Long-Run Money Demand in Large Industrial CountriesIMF Staff Papers - Tập 38 - Trang 1-32 - 1991
James M. Boughton
The long-run properties of money demand functions in the large industrial countries are examined under the hypothesis that the long-run functions have been stable but that the dynamic adjustment processes are more complex than those represented in most earlier models. The results broadly support this hypothesis, but for certain aggregates they also call into question some basic hypotheses about th...... hiện toàn bộ
A New Set of Measures on Capital Account RestrictionsIMF Staff Papers - Tập 51 - Trang 276-308 - 2004
Jacques Miniane
This paper extends the IMF's post-1996 disaggregated capital account indices back to 1983 for a representative sample of 34 countries. All the information used to construct the indices comes from IMF's Annual Report on Exchange Arrangements and Exchange Restrictions and is widely available. It is shown that the disaggregated indices do a better job than the pre-1996 single dummy in reflecting both...... hiện toàn bộ
The Inverted Fisher Hypothesis: Inflation Forecastability and Asset SubstitutionIMF Staff Papers - Tập 49 - Trang 212-241 - 2002
Woon Gyu Choi
This paper examines the implications of inflation persistence for the inverted Fisher hypothesis that nominal interest rates do not adjust to inflation because of a high degree of substitutability between money and bonds. It is emphasized that the substitutability between nominal assets and capital renders the hypothesis inconsistent with the data when inflation persistence is high. Using a switch...... hiện toàn bộ
Wages, Profitability, and Growth in a Small Open EconomyIMF Staff Papers - Tập 38 - Trang 59-82 - 1991
Bankim Chadha
Issues raised by the evolution of a rapidly growing small economy from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approaches the limits of its resource constraints in the labor market are examined. A model of endogenous growth for a small open economy that is driven by increases in labor productivity from ...... hiện toàn bộ