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This volume presents English, French, and Arabic words, phrases, and names of institutions most commonly encountered in IMF documents.

Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Informal Economy --- Informal sector --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Underground Econom

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IMF Glossaries consists of terms, phraseological units, and institutional titles covering areas such as macroeconomics, money and banking, public finance, taxation, balance of payments, statistics, accounting, and economic development. They contain terminology relating to the IMF's organization and operations, as well as from the Articles of Agreement, By-Laws, Rules and Regulations, and other major IMF publications. Since the Glossaries are concept-based, synonyms are consolidated into one single entry. Cross- references refer to the main entry under which the various synonyms are listed ("see") and also draw the user's attention to terms that are related but not synonyms ("see also").

Economics: General --- Money and Monetary Policy --- Informal Economy --- Underground Econom --- Monetary Policy --- Economics of specific sectors --- Monetary economics --- Economic sectors --- Monetary policy --- Informal sector --- Economics

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Extraits de discours de Michel Camdessus.

Currency crises --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Financial crises --- Foreign Exchange --- Informal Economy --- Informal sector --- Macroeconomics --- Underground Econom

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IMF Glossaries consists of terms, phraseological units, and institutional titles covering areas such as macroeconomics, money and banking, public finance, taxation, balance of payments, statistics, accounting, and economic development. They contain terminology relating to the IMF's organization and operations, as well as from the Articles of Agreement, By-Laws, Rules and Regulations, and other major IMF publications. Since the Glossaries are concept-based, synonyms are consolidated into one single entry. Cross- references refer to the main entry under which the various synonyms are listed ("see") and also draw the user's attention to terms that are related but not synonyms ("see also").

Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Informal Economy --- Informal sector --- Monetary economics --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Underground Econom

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As the “Volcker shock” is believed to have generated useful information on the effects of monetary policy, this paper develops a simple procedure to identify other unanticipated monetary contractions. The approach is applied to a panel data set spanning 162 countries (over the period 1970-2017), in which it identifies 147 large monetary contractions. The procedure selects episodes where a protracted period of loose monetary policy was suddenly followed by sizeable nominal interest rate increases. Focusing on contractions of significant size increases the signal-to-noise ratio, while they are unlikely to be accompanied by confounding “information effects” (markets interpreting a rate hike as the Central Bank being optimistic about the real side of the economy). A subsequent panel VAR analysis suggests that a 100-basis point rate hike reduces real GDP by 0.5 percent. This reduction in output seems to be persistent, pointing to a certain degree of hysteresis. The price level falls by 1.5 percent, indicating that the medium-/long-run impact of contractionary monetary shocks is not characterized by a neo-Fisherian response. Advanced economies appear to display more price stickiness than emerging/developing countries, as the former combine a more muted price response with a larger effect on output.

Macroeconomics --- Economics: General --- International Economics --- Foreign Exchange --- Informal Economy --- Underground Econom --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial crises --- Economic sectors --- Currency crises --- Informal sector --- Economics