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Policy responses to exchange-rate movements

Author: Laurence M Ball; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2009.
Series: Working paper series (National Bureau of Economic Research), no. 15173.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper examines policy responses to exchange-rate movements in a simple model of an open economy. The optimal response of monetary policy to an exchange-rate change depends on the source of the change: on whether the underlying shock is a shift in capital flows, manufactured exports, or commodity prices. The paper compares the models prescriptions to the policies of an actual central bank, the Bank of Canada.  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Laurence M Ball; National Bureau of Economic Research.
OCLC Number: 427869438
Notes: "July 2009."
Description: 1 online resource (24, [4] pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 15173.
Responsibility: Laurence M. Ball.

Abstract:

This paper examines policy responses to exchange-rate movements in a simple model of an open economy. The optimal response of monetary policy to an exchange-rate change depends on the source of the change: on whether the underlying shock is a shift in capital flows, manufactured exports, or commodity prices. The paper compares the models prescriptions to the policies of an actual central bank, the Bank of Canada. Finally, the paper considers the role of fiscal policy in an open economy. Coordinated fiscal and monetary responses to exchange-rate movements stabilize output at the sectoral as well as aggregate level.

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