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Laxton, Douglas

Overview
Works: 130 works in 559 publications in 1 language and 7,327 library holdings
Roles: Author, Editor, Other
Publication Timeline
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Publications about Douglas Laxton
Publications by Douglas Laxton
Most widely held works by Douglas Laxton
GEM : a new international macroeconomic model by Tamim A Bayoumi( Book )
11 editions published in 2004 in English and Undetermined and held by 295 libraries worldwide
This publication sets out the Global Economic Model (GEM), a new multicountry macroeconomic model developed by IMF research department staff, based on an explicit microeconomic framework. The paper explains how GEM differs from its predecessor model Multimod, outlines how its new features can improve IMF policy analysis, and discusses three simulation exercises completed
MULTIMOD Mark III : the core dynamic and steady-state models by Hamid Faruqee( Book )
11 editions published in 1998 in English and held by 260 libraries worldwide
This study describes the Mark III version of MULTIMOD, the IMF's multi region macroeconomic model. Mark III version of MULTIMOD differs from its predecessor in several important respects. New features include a core steady-state analogue model, a new model of teh inflation-unemployment nexus, and extended non-Ricardian specification of consumption-saving behavior, and improved specifications and estimates of investment behavior and international trade equations. In addition, the introduction of a new solution algorithm has greatly increased the robustness, speed of convergence, and accuracy of the simulations
Benefits and spillovers of greater competition in Europe : a macroeconomic assessment by Tamim A Bayoumi( Book )
28 editions published in 2004 in English and held by 84 libraries worldwide
Using a general-equilibrium simulation model featuring nominal rigidities and monopolistic competition in product and labor markets, this paper estimates the macroeconomic benefits and international spillovers of an increase in competition. After calibrating the model to the euro area vs. the rest of the industrial world, the paper draws three conclusions. First, greater competition produces large effects on macroeconomic performance, as measured by standard indicators. In particular, we show that differences in competition can account for over half of the current gap in GDP per capita between the euro area and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market conditions. Third, greater competition can generate positive spillovers to the rest of the world through its impact on the terms of trade
Monetary rules for small, open, emerging economies by Douglas Laxton( Book )
12 editions published in 2003 in English and held by 55 libraries worldwide
This paper develops a variant of the IMF's Global Economic Model (GEM) suitable to analyze macroeconomic dynamics in open economies, and uses it to assess the effectiveness of Taylor rules and Inflation-Forecast-Based (IFB) rules in stabilizing variability in output and inflation. Our findings suggest that a simple IFB rule that does not rely upon any direct estimates of the equilibrium real interest rate and places a relatively high weight on the inflation forecast may perform better in small open economies than conventional Taylor rules
Deflationary shocks and monetary rules : an open-economy scenario analysis by Douglas Laxton( Book )
14 editions published in 2006 in English and held by 38 libraries worldwide
The paper considers the macroeconomic transmission of demand and supply shocks in an open economy under alternative assumptions on whether the zero interest floor (ZIF) is binding. It uses a two-country general-equilibrium simulation model calibrated to the Japanese economy vis-a-vis the rest of the world. Negative demand shocks have more prolonged and startling effects on the economy when the ZIF is binding than when it is not binding. Positive supply shocks can actually extend the period of time over which the ZIF may be expected to bind. More open economies hit the ZIF for a shorter period of time, and with less harmful effects. Deflationary supply shocks have different implications according to whether they are concentrated in the tradables rather than the nontradables sector. Price-level-path targeting rules are likely to provide better guidelines for monetary policy in a deflationary environment, and have desirable properties in normal times when the ZIF is not binding
Why inflation targeting? by Charles Freedman( Book )
15 editions published between 2004 and 2009 in English and held by 21 libraries worldwide
This is the second chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" We begin by discussing the costs of inflation, including their role in generating boom-bust cycles. Following a general discussion of the need for a nominal anchor, we describe a specific type of monetary anchor, the inflation-targeting regime, and its two key intellectual roots-the absence of long-run trade-offs and the time-inconsistency problem. We conclude by providing a brief introduction to the way in which inflation targe
IT framework design parameters by Charles Freedman( Book )
15 editions published between 2006 and 2009 in English and Undetermined and held by 20 libraries worldwide
This is the third chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation-Targeting Regimes: Saying What You Do and Doing What You Say."" It examines a number of elements in the design of an inflation-targeting framework. These include the definition of the target variable, the relevance of core measures of inflation, and the advantages and disadvantages of point targets, point targets with a band, and range targets. It then discusses the choice of a long-term inflation rate, the target horizon, and the policy horizon
Practical model-based monetary policy analysis : a how-to guide by Andrew Berg( Book )
12 editions published in 2006 in English and Undetermined and held by 19 libraries worldwide
This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips) curve, a version of the uncovered interest parity condition, and a monetary policy reaction function. The paper discusses how to parameterize the model and use it for forecasting and policy analysis, illustrating with an application to Canada. It also introduces a set of useful software tools for conducting a model-consistent forecast
A practical model-based approach to monetary policy analysis : overview by Philippe D Karam( Book )
8 editions published in 2006 in English and held by 19 libraries worldwide
This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach
Chile's structural fiscal surplus rule : a model-based evaluation by Michael Kumhof( Book )
18 editions published between 2004 and 2010 in English and Undetermined and held by 18 libraries worldwide
Annotation
Developing a structured forecasting and policy analysis system to support inflation-forecast targeting (IFT) by Douglas Laxton( Book )
13 editions published in 2009 in English and held by 16 libraries worldwide
This paper presents a basic plan for developing a Forecast and Policy Analysis System designed to support an inflation-forecast targeting regime at a central bank. It includes discussion of the development of data management and reporting processes; the creation of a forecast team and the development of human capital; the implementation of a simple model, plus possible extensions; and the management of regular economic projections. We emphasize that it is better to implement simple models earlier and use them well, rather than wait in an attempt to develop an all-encompassing model
Simple, implementable fiscal policy rules by Michael Kumhof( Book )
14 editions published between 2006 and 2009 in English and Undetermined and held by 16 libraries worldwide
This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively countercyclical tax revenue gap rule increases welfare gains by around 50 percent, with only modest increases in fiscal instrument volatility. For raw materials revenue gaps the government should let automatic stabilizers work. The best fiscal instruments are targeted transfers, consumption taxes and labor taxes
Inflation targeting pillars : transparency and accountability by Charles Freedman( Book )
15 editions published between 2005 and 2009 in English and held by 16 libraries worldwide
This is the fourth chapter of a forthcoming monograph entitled "On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say." It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether there should be limits on what is made public. It concludes with a short discussion of accountability
Fiscal deficits and current account deficits by Michael Kumhof( Book )
15 editions published between 2006 and 2009 in English and held by 14 libraries worldwide
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings behavior. We show that, under the same assumption, fiscal deficits can have worrisome implications if they turn out to be permanent. First, if they occur in large countries they significantly raise the world real interest rate. Second, they cause a short run current account deterioration equal to around 50 percent of the fiscal deficit deterioration. Third, the longer run current account deterioration equals almost 75 percent for a large economy such as the United States, and almost 100 percent for a small open economy
Monetary transmission in an emerging targeter : the case of Brazil by A. R Pagan( Book )
12 editions published between 2006 and 2008 in English and held by 11 libraries worldwide
This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the model to study the monetary transmission in Brazil. We find that interest rate changes have swifter effects on output ande inflation compared to advanced economies and that exchange rate dynamics plays a key role in this connection. Importantly, the response to monetary policy shocks has grown stronger and the output-inflation tradeoff improved since the introduction of inflation targeting
A new-open-economy-macro model for fiscal policy evaluation by Dirk Muir( Book )
3 editions published in 2006 in English and held by 3 libraries worldwide
We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt
Frontiers of Monetary Policymaking: Adding the Exchange Rate as a Tool to Combat Deflationary Risks in the Czech Republic by Ali Alichi( Book )
4 editions published in 2015 in English and held by 1 library worldwide
The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at the zero lower bound. It assesses the theoretical basis of such a policy, the communications approach used by the CNB when announcing the new framework, and the effects thus far on inflation and output
Multivariate Filter Estimation of Potential Output for the United States by Ali Alichi( Book )
3 editions published between 2015 and 2017 in English and Undetermined and held by 1 library worldwide
Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on capacity utilization, this paper extends the multivariate filter developed by Laxton and Tetlow (1992) and modified by Benes and others (2010), Blagrave and others (2015), and Alichi and others (2015). We show that, although still fairly uncertain, the real-time estimates from this approach are more accurate than estimates constructed from naive univariate statistical filters. The paper presents illustrative estimates for the United States and discusses how the end-of-sample estimates can be improved with additional information
Financial Crises in DSGE Models: Selected Applications of MAPMOD by Jaromír Beneš( Book )
7 editions published in 2014 in English and held by 1 library worldwide
7. Contractionary Shock to Bank Capital8. Permanent Increase in Minimum Capital Adequacy Ratio; 9. Shocks to the Cost of Borrowing in International Financial Markets
Inflation Targeting Pillars by Douglas Laxton( file )
2 editions published in 2009 in English and held by 0 libraries worldwide
This is the fourth chapter of a forthcoming monograph entitled ""On Implementing Full-Fledged Inflation- Targeting Regimes: Saying What You Do and Doing What You Say."" It examines a number of issues related to transparency and accountability in an inflation-targeting regime. It first looks at the factors behind the move to increased transparency in recent years and the important role of a communications strategy in transparency. It then turns to the role of the forecast in communications, how risks surrounding the forecast are communicated, and whether there should be limits on what is made p
 
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Alternative Names
Douglas Laxton economist (International Monetary Fund (IMF))
Douglas Laxton Wirtschaftswissenschaftler (International Monetary Fund (IMF))
Laxton, D.
Laxton, D. (Douglas)
Laxton, Doug
Languages
English (226)
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