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Romer and Romer (1989,1990,1992) identify dates where the Federal Reserve appears to have shifted its policy towards reducing the rate of inflation. This paper examines the economic context that drives this decision. It finds that the Fed appears to weigh the outlook for unemployment as well as that for inflation in making its decision about disinflation. Previous work has not examined the course of inflation over the disinflations. This paper finds responses of the inflation rate to the "disinflations" only in a specification where the effects of the policy are presumed to be permanent Moreover, the Volcker disinflation is found to be the only "disinflation" to reduce inflation permanently. The disinflation after the 1973 OPEC price increases was effective, but only temporarily. Other disinflations had negligible impacts on the rate of inflation over all horizons. Variables measuring the expected present discounted values of unemployment and inflation are constructed. These variables are used in a discrete-choice model to explain the Fed's decision to disinflate. This model does a fairly good job of explaining the Fed's decisions. Both inflation and unemployment drive the Fed's decision. For some episodes, notably in the 1970's, inflation is the main variable driving the decision. In the 1969 and 1988 episodes, unemployment matters more.

Monetary Policy --- Central Banks and Their Policies

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This book published only in Portuguese, covers the proceedings of a seminar on Adjustment and Growth in the Current World Economic Environment, sponsored jointly by the Banco de Portugal and the IMF, held in Estoril, Portugal.

Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central

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IMF member countries face significant challenges when it comes to improving the effectiveness of their fight against terrorism financing. This book is intended to assist anti-money laundering and combating terrorism financing (AML/CFT) policymakers and practitioners in identifying key challenges and good practices for strengthening the effectiveness of counter terrorism financing frameworks. The book’s six chapters cover (1) improving the understanding of terrorist financing risks; (2) the role of the private sector in detecting and disrupting terrorist financing activities; (3) the production and use of financial intelligence to counter terrorism and terrorist financing; (4) investigating, prosecuting, and sanctioning terrorism financiers; (5) terrorism-related targeted financial sanctions; and (6) international cooperation in combating the financing of terrorism. The book presents contributions by experts from the IMF, United Nations, Egmont Group of Financial Intelligence Units, INTERPOL, and Europol.

Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central

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IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central

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IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central