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Policy Rules And External Shocks
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Book Synopsis Policy Rules and External Shocks by : Laurence Ball
Download or read book Policy Rules and External Shocks written by Laurence Ball and published by . This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay discusses rules for monetary policy in open economies. If policymakers seek to stabilize output and inflation, optimal rules in open economies differ considerably from optimal rules in closed economies. In open economies, stability is best achieved by targeting long-run inflation' a measure of inflation adjusted to remove transitory effects of exchange-rate movements. Stability is also enhanced by adding an exchange-rate term to "Taylor rules" for setting interest rates. Finally, central banks must choose whether their policy instrument is an interest rate or a "monetary conditions index": an average of the interest rate and the exchange rate. The nature of shocks to the exchange rate determines which of these choices keeps output and inflation more stable.
Book Synopsis Policy Rules and External Shocks by :
Download or read book Policy Rules and External Shocks written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Bureau of Economic Research, Inc. offers an abstract of the September 2000 working paper entitled "Policy Rules and External Shocks," written by Laurence Ball. The full text may be purchased online. This paper examines rules for monetary policy in open economies. Ball discusses the choice of policy instruments for central banks, either interest rates or an average of the interest rate and the exchange rate.
Book Synopsis Policy rules and external shocks by : Carlos Balseyro Rodriguez
Download or read book Policy rules and external shocks written by Carlos Balseyro Rodriguez and published by . This book was released on 2000 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Rules for Financially Vulnerable Economies by : Mr.Eduardo Morón
Download or read book Monetary Policy Rules for Financially Vulnerable Economies written by Mr.Eduardo Morón and published by International Monetary Fund. This book was released on 2003-02-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: One distinguishable characteristic of emerging market economies is that they are not financially robust. These economies are incapable of smoothing out large external shocks, as sudden capital outflows imply large and abrupt swings in the real exchange rate. Using a small open-economy model, this paper examines alternative monetary policy rules for economies with different degrees of liability dollarization. The paper answers the question of how efficient it is to use inflation targeting under high liability dollarization. Our findings suggest that it might be optimal to follow a nonlinear policy rule that defends the real exchange rate in a financially vulnerable economy.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis External Shocks, Banks and Optimal Monetary Policy in an Open Economy by : Yasin Mimir
Download or read book External Shocks, Banks and Optimal Monetary Policy in an Open Economy written by Yasin Mimir and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Rules by : John B. Taylor
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Book Synopsis The Transmission of External Shocks in Asia: Country Characteristics and Policy Responses by : Mr.Pragyan Deb
Download or read book The Transmission of External Shocks in Asia: Country Characteristics and Policy Responses written by Mr.Pragyan Deb and published by International Monetary Fund. This book was released on 2021-01-08 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies are increasingly integrated to the global economy through trade and financial linkages, exposing them to the international financial cycle. This paper explores how external shocks are transmitted to Asian economies and whether the use of policies, such as the monetary policy interest rate, foreign exchange intervention (FXI) and macroprudential measures (MPMs), can mitigate the impact of these external shocks. It uses panel quantile regressions on a sample of 14 Asian advanced and emerging economies (AEs and EMs) to assess the impact of financial and real shocks on investment and GDP growth at the median and 5th percentile tail. It finds that external financial shocks tend to have a larger effect on Asian economies than real shocks, and that the main transmission channels through which shocks are propagated are capital flows (particularly via corporate and bank balance sheets) for EMs, and credit for AEs. It also finds evidence that for Asian EMs, FXI may help dampen the capital flows and real exchange rate channels and mitigate financial shocks in the short run, and monetary policy transmission tends to be relatively weak; meanwhile MPMs can help mitigate the credit channel for both AEs and EMs.
Book Synopsis External Shocks, Policy Response and Economic Performance by : J. Peter Neary
Download or read book External Shocks, Policy Response and Economic Performance written by J. Peter Neary and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Energy Shocks and the World Economy by : Hui-Liang Tsai
Download or read book Energy Shocks and the World Economy written by Hui-Liang Tsai and published by Praeger. This book was released on 1989-09-25 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with the increasing openness of the world economy, the effects of the domestic policies of the industrial economies are increasingly relevant to the economic prospects of developing countries. He argues further that the apparent problems of the global economy during the post-1973 era--stagnant growth, inflation, the international debt crisis, and rising protectionism--are in part the result of a deterioration in the economic performance of industrial countries. The author begins by examining the effects of energy supply disturbances on the world economy. Subsequent chapters explore such issues as challenges to economic stabilization policy; the impact of external shocks on the economies of less developed countries, especially with regard to inflation and balance of payments problems; the relationship between world payment imbalances and recycling problems; and the link between energy markets and the international debt crisis. Finally, the author provides a theoretical framework for the international adjustment to energy shocks, focusing on flexible exchange-rate policy responses to exogenous shocks in the 1970s and the contribution of exchange rate misalignment to the international debt crisis of the 1980s.
Author :Bela Balassa Publisher :Development Centre of the Organisation for Economic Co-operation and Development ISBN 13 : Total Pages :110 pages Book Rating :4.:/5 (318 download)
Book Synopsis The Balance of Payments Effects of External Shocks and of Policy Responses to These Shocks by : Bela Balassa
Download or read book The Balance of Payments Effects of External Shocks and of Policy Responses to These Shocks written by Bela Balassa and published by Development Centre of the Organisation for Economic Co-operation and Development. This book was released on 1981 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis External Shocks, the Real Exchange Rate, and Tax Policy by : Mr.Stephen Tokarick
Download or read book External Shocks, the Real Exchange Rate, and Tax Policy written by Mr.Stephen Tokarick and published by International Monetary Fund. This book was released on 1994-08-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a computable general equilibrium model of the economy of Trinidad and Tobago to assess the effects of trade liberalization and terms-of-trade shocks on the real exchange rate and the overall fiscal position of the government. The model is also used to evaluate the implications of alternative tax policies designed to offset the increase in the budget deficit of the central government that results from both types of external sector shocks.
Book Synopsis The Performance of Simple Monetary Policy Rules in a Large Open Economy by : Akila Weerapana
Download or read book The Performance of Simple Monetary Policy Rules in a Large Open Economy written by Akila Weerapana and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the performance of simple monetary policy rules in a two country open economy model under both cooperative and non cooperative settings. In particular, it examines the extent to which simple policy rules with external variables and simple policy rules under policy coordination can help improve an adversely affected economy: one that faces greater persistence of inflation, higher volatility of shocks, and a greater vulnerability to exchange rate fluctuations. We isolate the impact of individual asymmetries through simulations that introduce differences into two, otherwise symmetric, economies. The paper shows that the results vary according to the underlying cause of the adverse performance. Greater inflation persistence and higher volatility of shocks irreversibly worsen macroeconomic outcomes while greater external vulnerability affect the distribution of cooperative gains: the less-insulated economy benefits at the expense of the more-insulated economy. Furthermore, the reaction coefficients in the simple policy rules behave in an intuitive fashion: both policy cooperation and reaction to external shocks substantially attenuate the reaction coefficients on inflation and unemployment.
Book Synopsis External shocks, food security, and development by : Díaz-Bonilla, Eugenio
Download or read book External shocks, food security, and development written by Díaz-Bonilla, Eugenio and published by Intl Food Policy Res Inst. This book was released on 2016-12-23 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We conduct an ex ante evaluation of the impacts of a potential global recession within the next years and the possible policy responses to support economic activity and improve social indicators in five Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. We review the economic and social evolution of the past decades in those countries, and we consider a global scenario that includes further deceleration of world growth, lower commodity prices, and a decline in remittances and capital flows to those countries. We simulate those scenarios and related policy issues using recursive dynamic CGE models for the countries considered. The global shock is run under fixed exchange rates and flexible exchange rates (in the case of El Salvador, which has adopted the US dollar as the domestic currency, the simulation of a flexible exchange rate is just indicative). In all cases, a flexible exchange rate delivers better results in terms of GDP per capita, by softening the overall economic impact of the external shocks. Two possible interventions to deal with the recession are simulated: one focuses on policies to strengthen the safety net for the poor; the other applies a more general macroeconomic stimulus (a tax cut plus a modest increase in public investments, financed by un-conventional monetary policy) to try to cushion the shock. For all countries except El Salvador, these two simulations are run with a flexible exchange rate. In the first policy simulation GDP per capita in those countries does not change much, but the poor groups targeted clearly improve their incomes and consumption, helping them the most during the years of the negative shocks. In the second simulation, the macroeconomic stimulus improves the performance of the economies, allowing GDP per capita to be higher than in the case of the shock alone. In summary, facing a potential global downturn as the one simulated here, those countries that have flexible exchange rates and the use of domestic monetary policies can use a mix of adjustment in exchange rates combined with targeted poverty transfers and macroeconomic stimulus to alleviate the shock. El Salvador, which does not have the exchange rate and monetary instruments, will require further support from multilateral and bilateral sources to soften the shock
Book Synopsis External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule by : Peter Montiel
Download or read book External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule written by Peter Montiel and published by . This book was released on 1992 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Informality, Frictions, and Macroprudential Policy by : Moez Ben Hassine
Download or read book Informality, Frictions, and Macroprudential Policy written by Moez Ben Hassine and published by International Monetary Fund. This book was released on 2019-11-27 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Book Synopsis The Great Inflation by : Michael D. Bordo
Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
