Verfügbarkeit: World Food Prices and Monetary Policy

World Food Prices and Monetary Policy:

The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in util...

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1. Verfasser:	Chang, Roberto (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Washington, D.C International Monetary Fund 2010
Schriftenreihe:	IMF Working Papers Working Paper No. 10/161
Online-Zugang:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers
Zusammenfassung:	The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in real world data
Beschreibung:	1 Online-Ressource (66 p)
ISBN:	1455201448 9781455201440

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spelling	Chang, Roberto Verfasser aut World Food Prices and Monetary Policy Chang, Roberto Washington, D.C International Monetary Fund 2010 1 Online-Ressource (66 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/161 The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in real world data Online-Ausg Catão, Luis Sonstige oth http://elibrary.imf.org/view/IMF001/11128-9781455201440/11128-9781455201440/11128-9781455201440.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Chang, Roberto World Food Prices and Monetary Policy
title	World Food Prices and Monetary Policy
title_auth	World Food Prices and Monetary Policy
title_exact_search	World Food Prices and Monetary Policy
title_exact_search_txtP	World Food Prices and Monetary Policy
title_full	World Food Prices and Monetary Policy Chang, Roberto
title_fullStr	World Food Prices and Monetary Policy Chang, Roberto
title_full_unstemmed	World Food Prices and Monetary Policy Chang, Roberto
title_short	World Food Prices and Monetary Policy
title_sort	world food prices and monetary policy
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