to fairly good.

evidence that monetary shocks played a major role in the Great Contraction, and that these shocks were transmitted around the world primarily through the workings of the gold standard, is quite compelling.

Of course, the conclusion that monetary shocks were an important source of the Depression raises a central question in macroeconomics, whichCited by: Monetary policy in sub-Sahara Africa (SSA) has undergone an important transformation in recent decades.

With the advent of sustained growth and generally stable fiscal policies in much of the region, many countries are now working to modernize their monetary policy frameworks. This book provides a comprehensive view of the many monetary policy issues in sub-Saharan Africa.

downward revision in the expected path of future US monetary policy is associated with 5 and 8 basis point decline in the short-term and long-term national interest rates, respectively.

Baxter and Kouparitsas () and Imbs () show that correlations in the short-run output fluctuations rise with level of financial and trade integration. The deviation of output from trend, the output gap, referred to the Business cycle fluctuations.

Each business cycle comprises four phases: expansion, recession, depression and recovery. The output gap measures the amount by which the actual output of Author: Latifa Ghalayini. Unexpected Shocks in the Economy Lead to Fluctuation Words 3 Pages Business cycle theories and their improvements are very interesting topics till now (although it is twentieth century product) because every economy wants a stables growth path but there are some expected or unexpected shocks which leads to fluctuations, as a result whole.

Table 6 shows the contribution of monetary policy, oil shocks, and TFP shocks to the decline in real output volatility. These contributions are measured as follows: where represents, for example, the standard deviation of hp-filtered output from a model simulation that has a policy rule parameterized for the pre specification and where the.

Accounting for Macrofinancial Fluctuations and Turbulence This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with structural shocks exhibiting potentially asymmetric generalized autoregressive.

up to 47% of the variance attributed to exogenous monetary policy shocks. Estimating a stochastic volatility model with these series confirms this result. Critically, the peak in variance of exogenous monetary policy shocks are highly correlated with the peak in the. 18th World IMACS / MODSIM Congress, Cairns, Australia July The Effect of External Shocks on Macroeconomic Fluctuations: Implications for a Monetary Union in East Asia Sato, K.

1, Z.Y. Zhang2 and M. McAleer3 1 Faculty of Economics, Yokohama National University, Japan 2 School of Accounting, Finance and Economics, Edith Cowan University, Australia. Supply shocks: A.

occur more frequently than demand shocks. usually result from fiscal and monetary policy changes. occur when sellers face unexpected changes in the availability and/or prices of key inputs. have been responsible for most of the recessions in the United States since World War II.

The book played an important - perhaps even decisive - role in the s’ induce real output fluctuations. Again, no effort is made to elucidate or explain the nature of these price rigidities, except to say that they are transient (and so but monetary shocks form the consistent thread in the story, and it is an explicit conclusion.

Monetary policy is more di cult in the sticky wage model. Sticky Price Model Let’s rst consider the sticky price model. There are essentially three kinds of non-monetary shocks { two supply shocks (productivity and labor supply) and demand shocks (things which would shift the IS curve, so changes in A t+1, q, G t, or G t+1).

What I want. Get this from a library. Macroeconomic fluctuations in the Caribbean: the role of climatic and external shocks.

[Sebastian Sosa; Paul Cashin; International Monetary Fund. Western Hemisphere Department.] -- This paper develops country-specific VAR models with block exogeneity restrictions to analyze how exogenous factors affect business cycles in the Eastern Caribbean.

Supply Shocks and the Conduct of Monetary Policy. Bharat Trehan The existence of a supply shock makes it hard to judge inflationary risk by looking at real output growth, since such shocks tend to change the output-inflation mix in the economy. One response that is robust to the resulting uncertainty is to pay more attention to the growth.

between economic fluctuations in productive factors and aggregate output volatility. Second, our study considers a broader definition of trade shocks as it focuses on the price changes of the main export and import items instead of terms of trade disturbances.

How economies fluctuate between booms and recessions as they are continuously hit by good and bad shocks. Fluctuations in the total output of a nation (GDP) affect unemployment, and unemployment is a serious hardship for people. Economists measure the size of the economy using the national accounts: these measure economic fluctuations and growth.

Footnotes. The concept of output being largely determined by aggregate demand in the short run was a critical insight of J.M.

Keynes in his book The General Theory of Employment, Interest, and Money (London: Macmillan, ) and is incorporated in most macroeconomic models employed by.

output fluctuations in both the recession and the downturn. In Section V we examine the robustness of our conclusions to a change in the identifying assumptions by allowing aggregate demand shocks to have permanent ef-fects.

This change has very little impact on our primary conclusions about the sources of output fluctuations. 2: Monetary Policy Shocks: What Have we Learned and to What End. 67 1.

Introduction In the past decade there has been a resurgence of interest in developing quantitative, monetary general equilibrium models of the business cycle.

In part, this reflects the. SOURCES OF OUTPUT FLUCTUATIONS DURING THE INTERWAR PERIOD: FURTHER EVIDENCE ON THE CAUSES OF THE GREAT DEPRESSION Stephen G. Cecchetti and Georgios Karras* Abstract-This paper decomposes output fluctuations during the to period into components resulting from aggregate supply and aggregate demand shocks.

We estimateFile Size: KB. Real, Not Monetary Shocks Drive Business Cycles pdf Business Essay A business, or trade cycle, pdf the term used to describe the tendency for recurring fluctuations in economic activity characterized by alternating periods of upward.

and downward movements in the aggregate level of output and employment, relative to their long-term trends.Download pdf Shocks and the Conduct of Monetary Policy Takatoshi Ito As I see it, everybody else has considered this problem.

The supply shock is a major challenge to an inflation targeter. It has been agreed that against demand shocks, the inflation targeting is a powerful framework. But probablyFile Size: KB.Real Ebook Cycle Theory A Systematic Ebook J (First Draft) Abstract In the past few decades, real business cycle theory has developed rapidly after the initiation of Kydland and Prescott in It has grown substantially as an independent literature and served as a widely recognized framework for studies ofFile Size: KB.