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A New Keynesian Model of the Armenian Economy
Author:
Ara Stepanyan
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Ms. Era Dabla-Norris
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Ashot Anatolii Mkrtchyan null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 066
Language:
English
Publication Date:
01 Mar 2009
DOI:
https://doi.org/10.5089/9781451872132.001
ISBN:
9781451872132
ISSN:
1018-5941
Pages:
43
Keywords:
WP; interest rate; business cycle; price level; Inflation Targeting; Monetary Transmission Mechanism; Macroeconomic Models; Armenia; home goods inflation equation; output-inflation tradeoff; exchange rate appreciation; open economy; goods price; Real exchange rates; Inflation; Consumption; Exchange rates; Real interest rates; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper develops a small open economy dynamic stochastic general equilibrium (DSGE) model of the Armenian economy. The structure of the model is largely motivated by recent developments in DSGE modeling, with key extensions to incorporate specific structural characteristics of the Armenian economy. The resultant model can be used to simulate monetary policy paths and help analyze the robustness of policy conclusions. The paper tests the model’s properties on Armenian data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund