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  1. An estimated model of a commodity-exporting economy for the integrated policy framework
    evidence from Mongolia
    Autor*in: Doojav, Gan-Ochir; Gantumur, Munkhbayar
    Erschienen: [2023]
    Verlag:  Graduate Institute of International and Development Studies, International Economics Department, Geneva, Switzerland

    This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 272
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    This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external shocks. We jointly examine the optimal conduct of conventional and unconventional monetary policies, macroprudential policy, foreign exchange intervention, capital flow management, and fiscal policy based on the model. The policy analysis framework is applied empirically to Mongolia, a small open, and developing economy highly dependent on imports and commodity exports. We find that an eclectic policy mix improves policy tradeoffs, and a lack of cooperation among policy authorities may result in conflicting policies, hence suboptimal results for overall economic stability. Our optimal policy analysis shows that policy mix adjustments should differ depending on the type of shocks and the policy objectives. The results suggest that the policy analysis framework can help policymakers choose their policy mix adjustments to deal with external shocks in an integrated and optimal way.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/278429
    Schriftenreihe: Working paper series / Graduate Institute of International and Development Studies, International Economics Department ; no. HEIDWP2023, 05
    Schlagworte: Monetary policy; Macroprudential policy; Foreign exchange intervention; Fiscal policy; Capital flow management; Optimal policy mix; Open economy macroeconomics; External shocks; Bayesian analysis
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  2. Business Cycle Fluctuations and International Financial Integration
    Autor*in: Kizys, Renatas; Pierdzioch, Christian
    Erschienen: 2004
    Verlag:  Kiel Institute for the World Economy (IfW), Kiel

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  3. Business cycle fluctuations and international financial integration
    Autor*in: Kizys, Renatas; Pierdzioch, Christian
    Erschienen: 2004
    Verlag:  Inst. for World Economics, Kiel

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  4. From macroeconomic stability to welfare
    optimizing fiscal rules in commodity-dependent economies
    Autor*in: Heresi, Rodrigo; Villacreces Villacis, Daniela
    Erschienen: May 2023
    Verlag:  IDB, Inter-American Development Bank, [Washington, DC]

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
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    Schriftenreihe: Discussion paper / IDB, Inter-American Development Bank ; no IDB-DP-1011
    Schlagworte: Fiscal rules; Raw materials sector; Open economy macroeconomics
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Reallocation and productivity during commodity cycles
    Autor*in: Heresi, Rodrigo
    Erschienen: April 2021
    Verlag:  Inter-American Development Bank, Department of Research and Chief Economist, [Washington, DC]

    I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. To do so, I develop a heterogeneous-firms model that endogenizes declines in aggregate productivity through reallocation towards less... mehr

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    DS 144
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    I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. To do so, I develop a heterogeneous-firms model that endogenizes declines in aggregate productivity through reallocation towards less productive firms. Within a given sector, commodity booms reallocate market share away from exporters because of currency appreciation and away from capital-intensive firms because of the increase in capital cost. I provide empirical evidence for these channels using microdata for Chile, the worlds largest copper producer. When fed with the commodity super-cycle of 2003-2012, the calibrated model generates about 50% of the observed productivity decline.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/237459
    Schriftenreihe: IDB working paper series ; no IDB-WP-1164
    Schlagworte: Productivity; Resource booms; Open economy macroeconomics
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  6. Trade openness and exchange rate management
    Autor*in: Heresi, Rodrigo; Parrado, Eric
    Erschienen: December 2023
    Verlag:  Inter-American Development Bank, Department of Research and Chief Economist, [Washington, DC]

    Singapore's unique monetary policy consists of a managed exchange rate framework that can be characterized as a Taylor-like reaction function with the nominal devaluation rate instead of the nominal interest rate as the main policy instrument. We... mehr

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    Singapore's unique monetary policy consists of a managed exchange rate framework that can be characterized as a Taylor-like reaction function with the nominal devaluation rate instead of the nominal interest rate as the main policy instrument. We build a small open economy New Keynesian model to estimate and characterize such a monetary rule from a welfare perspective. Welfare gains under an exchange rate rule (ERR) relative to the more standard interest rate-based Taylor rule (IRR) are unambiguously increasing in the degree of trade openness (defined as exports plus imports as a share of GDP). For Singapore, where trade openness is 280% of GDP, we estimate welfare gains of 1.48% of permanent consumption under an ERR. In a counterfactual thought experiment, we find that Chile, an established inflation-targeting economy using an IRR, would be better off under an ERR for any degree of openness above 100% (currently at 70%).

     
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    Sprache: Englisch
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    Schriftenreihe: Working paper / [Inter-American Development Bank] ; no IDB-WP-1563
    Schlagworte: Monetary policy; Exchange rate management; Open economy macroeconomics
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen