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...
Clasificación: | Libro Electrónico |
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Autores principales: | , , |
Formato: | Electrónico eBook |
Idioma: | Inglés |
Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
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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.