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61 Results

IMF-Supported Adjustment Programs: Welfare Implications and the Catalytic Effect

Staff Working Paper 2007-22 Carlos De Resende
The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF). He uses a model where an endogenous borrowing constraint, set up by international lenders who will never lend more than a debt ceiling, forces the borrowing economy to always choose repayment over default.
Content Type(s): Staff research, Staff working papers Topic(s): International topics JEL Code(s): F, F3, F32, F33, F34, F4, F41

The Role of Expenditure Switching in the Global Imbalance Adjustment

Staff Working Paper 2010-16 Wei Dong
In theory, nominal exchange rate movements can lead to “expenditure switching” when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global imbalances.
Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International topics JEL Code(s): F, F3, F4
January 28, 2022

Regular Treasury Bills

Access information about upcoming auctions and results, and find key contacts.

Tractable Term Structure Models

We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time-series dynamics but that is also tractable, meaning amenable to quick and robust estimation.

A Consistent Bootstrap Test for Conditional Density Functions with Time-Dependent Data

Staff Working Paper 2001-21 Fuchun Li, Greg Tkacz
This paper describes a new test for evaluating conditional density functions that remains valid when the data are time-dependent and that is therefore applicable to forecasting problems. We show that the test statistic is asymptotically distributed standard normal under the null hypothesis, and diverges to infinity when the null hypothesis is false.
Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C12, C15, E, E3, E37
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