"The Monetary Authority of Singapore (MAS) conducts policy by adjusting the Singapore dollar's effective exchange rate so as to achieve macroeconomic goals for the economy's inflation rate and output gap. Estimates of a policy rule of the Taylor type, except with exchange rate appreci...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	McCallum, Bennett T. 1935-2022 (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Tokyo IMES 2007
Schriftenreihe:	Discussion paper series / Institute for Monetary and Economic Studies, Bank of Japan 2007,10
Schlagworte:	Monetary Authority of Singapore Foreign exchange rates > Singapore Monetary policy > Singapore
Online-Zugang:	kostenfrei
Zusammenfassung:	"The Monetary Authority of Singapore (MAS) conducts policy by adjusting the Singapore dollar's effective exchange rate so as to achieve macroeconomic goals for the economy's inflation rate and output gap. Estimates of a policy rule of the Taylor type, except with exchange rate appreciation serving as the instrument/indicator variable, substantiate this interpretation. That this rule reflects policy that is much like inflation targeting is evidenced by the absence of any significant role for the real exchange rate as a distinct target variable in addition to inflation and the output gap. Simulations with a dynamic model of a small open economy illustrate that this type of rule can be relatively more advantageous in economies that (like Singapore) are extremely open to international trade. The analysis illustrates that monetary policy and exchange-rate policy are two sides of the same coin, which suggests that assignment of exchange-rate management to a nation's fiscal authority is an anachronism."--Author's abstract
Beschreibung:	24 S.