Verfügbarkeit: Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework:

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, we develop an open economy new-Keynesian model featuring steriliz...

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1. Verfasser:	Benes, Jaromir (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2013
Schriftenreihe:	IMF Working Papers Working Paper No. 13/11
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Zusammenfassung:	We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, we develop an open economy new-Keynesian model featuring sterilized interventions in the foreign exchange (FX) market as an additional central bank instrument operating alongside the Taylor rule, and affecting the economy through portfolio balance sheet effects in the financial sector. We find that there can be advantages to combining IT with some degree of exchange rate management via FX interventions. Unlike ""pure"" IT or exchange rate management via interest rates, FX interventions can help insulate the economy against certain shocks, especially shocks to international financial conditions. However, managing the exchange rate through FX interventions may also hinder necessary exchange rate adjustments, e.g., in the presence of terms of trade shocks
Beschreibung:	1 Online-Ressource (43 p)
ISBN:	1475545401 9781475545401

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spelling	Benes, Jaromir Verfasser aut Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework Benes, Jaromir Washington, D.C International Monetary Fund 2013 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 13/11 We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external shocks. To this end, we develop an open economy new-Keynesian model featuring sterilized interventions in the foreign exchange (FX) market as an additional central bank instrument operating alongside the Taylor rule, and affecting the economy through portfolio balance sheet effects in the financial sector. We find that there can be advantages to combining IT with some degree of exchange rate management via FX interventions. Unlike ""pure"" IT or exchange rate management via interest rates, FX interventions can help insulate the economy against certain shocks, especially shocks to international financial conditions. However, managing the exchange rate through FX interventions may also hinder necessary exchange rate adjustments, e.g., in the presence of terms of trade shocks Online-Ausg Berg, Andrew Sonstige oth Portillo, Rafael Sonstige oth Vavra, David Sonstige oth http://elibrary.imf.org/view/IMF001/20207-9781475545401/20207-9781475545401/20207-9781475545401.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Benes, Jaromir Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title_auth	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title_exact_search	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title_exact_search_txtP	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title_full	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework Benes, Jaromir
title_fullStr	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework Benes, Jaromir
title_full_unstemmed	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework Benes, Jaromir
title_short	Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
title_sort	modeling sterilized interventions and balance sheet effects of monetary policy in a new keynesian framework
url	http://elibrary.imf.org/view/IMF001/20207-9781475545401/20207-9781475545401/20207-9781475545401.xml
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