Pension Reform and Macroeconomic Stability in Latin America
In: IMF Working Papers, S. 1-32
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In: IMF Working Papers, S. 1-32
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In: IMF Working Paper, S. 1-35
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In: IMF Working Paper, S. 1-26
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In: The Canadian Journal of Economics, Band 25, Heft 3, S. 729
In: IMF Working Paper No. 2002/186
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In: IMF Working Papers
"We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. "Leaning against the wind" or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response"--Abstract
In: World Bank technical paper 284
In: IMF Working Paper, S. 1-49
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In: IMF Working Paper, S. 1-26
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In: Journal of Macroeconomics, Band 23, Heft 2
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In: IMF Working Paper No. 14/30
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Working paper
In: Journal of Monetary Economics, Band 56, Heft 4, S. 582-595
In: IMF Working Paper No. 20/19
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In: IMF Working Papers, S. 1-59
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In: NBER Working Paper No. w13254
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