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Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters
When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader economic context in framing the responses to relative price shocks.
Regional Economic Outlook, May 2010, Western Hemisphere
A multispeed global recovery is under way, with some emerging markets in the lead and the major advanced economies growing more slowly. This macroeconomic setting has brought a return to easy global financial conditions and high commodity prices-a situation likely to be sustained for some time but unlikely to be permanent. Against that external backdrop, the recovery in the Latin America and Caribbean region overall is advancing faster than anticipated, but moving at different speeds across countries. The report discusses the varying policy challenges that different countries face as the global recovery proceeds. Chapter 1 analyzes the global setting and the outlook for the United States and Canada in particular, while Chapter 2 focuses on the outlook for Latin America and the Caribbean. Chapter 3 looks in depth at the challenges arising from the return of easy external financial conditions. Together with high commodity prices, such conditions represent favorable "tailwinds" for many countries of the region, but also carry risks for policymakers to address.
Little Elisa
“..THERE will always be a missing piece in life. It could be either something that is left undone or someone who you could not be able to come together with. Maybe the last piece has all the meaning of our lives and therefore it is always hidden” said Elisa, before she started her talk. It might be a specific moment that we have to spend the rest of our lives searching that missing diamond piece. Because, without that last piece, nothing will be complete..” Similar to this, what was the missing piece and the true meaning of Alice’s life before she became Elisa? She had to discover it. But she would have to take a really long trip to discover this. TRAVELER PILGRIM: Before I met Elisa...
Regional Economic Outlook, April 2009, Sub-Sarahan Africa
Prepared by the IMF African Department, and published twice a year in English and French, Regional Economic Outlook: Sub-Saharan Africa analyzes the macroeconomic performance and short-term prospects of sub-Saharan Africa and provides and in-depth analysis of selected topics. The April 2009 Outlook includes two chapters: one on the macroeconomic impact of the global financial crisis on sub-Saharan Africa, and the other on the impact of the crisis on financial systems in the region. Detailed country data are provided in a statistical appendix.
Too Sensational
Most of the literature on exchange rate regimes has focused on the developed countries. Since the recent crises in emerging markets, however, attention has shifted to the choice of exchange rate regimes for developing countries, especially those that are more integrated into the world capital markets. In Too Sensational, W. Max Corden presents a systematic and accessible overview of the choice of exchange rate regimes. Reviewing many types of regimes, he shows how the choice of an exchange rate regime is related to both fiscal policy and trade policy. Building on the theory of optimum currency areas, Corden develops an analytic framework of three approaches (nominal anchor, real targets, and...
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The Artful Baker
More than 100 extraordinary desserts—with photos and meticulous instructions—by the creator of the internationally acclaimed blog Cafe Fernando: “Superb.” —David Lebovitz, bestselling author of My Paris Kitchen Written, styled, photographed, and designed by Cenk Sönmezsoy, The Artful Baker shares the inspiring story of a passionate home baker, beginning with his years after graduate school in San Francisco and showcasing the fruits of a baking obsession he cultivated after returning home to Istanbul. Sönmezsoy’s stories and uniquely styled images, together with his original creations and fresh take on traditional recipes, offer a window into the life of this luminary artist. Th...
It is Only Natural: Europe’s Low Interest Rates
Estimates of the natural interest rate are often useful in the analysis of monetary and other macroeconomic policies. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the uncertainty regarding the timing of monetary policy normalization and the future path of interest rates. Using a sample of European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural interest rates and some of their drivers between 2000 and 2019. In line with the literature, our findings suggest that natural interest rates declined during this period, and despite a rebound in the last few years of it, they have not recovered to their pre-crisis levels. The paper also discusses the implications of the decline in natural interest rates for monetary conditions and debt sustainability.
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