This paper describes a small macroeconomic model based on a representative industrial-country block of MULTIMOD, the IMF’s multi-country simulation model. REPMOD is designed to provide a more flexible and accessible tool for analysis by individual country desks than the full version of MULTIMOD. It also allows the construction of model-consistent baseline paths, in addition to conventional shock-minus-control experiments. After discussing the model’s general structure and properties, some distinctive aspects are illustrated via simulations that explore the implications of Japan’s liquidity trap.
This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.
From an award–winning journalist, an illustrated retrospective of Aretha Franklin, celebrating her life, music and legacy. Aretha Franklin’s voice was legendary, unforgettable: deeply rooted in gospel, yet versatile enough to brilliantly interpret R&B, rock, soul, pop, and jazz standards, it fueled a six-decade career. Her vocal wallop was a mix of preaching, rebuke, and elation. From the languorous “I Never Loved a Man (the Way That I Love You),” to the funky “Chain of Fools,” to the fiercely feminist “Think,” to the definitive, demanding version of Otis Redding’s “Respect,” Franklin’s songs played out against the tumultuous sociopolitical backdrop of the late ’60s like a soundtrack meant to set things right. Her accolades were many: she received the Kennedy Center honor in 1994, won 18 Grammys®, was the first woman inducted into the Rock and Roll Hall of Fame, and performed for presidents and the Pope. Illustrated with 85 photos, and with insightful text from noted radio personality and author Meredith Ochs, Aretha explores the diva’s life, from her formative years growing up in Detroit, to her singing and recording career from the 1950s until her untimely death in 2018, to her numerous honors, awards, and causes, including her advocacy for civil rights and the arts.
Bill is sustained by his deep sense of a wider culture and an improving world. The only thing the human race needs to do is learn. When he meets a person who embodies this idea, he naturally likes them. Especially if his wife doesn't. Set at the end of the 1950s, Scenes from the Back of Beyond, explores the comfort, hopes and fragility of family life in a new Sydney suburb. Scenes from the Back of Beyond opened at the Royal Court Theatre in November 2006.
This volume, by Bijan B. Aghevli, Tamim Bayoumi, and Guy Meredith, is based on a seminar on structural change in Japan held in early 1997 and chaired by the IMF's First Deputy Managing Director, Stanley Fischer. Discussion of teh day-to-day management of the standard levers of fiscal and monetary policy is interlinked with consideration for the more deep-seated structural issues. By shifting and destabilizing the underlying economic relationships and creating uncertainty, structural change complicates the task of policy analysis. This volume describes how the IMF is responding to these challenges and how outside experts assess this effect.
This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.
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