- Tamim Bayoumi, Hamid Faruqee, Douglas Laxton, Philippe Karam, Alessandro Rebucci, Jaewoo Lee, Benjamin Hunt, and Ivan Tchakarov
- Published Date:
- November 2004
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That said, not all of the results using VARs are plausible, such as the positive short-term response of prices to a hike in interest rates.
As in earlier models, monetary policy in GEM affects the economy through the impact of changes in the real interest rate on consumers and producers, and depends on the interest sensitivity of spending as well as the impact on the exchange rate.
That said, typically only 5–10 percent of net wealth in the major advanced economies is held in foreign assets (see IMF, 2001).
Other work has used the same basic structure, but has focused on sudden stops in funding by assuming that countries can borrow up to the value of its collateral but not beyond, so that there is a change in behavior when the country hits its borrowing limit (Hart and Moore, 1994).
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Note: For information on the titles and availability of Occasional Papers not listed, please consult the IMF’s Publications Catalog or contact IMF Publication Services.