Operative Casuistik (Schluss aus No. 51.)

ConnCensus Vol. 51 No. 16

ConnCensus Vol. 51 No. 3

IMF Staff Papers, Vol. 51, No. 2

Well over a trillion dollars worth of state-owned firms have been privatized since 1980. The traditional argument is that governments choose to privatize in response to fiscal pressures. In this study, the authors examine the impact of IFI conditionality on privatization and find that IMF conditionality, in particular, has an important indirect economic benefit. Investors are willing to pay mor...

IMF Staff Papers vol. 51, no. 3

The “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare-reducing if the trade union has an exogenous preference against inflation. We reframe this discussion in a standard trade union model. We sh...

IMF Staff Papers vol. 51, no. 3

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies that framework to Japan. Using firmlevel financial statement data, this paper estimates total factor productivity of individual Japanese firms. Given the estimated distribution of productivity across firms, this paper simulates the effect of optimal restructuring, that ...