본문 바로가기
KERD
논문KCI 등재

Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis

1

조회

0

다운로드

1

인용

0

참고문헌

주제분류경제학

초록

Abstract

This paper uses a model calibrated to suit a small open Asian economy to present a series of counterfactual policy experiments aimed at comparing conventional optimal inflation targeting (IT) under commitment and discretion and variations of simple fixed monetary policy rules (MPRs). Two significant points of departure between the model presented here and previous ones for industrial countries are the incorporation of the real exchange rate and consideration of possible contractionary depreciation/devaluation. This represents a realistic scenario for some Asian economies after the crisis. In assessing the impact of different policy types it is essential to find parameters for model calibration that suitably represent the small and open Asian economies that have recently implemented inflation targeting arrangements. We have used estimates from Thailand over a recent period (1993-2003) to assist in selecting these parameters.

참고문헌 (32)

  1. "Policy Rules for Open Economies" (1999), Chicago University of Chicago Press
  2. "Central Bank of Chile", pp.47~63 (2002), Santiago Central Bank of
  3. "Inflation Targeting in a Small Open Economy", (1988-07) (1998), Reserve Bank of Australia.
  4. "Does Devaluation Lead to Economic Recovery or Economic Contraction? Examining the Analytical Issues with Reference to Thailand", 16, pp.141~156 (2004)
  5. "Inflation Targeting Regimes", (03, pp.9) (2003), ~[DOI]
  6. "Have Exchange Rate Regimes in Asia become More Flexible Post Crisis? Re-visiting the Evidence the quicker the feedback that the monetary authority receives about possible policy errors thus allowing for more timely remedial actions. Conversely the less certain one is about the transmission lag of policy and the less sure one is about the exact stricture of the economy the greater the rationale for longer target horizon.", cai (2005)
  7. "Asset Prices and Central Bank Policy" (2000)
  8. "Asset Prices in a Flexible Inflation Targeting Framework", pp.22~24 (2002), organized by Federal Reserve Bank of Chicago and the World Bank
  9. "Some Lessons From an Open Economy Reserve Bank of Australia.", (01) (2002), Reserve Bank of Australia
  10. "A Monetary Conditions Index for New Zealand", (97, pp.1) (1997), ~[DOI]
  11. "Can Emerging Markets Float? Should they Inflation Target?", (april) (2001)
  12. "Exchange Rate Regimes Is the Bipolar View Correct?", 15, pp.3~24 (2001)
  13. "No Single Currency Regime is Right for All Countries or at Al Times", (215) (1999), Princeton University.
  14. "Living with Flexible Exchange Rates", 130 (2003)
  15. "Inflation Targeting in East Asia", (1) (2004), Hong Kong Institute of Monetary Research
  16. "How Should Central Banks Reduce Inflation?" (1996), Kansas City Federal Reserve Bank of Kansas City
  17. "Using the Generalized Schur Form to Solve a Multivariate Linear Rational Expectations Model", (24), pp.1405~1423 (2000)
  18. "Balance Sheets The Transfer Problem Financial Crisis" (1999), Boston Kluwer Academic Press
  19. "Living with Fear of Floating An Optimal Policy Perspective", (8391) (2001)
  20. "Simple Monetary Policy Rules and Exchange Rate Uncertainty", (June) (2001)
  21. "The Smothing of Official Interest Rates" (1997), Sydney: Reserve Bank of Australia
  22. "The Scope for Inflation Targeting in Developing Countries", (97, pp.130) (1997), ~
  23. "The Role of Output Stabilization in the Conduct of Monetary Policy", (9291) (2002)
  24. "Monetary Policy Rules for Financially Vulnerable", (03, pp.39) (2003), ~
  25. "Exchange Rate Policy Options for Post-Crisis Southeast Asia Is There a Case for Currency Baskets? The World Economy", (25), pp.137~163 (2002)
  26. "Why are Crisis-Induced Devaluations Contractionary?: Exploring Alternative Hypotheses", (April) (2003)
  27. "Interest-Smoothing and Optimal Monetary Policy: A Sack, B., and V. Weiland (1999), Interest-Smoothing and Optimal Monetary Policy: A", (1999-39) (1999)
  28. "Solution and Estimation of RE Macro Models with Optimal Policy", (43), pp.813~823 (1999)
  29. "Solving Linear Rational Expectations Models", lecture(tes) (2003)
  30. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets", 41, pp.1~1146 (1997)
  31. "Open Economy Inflation Targeting", 50, pp.155~183 (2000)
  32. "Discretion vs. Policy Rule in Practice Carnegie-Rochester Conference Series in Public Policy"

관련 논문AI추천

이 간행물의 다른 논문 (8건)