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World Food Prices and Monetary Policy

World Food Prices and Monetary Policy »

Source: World Food Prices and Monetary Policy

Volume/Issue: 2010/161

Series: IMF Working Papers

Author(s): Roberto Chang , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201440

Keywords: Small Open Economy, DSGE models, inflation, terms of trade, relative price, Open Economy Macroeconomics,

The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical o...

A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation

A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation »

Source: A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation

Volume/Issue: 2008/64

Series: IMF Working Papers

Author(s): Philippe Karam , and A. R. Pagan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

ISBN: 9781451869262

Keywords: Small open economy, model construction and estimation, inflation, terms of trade, open economy, foreign currency,

We extend a small New Keynesian structural model used for monetary policy analysis to address a richer class of policy issues that arise in open economy analysis. We draw a distinction between absorption and domest...

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies »

Source: Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies

Volume/Issue: 2012/121

Series: IMF Working Papers

Author(s): Luis-Felipe Zanna , and Marco Airaudo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503500

Keywords: Small Open Economy, Interest Rate Rules, Taylor Rules, Multiple Equilibria, Chaos, Cycles and Endogenous Fluctuations, inflation, nominal interest rate, open economy, trade openness

We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest r...

The Dynamic Implications of Debt Relief for Low-Income Countries

The Dynamic Implications of Debt Relief for Low-Income Countries »

Source: The Dynamic Implications of Debt Relief for Low-Income Countries

Volume/Issue: 2011/157

Series: IMF Working Papers

Author(s): Ales Bulir , Alma Romero-Barrutieta , and Jose Daniel Rodríguez-Delgado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

ISBN: 9781455293711

Keywords: general equilibrium model, small open economy, debt, debt-relief, interest, relief mechanism, International Lending and Debt Problems, Open Economy Macroeconomics,

The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with...

Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities

Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities »

Source: Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities

Volume/Issue: 2003/5

Series: IMF Working Papers

Author(s): Yongseung Jung , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2003

ISBN: 9781451842203

Keywords: optimal monetary policy, small open economy, habit formations, inflation, terms of trade, inflation targeting, Open Economy Macroeconomics,

Introducing habit formation into an open economy macroeconomic model with price stickiness, we examine the characteristics of an optimal monetary policy. We find that, first, the optimal policy rule entails interes...

Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?

Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease? »

Source: Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?

Volume/Issue: 2010/182

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202164

Keywords: Learning-by-doing, Small open economy, exchange rate, exchange rate intervention, real exchange rate, open economy, commodity prices, Open Economy Macroeconomics,

This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidit...

Monetary Policy in a Small Open Economy with Credit Goods Production

Monetary Policy in a Small Open Economy with Credit Goods Production »

Source: Monetary Policy in a Small Open Economy with Credit Goods Production

Volume/Issue: 1998/153

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1998

ISBN: 9781451922448

Keywords: Cash goods, credit goods, small open economy, nominal interest rate, inflation rate, monetary aggregate

The paper analyzes the effects of monetary policy in a dynamic model of a small open economy with cash and credit goods production, where government consumption is financed by seignorage. It shows that the interrel...

Accounting for Output Drops in Latin America

Accounting for Output Drops in Latin America »

Source: Accounting for Output Drops in Latin America

Volume/Issue: 2009/67

Series: IMF Working Papers

Author(s): Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451872149

Keywords: Business cycle accounting, DSGE models, small open economy, tfp, bond, business cycle, total factor productivity,

This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGra...

The Effects of Government Spending Under Limited Capital Mobility*

The Effects of Government Spending Under Limited Capital Mobility* »

Source: The Effects of Government Spending Under Limited Capital Mobility

Volume/Issue: 2012/129

Series: IMF Working Papers

Author(s): Wenyi Shen , and Susan Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503661

Keywords: fiscal multipliers, small-open DSGE models, imperfect capital mobility, government spending, external financing, fiscal multiplier, external borrowing, Open Economy Macroeconomics,

This paper studies the effects of government spending under limited international capital mobility, as featured by most developing countries. While external financing of government debt mitigates the crowding-out e...

Business Cycles in Small Developed Economies

Business Cycles in Small Developed Economies »

Source: Business Cycles in Small Developed Economies : The Role of Terms of Trade and Foreign Interest Rate Shocks

Volume/Issue: 2008/86

Series: IMF Working Papers

Author(s): Jaime Guajardo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869477

Keywords: Small Open Economy Model, Foreign Interest Rate, Net Exports, and Intertemporal Elasticity of Substitution, open economy, export sector, elasticity of substitution,

Empirical evidence for small developed economies finds that consumption is procyclical and as volatile as output, and real net exports are coutercyclical. Earlier studies have not been able to reproduce these regul...