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Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework »

Source: Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Volume/Issue: 2013/11

Series: IMF Working Papers

Author(s): Jaromir Benes , Andrew Berg , Rafael Portillo , and David Vavra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

ISBN: 9781475545401

Keywords: Sterilized FX interventions, new-Keynesian economics, exchange rate, exchange rate targeting, exchange rate interventions, exchange rates, Monetary Policy (Targets, Instruments, and Effects),

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external...

Monetary Policy in an Equilibrium Portfolio Balance Model

Monetary Policy in an Equilibrium Portfolio Balance Model »

Source: Monetary Policy in an Equilibrium Portfolio Balance Model

Volume/Issue: 2007/72

Series: IMF Working Papers

Author(s): Michael Kumhof , and Stijn van Nieuwerburgh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

ISBN: 9781451866360

Keywords: Sterilized foreign exchange intervention, imperfect asset substitutability, uncovered interest parity, portfolio balance theory, exchange rate, inflation, exchange rate volatility, Open Economy Macroeconomics,

Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper sho...

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention »

Source: A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention

Volume/Issue: 2002/29

Series: IMF Working Papers

Author(s): Michael Kumhof , and Stijn van Nieuwerburgh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

ISBN: 9781451844818

Keywords: Bond markets, Monetary policy, Fiscal policy, Sterilized intervention, fiscal non-neutrality, currency risk premium, portfolio balance theory, exchange rate, currency risk, bonds

This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a theory of currency risk premia based on a weak and plausible form...

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework »

Volume/Issue: 2013/11

Series: IMF Working Papers

Author(s): Jaromir Benes , Andrew Berg , Rafael Portillo , and David Vavra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

DOI: http://dx.doi.org/10.5089/9781475545401.001

ISBN: 9781475545401

Keywords: Sterilized FX interventions, new-Keynesian economics, exchange rate, exchange rate targeting, exchange rate interventions, exchange rates, Monetary Policy (Targets, Instruments, and Effects),

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external...

Monetary Policy in an Equilibrium Portfolio Balance Model

Monetary Policy in an Equilibrium Portfolio Balance Model »

Volume/Issue: 2007/72

Series: IMF Working Papers

Author(s): Michael Kumhof , and Stijn van Nieuwerburgh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

DOI: http://dx.doi.org/10.5089/9781451866360.001

ISBN: 9781451866360

Keywords: Sterilized foreign exchange intervention, imperfect asset substitutability, uncovered interest parity, portfolio balance theory, exchange rate, inflation, exchange rate volatility, Open Economy Macroeconomics,

Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper sho...

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention

A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention »

Volume/Issue: 2002/29

Series: IMF Working Papers

Author(s): Michael Kumhof , and Stijn van Nieuwerburgh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

DOI: http://dx.doi.org/10.5089/9781451844818.001

ISBN: 9781451844818

Keywords: Bond markets, Monetary policy, Fiscal policy, Sterilized intervention, fiscal non-neutrality, currency risk premium, portfolio balance theory, exchange rate, currency risk, bonds

This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a theory of currency risk premia based on a weak and plausible form...