Republic of Congo: Joint Advisory Note on the Poverty Reduction Strategy Paper - Annual Progress Report PDF (Adobe DRM) download by Obiageli Ezekwesili

Republic of Congo: Joint Advisory Note on the Poverty Reduction Strategy Paper - Annual Progress Report

INTERNATIONAL MONETARY FUND
Publication date: July 2006
ISBN: 9781451982299
Digital Book format: PDF (Adobe DRM)

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This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The paper uses these results to estimate a New Keynesian Phillips curve for Armenia, suggesting a significant role of the output gap and inflation expectations in determining current inflation. Finally, the underlying fiscal stance over the period 2000-09 is assessed by estimating the cyclically-adjusted fiscal balance. Most of Armenia's fiscal deficit is found to be structural. Fiscal policy, while providing counter-cyclical support in 2009, has been largely pro-cyclical in the past.
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