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Foreign exchange intervention and the Dutch disease /

We study the optimal foreign exchange (FX) intervention policy in response to a positive terms of trade shock and associated Dutch disease episode in a small open economy model. We find that during a Dutch disease episode tradable production drops below the socially optimal level, resulting in lower...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Faltermeier, Julia (Autor), Lama, Ruy, 1975- (Autor), Medina Guzman, Juan Pablo, 1971- (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, [2017]
Colección:IMF working paper ; WP/17/70.
Temas:
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover; Contents; 1. Introduction; 2. A Small Open Economy Model; 2.1. Households; 2.2. Wage Setting Process; 2.3. Firms; 2.4. Commodity Sector; 2.5. Monetary Policy and Foreign Exchange Intervention; 2.6. Market Clearing Conditions; 2.7. Calibration; 3. Foreign Exchange Intervention and the Dutch Disease; 3.1. Dutch Disease and Learning-by-Doing Externalities; 3.2. Dutch Disease and Optimal Policy Rules; 3.3. Sensitivity Analysis; 4. Conclusions; References; Appendix: Equilibrium Conditions; Tables; Table 1 Baseline Calibration; Table 2 Welfare Analysis; Figures.
  • Figure 1 Commodity Cycle and Foreign Exchange InterventionFigure 2 Effects of Learning-by-Doing; Figure 3 Dutch Disease and Policy Rules; Figure 4 Sensitivity Analysis; Figure 5 Welfare Gains and Sensitivity Analysis.