Description : In this paper, the IMF's new Global Economy Model (GEM) is used to estimate the relative importance of a number of factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro Area and the United States. The simulation results indicate that while the direct effect of globalization has had a larger effect in the United Kingdom than in either the United States or the Euro Area, it explains only a portion of the developments and U.K. specific factors played an important role.
Description : The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF, and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
Description : The tenth book in the internationally best-selling fantasy adventure series that inspired the forthcoming major motion picture Seventh Son. Back at home, but in no less danger, Tom will face a tragic love story, an unforgivable sacrifice, and a new creature of the dark that terrorizes a village with its thirst for blood. Tom Ward, the Spook's apprentice, and his master have bound the Fiend at last. But now Tom must use his powers as the seventh son of a seventh son to put an end to the source of evil once and for all. When the Spook is captured by bloodthirsty creatures of the dark, Tom must vanquish a god, avenge his master, and protect the person he loves most—Alice—from himself. The Last Apprentice series is soon to be a major motion picture, Seventh Son, starring Jeff Bridges, Ben Barnes, Alicia Vikander, Kit Harington, Olivia Williams, Antje Traue, Djimon Hounsou and Julianne Moore as Mother Malkin. It's a suspenseful thrill-ride that's "spine-tingling" (Publishers Weekly) and "anything but tame" (Horn Book). But don't read it after dark!
Description : Based on a version of the IMF’s new Global Economic Model (GEM), calibrated to analyze macroeconomic interdependence between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the tradable sector of the economy may account for real exchange rate and trade balance developments in the United States in the second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both shocks are needed to match the data more satisfactorily.