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Introduction to Agent-Based Economics

by Mauro Gallegati, Antonio Palestrini & Alberto Russo

Introduction to Agent-Based Economics describes the principal elements of agent-based computational economics (ACE). It illustrates ACE's theoretical foundations, which are rooted in the application of the concept...

Central Banks into the Breach

by Pierre L. Siklos

Central banks play an important role in the course of national economies and the global economy. Their leaders are regularly feted or vilified, their policy pronouncements highly anticipated and routinely scrutinized....

A Study in Monetary Macroeconomics

by Stefan Homburg

The financial crisis of 2007 and the following recession present a major challenge to macroeconomic theory. The same holds true for exceptionally low interest rates during the recent years and for the puzzle...

The Curse of Cash

by Kenneth S. Rogoff

From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion—and to battle financial...

Designing a Simple Loss Function for Central Banks

by Davide Debortoli & Jinill, Mr. Kim

Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple...

Smooth Operator: Remittances and Fiscal Shocks

by Kimberly, Ms. Beaton & Serhan, Mr. Cevik

With 250 million migrants globally, remittances are one of the major sources of income in many developing countries. While there is abundant evidence that remittances facilitate consumption smoothing in receving...

Basel Compliance and Financial Stability

by Mohammad Bitar & Sami Ben, Mr. Naceur

The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks....

On Swing Pricing and Systemic Risk Mitigation

by Sheheryar Malik & Peter Lindner

Swing pricing allows a fund manager to transfer to redeeming or subscribing investors the costs associated with their trading activity, thus potentially discouraging large flows. This liquidity management tool,...

The Re-Emerging Privilege of Euro Area Membership

by Johannes, Mr. Wiegand

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would grant benefits to euro area countries similar to the U.S. dollar's "exorbitant privliege":...

The Evolution of Potential VAT Revenues and C-Efficiency in Advanced Economies

by Junji, Mr. Ueda

To understand the cyclical movements of value-added tax (VAT) revenues in advanced economies, this paper analyzes changes in the C-efficiency ratio by decomposing it into changes in the compliance and policy...

Redefining Capitalism in Global Economic Development

by Kui-Wai Li

Redefining Capitalism in Global Economic Development reconsiders capitalism by taking into account the unfolding forces of economic globalization, especially in Asian economies. It explores the economic implications...

The Macroeconomic Effects of Trade Tariffs

by Jesper Lindé & Andrea, Mr. Pescatori

We study the robustness of the Lerner symmetry result in an open economy New Keynesian model with price rigidities. While the Lerner symmetry result of no real effects of a combined import tariff and export...

The Informal Economy in Sub-Saharan Africa

by Leandro Medina & Andrew W, Mr. Jonelis

The multiple indicator-multiple cause (MIMIC) method is a well-established tool for measuring informal economic activity. However, it has been criticized because GDP is used both as a cause and indicator variable....

IMF Lending in an Interconnected World

by Jean-Guillaume Poulain & Julien Reynaud

We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominence....

Central Bank Emergency Support to Securities Markets

by Darryl King & Luis, Mr. Brandao-Marques

This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets...

Panama's Growth Prospects

by Kimberly, Ms. Beaton & Metodij Hadzi-Vaskov

This paper estimates medium-term potential growth for a country undergoing significant structural and secular changes. Our forward-looking framework, incorporating three analytical approaches for examining economic...

Tipping the Scale? The Workings of Monetary Policy through Trade

by Gustavo Adler & Carolina Osorio Buitron

Monetary policy entails demand augmenting and demand diverting effects, with its impact on the trade balance-and spillovers to other countries-depending on the relative magnitude of these opposing effects. Using...

Migration and Remittances in Latin America and the Caribbean

by Kimberly, Ms. Beaton & Svetlana, Ms. Cerovic

Outward migration has been an important phenomenon for countries in Latin American and the Caribbean (LAC), particularly those in Central America and the Caribbean. This paper examines recent trends in outward...

Does the Stock Market Boost Firm Innovation?

by Hui He & Hanya Li

The paper analyses the effect of the stock market on firm innovation through the lens of initial public offering (IPO) using uniquely matched Chinese firm-level data. We find that IPOs lead to an increase in...

Cross-Country Spillovers of Fiscal Consolidations in the Euro Area

by Tigran, Mr. Poghosyan

This paper revisits the issue of cross-country spillovers from fiscal consolidations using an innovative empirical methodology. We find evidence in support of fiscal spillovers in 10 euro area countries. Fiscal...