Mr.Francisco Nadal De Simone's Books

Three Cycles

Housing, Credit, and Real Activity

By: Alain N. Kabundi,Ms.Deniz Igan,Marcelo Pinheiro,Mr.Francisco Nadal De Simone,Ms.Natalia T. Tamirisa

Write a review Read reviews Take a Quiz Solve Book Puzzle

Three Cycles

Housing, Credit, and Real Activity

By: Alain N. Kabundi,Ms.Deniz Igan,Marcelo Pinheiro,Mr.Francisco Nadal De Simone,Ms.Natalia T. Tamirisa

We examine the characteristics and comovement of cycles in house prices, credit, real activity and interest rates in advanced economies during the past 25 years, using a dynamic generalized factor model. House price cycles generally lead credit and business cycles over the long term, while in the short to medium term the relationship varies across countries. Interest rates tend to lag other cycles at all time horizons. While global factors are important, the U.S. business cycle, house price cycle and interest rate cycle generally lead the respective cycles in other countries over all time horizons, while the U.S. credit cycle leads mainly over the long term.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451873786

ISBN 13

9781451873788

Monetary Policy and Balance Sheets

By: Ms.Deniz Igan,Alain N. Kabundi,Mr.Francisco Nadal De Simone,Ms.Natalia T. Tamirisa

Write a review Read reviews Take a Quiz Solve Book Puzzle

Monetary Policy and Balance Sheets

By: Ms.Deniz Igan,Alain N. Kabundi,Mr.Francisco Nadal De Simone,Ms.Natalia T. Tamirisa

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets of various economic agents act as important links in the monetary policy transmission mechanism. Balance sheets of financial intermediaries, such as commercial banks, asset-backed-security issuers and, to a lesser extent, security brokers and dealers, shrink in response to monetary tightening, while money market fund assets grow. The balance sheet effects are comparable in magnitude to the traditional interest rate channel. However, their economic significance in the run-up to the recent financial crisis was small. Large increases in interest rates would have been needed to avert a rapid rise of house prices and an unsustainable expansion of mortgage credit, suggesting an important role for macroprudential policies.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484343506

ISBN 13

9781484343500

Nominal Exchange Rates and Nominal Interest Rate Differentials

By: Mr. Francisco Nadal-De Simone,Weshah Razzak

Write a review Read reviews Take a Quiz Solve Book Puzzle

Nominal Exchange Rates and Nominal Interest Rate Differentials

By: Mr. Francisco Nadal-De Simone,Weshah Razzak

This paper reexamines some unsettled theoretical and empirical issues regarding the relationship between nominal exchange rates and interest rate differentials and provides a model for the behavior of exchange rates in the long run, where interest rates are determined in the bond market. The model predicts that an increase in the interest rate differential appreciates the home currency. We test the model for the U.S. dollar against the Deutsche mark, the British pound, the Japanese yen, and the Canadian dollar. The first two pairs of exchange rates—for which purchasing power parity seems to hold—display a strong relationship with interest rate differentials.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451901348

ISBN 13

9781451901344

A Review of Capital Account Restrictions in Chile in the 1990's

By: Mr. Francisco Nadal-De Simone,Ms. Piritta Sorsa

Write a review Read reviews Take a Quiz Solve Book Puzzle

A Review of Capital Account Restrictions in Chile in the 1990's

By: Mr. Francisco Nadal-De Simone,Ms. Piritta Sorsa

This paper examines the Chilean experience with capital controls and reviews studies on controls on capital inflows. Controls on Chile’s inflows had only a temporary impact in reducing specific inflows because they were affected by avoidance. There is some evidence that controls increased interest rates and altered the composition of capital inflows. The studies, however, contain important methodological problems in measuring flows and significant econometric weaknesses, which cast doubt on the robustness of the estimates. No study has assessed the political economy of the controls. It seems premature to view the Chilean experience as supportive of controls on capital inflows.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451894198

ISBN 13

9781451894196

Book's by Mr.Francisco Nadal De Simone

Three Cycles

Three Cycles

Monetary Policy and Balance Sheets

Monetary Policy and Balance Sheets

Nominal Exchange Rates and Nominal Interest Rate Differentials

Nominal Exchange Rates and Nominal Interest Rate Differentials

A Review of Capital Account Restrictions in Chile in the 1990's

A Review of Capital Account Restrictions in Chile in the 1990's

Username

Password

Username

Password

Password again

Birthday

Email