World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy:
How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2013
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 13/114 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner |
| Beschreibung: | 1 Online-Ressource (64 p) |
| ISBN: | 1484371569 9781484371565 |
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| index_date | 2024-07-03T20:13:15Z |
| indexdate | 2024-07-10T09:35:22Z |
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| series2 | IMF Working Papers |
| spelling | Catão, Luis Verfasser aut World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy Catão, Luis Washington, D.C International Monetary Fund 2013 1 Online-Ressource (64 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/114 How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner Online-Ausg Chang, Roberto Sonstige oth http://elibrary.imf.org/view/IMF001/20492-9781484371565/20492-9781484371565/20492-9781484371565.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Catão, Luis World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title_auth | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title_exact_search | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title_exact_search_txtP | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title_full | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy Catão, Luis |
| title_fullStr | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy Catão, Luis |
| title_full_unstemmed | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy Catão, Luis |
| title_short | World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy |
| title_sort | world food prices the terms of trade real exchange rate nexus and monetary policy |
| url | http://elibrary.imf.org/view/IMF001/20492-9781484371565/20492-9781484371565/20492-9781484371565.xml |
| work_keys_str_mv | AT cataoluis worldfoodpricesthetermsoftraderealexchangeratenexusandmonetarypolicy AT changroberto worldfoodpricesthetermsoftraderealexchangeratenexusandmonetarypolicy |