Monetary rules for small, open, emerging economies
نویسندگان
چکیده
منابع مشابه
Monetary policy rules in emerging market economies: issues and evidence
The paper reviews the recent conduct of monetary policy and central banks’ interest rate setting behaviour in emerging market economies. Using a standard open economy reaction function, we test whether central banks in emerging economies react to changes in inflation, output gaps and the exchange rate in a consistent and predictable manner. In most emerging economies the interest rate responds ...
متن کاملMoney Growth Rules in an Emerging Small Open Economy with an informal sector
This paper is concerned with the saddle-path stability of monetary growth rules in a two-country two-sector dynamic stochastic general equilibrium model. Alongside standard features of emerging economies, such as a combination of producer and local currency pricing for exports, fiscal dominance and oil exports, this model also incorporates informal labour and production sectors and examines how...
متن کاملMonetary Policy Rules for a Small Open Economy
In this paper the optimal choice of a monetary target is investigated for a small open economy that is subject to foreign monetary policy shocks. In contrast to large parts of the literature, pegging the exchange rate is never the best policy choice for the small open economy in our model. Instead, monetary targeting and, depending on the parameter combination, producer price index targeting co...
متن کاملMonetary Policy and Unemployment in Open Economies
After an expansionary monetary policy shock employment increases and unemployment falls. In standard New Keynesian models the fall in aggregate unemployment does not a¤ect employed workers at all. However, Lüchinger, Meier and Stutzer (2010) found that the risk of unemployment negatively a¤ects utility of employed workers: An increases in aggregate unemployment decreases workerssubjective well...
متن کاملDollarization as a Monetary Arrangement for Emerging Market Economies
Ecuador and El Salvador have recently adopted the U.S. dollar as legal tender, replacing their own national currencies.1 This same move has received serious attention in policy debates in both Argentina and Mexico. Abandoning the national currency is a decision with far-reaching economic and political implications that are not well understood. In response to this phenomenon, a growing literatur...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2003
ISSN: 0304-3932
DOI: 10.1016/s0304-3932(03)00057-6