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Dominant Currency Paradigm: A New Model for Small Open Economies*

Dominant Currency Paradigm: A New Model for Small Open Economies* »

Source: Dominant Currency Paradigm: A New Model for Small Open Economies

Volume/Issue: 2017/264

Series: IMF Working Papers

Author(s): Camila Casas , Federico Diez , Gita Gopinath , and Pierre-Olivier Gourinchas

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 November 2017

ISBN: 9781484330173

Keywords: Small open economies, Currency, General

Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer's currency or in local currency. We model instead a ‘dominant currency pa...

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...

Dollarization, Monetary Policy, and the Pass-Through

Dollarization, Monetary Policy, and the Pass-Through »

Source: Dollarization, Monetary Policy, and the Pass-Through

Volume/Issue: 2002/188

Series: IMF Working Papers

Author(s): Alain Ize , and Eric Parrado

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451859577

Keywords: optimal monetary policy, small open economy, inflation, monetary authorities, Open Economy Macroeconomics,

This paper explores how real dollarization (dollar indexing of wages), financial dollarization (dollar denomination of financial contracts), and monetary policy interact in a general equilibrium, new open-economy m...

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...

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...

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...

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...