skip to content
Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies Preview this item
ClosePreview this item
Checking...

Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies

Author: Juan Pablo Medina Guzman; Claudio Soto; International Monetary Fund. Institute for Capacity Development.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2014.
Series: IMF working paper, WP/14/33.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
"In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Links to this item

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Juan Pablo Medina Guzman; Claudio Soto; International Monetary Fund. Institute for Capacity Development.
ISBN: 1306513499 9781306513494 9781475561944 1475561946
OCLC Number: 877829641
Notes: At head of title: IMF Institute for Capacity Development.
"February 2014."
Description: 1 online resource (43 pages).
Series Title: IMF working paper, WP/14/33.
Responsibility: prepared by Juan Pablo Medina and Claudio Soto.

Abstract:

"In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an increase in commodity price are magnified when these rules are imperfectly credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the systematic behavior of the authorities, reducing the effects of commodity prices shocks. Coherent with the model, we show cross-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output volatility. Also, our results indicate that having an explicit fiscal rule and an inflation targeting regime contribute to isolate the economy from terms of trade fluctuations"--Abstract.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/877829641> # Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
   library:oclcnum "877829641" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/1871099272#Place/washington_d_c> ; # Washington, D.C.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/dcu> ;
   rdfs:comment "Unknown 'gen' value: igp" ;
   schema:about <http://experiment.worldcat.org/entity/work/data/1871099272#Topic/transparency_in_government> ; # Transparency in government
   schema:about <http://experiment.worldcat.org/entity/work/data/1871099272#Topic/prices_econometric_models> ; # Prices--Econometric models
   schema:about <http://dewey.info/class/339/> ;
   schema:about <http://experiment.worldcat.org/entity/work/data/1871099272#Topic/monetary_policy_econometric_models> ; # Monetary policy--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/1871099272#Topic/fiscal_policy_econometric_models> ; # Fiscal policy--Econometric models
   schema:bookFormat schema:EBook ;
   schema:contributor <http://experiment.worldcat.org/entity/work/data/1871099272#Organization/international_monetary_fund_institute_for_capacity_development> ; # International Monetary Fund. Institute for Capacity Development.
   schema:contributor <http://experiment.worldcat.org/entity/work/data/1871099272#Person/soto_claudio> ; # Claudio Soto
   schema:copyrightYear "2014" ;
   schema:creator <http://experiment.worldcat.org/entity/work/data/1871099272#Person/medina_guzman_juan_pablo_1971> ; # Juan Pablo Medina Guzman
   schema:datePublished "2014" ;
   schema:description ""In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an increase in commodity price are magnified when these rules are imperfectly credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the systematic behavior of the authorities, reducing the effects of commodity prices shocks. Coherent with the model, we show cross-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output volatility. Also, our results indicate that having an explicit fiscal rule and an inflation targeting regime contribute to isolate the economy from terms of trade fluctuations"--Abstract."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/1871099272> ;
   schema:genre "Electronic books"@en ;
   schema:genre "Government publication"@en ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/1871099272#Series/imf_working_paper> ; # IMF working paper ;
   schema:isSimilarTo <http://worldcat.org/entity/work/data/1871099272#CreativeWork/> ;
   schema:name "Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies"@en ;
   schema:productID "877829641" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/877829641#PublicationEvent/washington_d_c_international_monetary_fund_2014> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/1871099272#Agent/international_monetary_fund> ; # International Monetary Fund
   schema:url <http://www.myilibrary.com?id=582600> ;
   schema:url <http://public.eblib.com/choice/publicfullrecord.aspx?p=1653427> ;
   schema:url <http://www.imf.org/external/pubs/ft/wp/2014/wp1433.pdf> ;
   schema:url <http://ebookcentral.proquest.com/lib/ucm/detail.action?docID=1653427> ;
   schema:url <http://site.ebrary.com/id/10852147> ;
   schema:workExample <http://worldcat.org/isbn/9781475561944> ;
   schema:workExample <http://worldcat.org/isbn/9781306513494> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/877829641> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/1871099272#Agent/international_monetary_fund> # International Monetary Fund
    a bgn:Agent ;
   schema:name "International Monetary Fund" ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Organization/international_monetary_fund_institute_for_capacity_development> # International Monetary Fund. Institute for Capacity Development.
    a schema:Organization ;
   schema:name "International Monetary Fund. Institute for Capacity Development." ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Person/medina_guzman_juan_pablo_1971> # Juan Pablo Medina Guzman
    a schema:Person ;
   schema:birthDate "1971" ;
   schema:familyName "Medina Guzman" ;
   schema:givenName "Juan Pablo" ;
   schema:name "Juan Pablo Medina Guzman" ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Person/soto_claudio> # Claudio Soto
    a schema:Person ;
   schema:familyName "Soto" ;
   schema:givenName "Claudio" ;
   schema:name "Claudio Soto" ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Place/washington_d_c> # Washington, D.C.
    a schema:Place ;
   schema:name "Washington, D.C." ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Series/imf_working_paper> # IMF working paper ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/877829641> ; # Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies
   schema:name "IMF working paper ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Topic/fiscal_policy_econometric_models> # Fiscal policy--Econometric models
    a schema:Intangible ;
   schema:name "Fiscal policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Topic/monetary_policy_econometric_models> # Monetary policy--Econometric models
    a schema:Intangible ;
   schema:name "Monetary policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Topic/prices_econometric_models> # Prices--Econometric models
    a schema:Intangible ;
   schema:name "Prices--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/1871099272#Topic/transparency_in_government> # Transparency in government
    a schema:Intangible ;
   schema:name "Transparency in government"@en ;
    .

<http://worldcat.org/entity/work/data/1871099272#CreativeWork/>
    a schema:CreativeWork ;
   schema:description "Print version:" ;
   schema:isSimilarTo <http://www.worldcat.org/oclc/877829641> ; # Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies
    .

<http://worldcat.org/isbn/9781306513494>
    a schema:ProductModel ;
   schema:isbn "1306513499" ;
   schema:isbn "9781306513494" ;
    .

<http://worldcat.org/isbn/9781475561944>
    a schema:ProductModel ;
   schema:isbn "1475561946" ;
   schema:isbn "9781475561944" ;
    .

<http://www.worldcat.org/title/-/oclc/877829641>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
   schema:about <http://www.worldcat.org/oclc/877829641> ; # Commodity price shocks and imperfectly credible macroeconomic policies in commodity-exporting small open economies
   schema:dateModified "2017-12-24" ;
   void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.