Staff Discussion Notes

• Pages: 12-12

IMF Research Bulletin

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Staff Discussion Notes

Sta Disc ussion Notes showcase new policy-related analysi s

and research by IMF depa rtments. ese papers are general-

ly brief and written in nontechn ical language, and are ai med

at a broad audience interested in economic policy issues . For

more information on this series a nd to download the papers

in this series , please visit: www.imf.org/external/pubs/cat/

createx/Publications.as px?page=sdn

No. 14/ 01

Macroprudential Policy in the GCC Countries

Zsoa Arvai, Ananthakrishnan Prasad, and Kentaro Katayama

No. 14/ 02

Redistribution, Inequality, and Growth

Jonathan D. Ostry, Andrew Berg, and

Charalambos G. Tsangarides

No. 14/ 03

Monetary Policy in the New Normal

Tamim Bayoumi, Giovanni Dell’Ariccia, Karl Habermeier,

Tommaso Mancini-Grioli, Fabián Valencia, and

an IMF Sta Team

14 Policy Analysis System: An Application

to Kenya,” IMF Working Paper 13/239

(Washington: International Monetary Fund).

Baldini, A., J. Benes, A. Berg, M. Dao, R. Portillo,

2012, “Monetary Policy in Low Income

Countries in the Face of the Global Crisis: The

Case of Zambia,” IMF Working Paper 12/94

(Washington: International Monetary Fund).

Benes, J., A. Berg, R. Portillo and D. Vavra,

2013, “Modeling Sterilized Interventions

and Balance Sheet Effects of Monetary

Policy in a New-Keynesian Framework,”

IMF Working Paper 13/11 (Washington:

International Monetary Fund).

Berg, A., S. O’Connell, C. Pattillo, R. Portillo,

and F. Unsal, forthcoming, “Monetary Policy

Issues in Sub-Saharan Africa,” in Celestin

Monga and Justin Yifu Lin, eds., Oxford

Handbook of Africa and Economics, (Oxford:

Oxford University Press).

Berg, A., L. Charry, R. Portillo, and J. Vlcek,

2013, “The Monetary Transmission

Mechanism in the Tropics: A Narrative

Approach,” IMF Working Paper 13/197

(Washington: International Monetary Fund).

Blotevogel, R., 2013, “Measuring and Mending

Monetary Policy Effectiveness Under

Capital Account Restrictions—Lessons from

Mauritania,” IMF Working Paper 13/77

(Washington: International Monetary Fund).

Friedman, M. and A. Schwartz, 1963, A Monetary

History of the United States of America,

(Princeton: Princeton University Press).

Mishra P., P. Montiel and A. Spilimbergo,

2012, “Monetary Transmission in Low-

Income Countries: Effectiveness and Policy

Implications,” IMF Economic Review, Vol.60,

No. 2. pp. 270–302

Ostry, J. D., A. Ghosh, and M. Chamon, 2012,

“Two Targets, Two Instruments: Monetary

and Exchange Rate Policies in Emerging

Market Economies,” IMF Staff Discussion

Note 12/01 (Washington: International

Monetary Fund).

Romer, C. and D. Romer, 1989, “Does Monetary

Policy Matter? A New Test in the Spirit

of Friedman and Friedman.” In NBER

Macroecononomics Annual, Vol. 4, pp.

121–84. (Cambridge: National Bureau of

Economic Research).

Summers, L., 1991, “The Scientific Illusion

in Empirical Macroeconomics.”

Scandinavian Journal of Economics,

Vol. 93, No. 2, pp. 129–48.

Seven Questions (continued from page 8)