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Monetary rules for small, open, emerging economies

Author: Douglas Laxton; Paolo A Pesenti; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2003.
Series: Working paper series (National Bureau of Economic Research), working paper no. 9568.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: This paper develops a variant of the IMF's Global Economic Model (GEM) suitable to analyze macroeconomic dynamics in open economies, and uses it to assess the effectiveness of Taylor rules and Inflation-Forecast-Based (IFB) rules in stabilizing variability in output and inflation. Our findings suggest that a simple IFB rule that does not rely upon any direct estimates of the equilibrium real interest rate  Read more...
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Genre/Form: Econometric models
Additional Physical Format: Print version:
Laxton, Douglas.
Monetary rules for small, open, emerging economies.
Cambridge, Mass. : National Bureau of Economic Research, ©2003
(OCoLC)52060307
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Douglas Laxton; Paolo A Pesenti; National Bureau of Economic Research.
OCLC Number: 646856417
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (42, vi, [9] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 9568.
Responsibility: Douglas Laxton, Paolo Pesenti.

Abstract:

Abstract: This paper develops a variant of the IMF's Global Economic Model (GEM) suitable to analyze macroeconomic dynamics in open economies, and uses it to assess the effectiveness of Taylor rules and Inflation-Forecast-Based (IFB) rules in stabilizing variability in output and inflation. Our findings suggest that a simple IFB rule that does not rely upon any direct estimates of the equilibrium real interest rate and places a relatively high weight on the inflation forecast may perform better in small open economies than conventional Taylor rules.

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