IMF Staff Papers articles from September 2007

IMF Staff Papers archives from September 2007

The political economy of nominal macroeconomic pathologies.(Author abstract)
September 1, 2007... Why are some countries more prone to inflation and other nominal pathologies than others? (1) It is surprising that although so much of the recent literature has been devoted to explaining the cross-country variation in real variables--for...

Deficit limits and fiscal rules for dummies.(Author abstract)
September 1, 2007... This paper presents a very simple framework for discussing the effects of budget limits and fiscal rules on the conduct of fiscal policy. The literature on "fiscal frameworks" has expanded very rapidly in the past few years, possibly owing to...

Work absence in Europe.(Author abstract)
September 1, 2007... Low and falling labor utilization has been blamed for the lackluster growth performance of many European countries (OECD, 2003). To a large extent, labor supply erosion can be attributed to the decline in working time. In fact, although...

Is housing wealth an "ATM"? The relationship between household wealth, home equity withdrawal, and saving rates.(Author abstract)
September 1, 2007... Loan advertisers and financial commentators in the United States were quick to link the increasing freedom to access home equity through additional secured borrowing with the withdrawal of housing equity to finance consumption. The former...

Spending seigniorage: do central banks have a governance problem?(revenue derived from issueing curruency)(Author abstract)
September 1, 2007... Central banks' exclusive right to issue currency gives them privileged access to seigniorage, effectively making them unregulated monopolies. In the past, the siphoning off of seigniorage to governments (through quasi-fiscal expenditures,...

The employment effects of labor and product market deregulation and their implications for structural reform.(Author abstract)
September 1, 2007... Deregulation, despite its ample potential benefits, is not an easy feat. Policymakers often face formidable headwinds in implementing reform. In part, this resistance reflects the economic and political costs of deregulation. Structural change...