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Monetary Rules for Small, Open, Emerging Economies / Douglas Laxton, Paolo Pesenti.
- Format:
- Book
- Author/Creator:
- Laxton, Douglas.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9568.
- NBER working paper series no. w9568
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- 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.
- Notes:
- Print version record
- March 2003.
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