IMF Staff Papers articles from September 2004

IMF Staff Papers archives from September 2004

Monetary policy and long-horizon uncovered interest parity.
September 1, 2004... Few propositions are more widely accepted in international economics than that uncovered interest parity (UIP) is at best useless--or at worst perverse--as a predictor of future exchange rate movements. This finding has been replicated in an...

Reconciling Stability and Growth: smart pacts and structural reforms.
September 1, 2004... Since the 1989 Delors Report set out the blueprint for European monetary unification, the imposition of institutional constraints on national fiscal policies has been a highly contentious issue. Following initial objections to the economic...

Macro effects of corporate restructuring in Japan.
September 1, 2004... This paper develops a framework for quantitatively assessing the effects of corporate restructuring on aggregate output and applies that framework to Japan. In particular, it explores whether the long-run output gain from corporate...

Would "cold turkey" work in turkey?
September 1, 2004... Bringing down inflation from persistently high levels while avoiding economic disruption remains one of the most important challenges for policy makers in many developing countries. The critical question in a disinflation attempt is how quickly...

Singapore Inc. versus the private sector: are government-linked companies different?
September 1, 2004... As part of its postindependence industrialization plan, the Singapore government assumed a proactive entrepreneurial role by establishing state enterprises (called government-linked companies, or GLCs) in key sectors such as manufacturing,...

Monetary policy rules, asset prices, and exchange rates.
September 1, 2004... It has become commonplace to characterize monetary policy as the minimization of inefficient economic fluctuations via the implementation of an interest rate rule (see Taylor, 1993, 1999, 2001). Such an interest rate rule relates the setting of...

Trade liberalization and real exchange rate movement.
September 1, 2004... Since the 1980s, governments in many developing countries have undergone a dramatic change in their development strategies, abandoning statist philosophies in favor of market-based approaches. By the late 1990s, most countries of the world had...

Optimal central bank conservatism and monopoly trade unions.
September 1, 2004... The "conservative central banker" has come under attack lately. Rogoff (1985) had suggested reducing the inflationary bias of monetary policy by delegating monetary policy to an independent and conservative central bank that cares less about...