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The Effectiveness of Monetary Policy in Small Open Economies

The Effectiveness of Monetary Policy in Small Open Economies »

Source: The Effectiveness of Monetary Policy in Small Open Economies : An Empirical Investigation

Volume/Issue: 2016/189

Series: IMF Working Papers

Author(s): Keyra Primus

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2016

ISBN: 9781475536874

Keywords: Reserve Requirements, Macroeconometric Model, Small Open Economies

This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with...

The Fiscal Multiplier in Small Open Economy

The Fiscal Multiplier in Small Open Economy »

Source: The Fiscal Multiplier in Small Open Economy : The Role of Liquidity Frictions

Volume/Issue: 2016/138

Series: IMF Working Papers

Author(s): Jasmin Sin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2016

ISBN: 9781498366298

Keywords: DSGE model, fiscal multiplier, small open economy, liquidity frictions

This paper studies the fiscal multiplier using a small-open-economy DSGE model enriched with financial frictions. It shows that the multiplier is large when frictions are present in domestic and international finan...

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...

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...

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...

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...

The Effectiveness of Monetary Policy in Small Open Economies
			: An Empirical Investigation

The Effectiveness of Monetary Policy in Small Open Economies : An Empirical Investigation »

Volume/Issue: 2016/189

Series: IMF Working Papers

Author(s): Keyra Primus

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 September 2016

DOI: http://dx.doi.org/10.5089/9781475536874.001

ISBN: 9781475536874

Keywords: Reserve Requirements, Macroeconometric Model, Small Open Economies

This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with...

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...

Fiscal Consolidation During Times of High Unemployment

Fiscal Consolidation During Times of High Unemployment »

Source: Fiscal Consolidation During Times of High Unemployment : The Role of Productivity Gains and Wage Restraint

Volume/Issue: 2015/262

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2015

ISBN: 9781513501192

Keywords: Fiscal Consolidation, Search Models of Unemployment, Small Open Economy, productivity, economy, unemployment, competition, unemployment rate, Unemployment: Models, Duration

This paper studies the Swedish fiscal consolidation episode of the 1990s through the lens of a small open economy model with distortionary taxation and unemployment. We argue that the simultaneous reduction in the...