Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands /:
Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in affecting...
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| Main Authors: | , |
|---|---|
| Corporate Author: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Series: | IMF working paper ;
WP/12/176. |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in affecting inflation rather than monetary policy. To assess the tradeoff between the use of the exchange rate and monetary policy in macroeconomic stabilization, we employ a model-based approach to examine the optimal policy in response to the historical distribution of exogenous shocks in a Pacific Island (Tonga). The empirical evidence and model simulations tilt in the favor of exchange rate policy given the close relationship between exchange rate changes and headline inflation and the low interest rate sensitivity of aggregate demand. |
| Item Description: | Title from PDF title page (IMF Web site, viewed Jul. 17, 2012). "Asia and Pacific Department." "July 2012." |
| Physical Description: | 1 online resource (16 pages) |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 9781475533330 1475533330 |
Staff View
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| 245 | 1 | 0 | |a Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / |c prepared by Shanaka J. Peiri and Ding Ding. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
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| 500 | |a Title from PDF title page (IMF Web site, viewed Jul. 17, 2012). | ||
| 520 | |a Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in affecting inflation rather than monetary policy. To assess the tradeoff between the use of the exchange rate and monetary policy in macroeconomic stabilization, we employ a model-based approach to examine the optimal policy in response to the historical distribution of exogenous shocks in a Pacific Island (Tonga). The empirical evidence and model simulations tilt in the favor of exchange rate policy given the close relationship between exchange rate changes and headline inflation and the low interest rate sensitivity of aggregate demand. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Asia and Pacific Department." | ||
| 500 | |a "July 2012." | ||
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Contents; I. Introduction; II. The Choice of a Nominal Anchor; III. Monetary and Exchange Transmission Mechanisms; IV. FPAS Model for Small Island Countries; V. Policy Implications; Appendix I. Identification of VAR; References. | |
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| 650 | 0 | |a Exchange rate pass-through |z Tonga |x Econometric models. | |
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| 710 | 2 | |a International Monetary Fund. |b Asia and Pacific Department. |0 http://id.loc.gov/authorities/names/no97006778 | |
| 758 | |i has work: |a Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands (Text) |1 https://id.oclc.org/worldcat/entity/E39PCG3vTVcdVmVdyky6bjpkjC |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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Record in the Search Index
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| _version_ | 1826942416446291968 |
| adam_text | |
| any_adam_object | |
| author | Peiris, Shanaka J. (Shanaka Jayanath), 1975- Ding, Ding, 1958- |
| author_GND | http://id.loc.gov/authorities/names/nr2004035252 http://id.loc.gov/authorities/names/n00040685 |
| author_corporate | International Monetary Fund. Asia and Pacific Department |
| author_corporate_role | |
| author_facet | Peiris, Shanaka J. (Shanaka Jayanath), 1975- Ding, Ding, 1958- International Monetary Fund. Asia and Pacific Department |
| author_role | aut aut |
| author_sort | Peiris, Shanaka J. 1975- |
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| building | Verbundindex |
| bvnumber | localFWS |
| callnumber-first | H - Social Science |
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| callnumber-raw | HG3881.5.I58 W67 No. 12/176eb |
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| collection | ZDB-4-EBU |
| contents | Cover; Contents; I. Introduction; II. The Choice of a Nominal Anchor; III. Monetary and Exchange Transmission Mechanisms; IV. FPAS Model for Small Island Countries; V. Policy Implications; Appendix I. Identification of VAR; References. |
| ctrlnum | (OCoLC)800095228 |
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| discipline | Wirtschaftswissenschaften |
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| geographic_facet | Pacific Ocean Islands of the Pacific Tonga |
| id | ZDB-4-EBU-ocn800095228 |
| illustrated | Not Illustrated |
| indexdate | 2025-03-18T14:27:40Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no97006778 |
| isbn | 9781475533330 1475533330 |
| language | English |
| oclc_num | 800095228 |
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| publishDate | 2012 |
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| publisher | International Monetary Fund, |
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| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Peiris, Shanaka J. (Shanaka Jayanath), 1975- author. https://id.oclc.org/worldcat/entity/E39PCjHWYv498px9PV8QGbWvH3 http://id.loc.gov/authorities/names/nr2004035252 Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / prepared by Shanaka J. Peiri and Ding Ding. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (16 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/12/176 Title from PDF title page (IMF Web site, viewed Jul. 17, 2012). Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in affecting inflation rather than monetary policy. To assess the tradeoff between the use of the exchange rate and monetary policy in macroeconomic stabilization, we employ a model-based approach to examine the optimal policy in response to the historical distribution of exogenous shocks in a Pacific Island (Tonga). The empirical evidence and model simulations tilt in the favor of exchange rate policy given the close relationship between exchange rate changes and headline inflation and the low interest rate sensitivity of aggregate demand. Includes bibliographical references. "Asia and Pacific Department." "July 2012." Print version record. Cover; Contents; I. Introduction; II. The Choice of a Nominal Anchor; III. Monetary and Exchange Transmission Mechanisms; IV. FPAS Model for Small Island Countries; V. Policy Implications; Appendix I. Identification of VAR; References. Prices Islands of the Pacific Econometric models. Prices Tonga Econometric models. Exchange rate pass-through Islands of the Pacific Econometric models. Exchange rate pass-through Tonga Econometric models. Monetary policy Islands of the Pacific Econometric models. Monetary policy Tonga Econometric models. Prix Pacifique, Îles du Modèles économétriques. Prix Tonga Modèles économétriques. Politique monétaire Pacifique, Îles du Modèles économétriques. Politique monétaire Tonga Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy Econometric models fast Prices Econometric models fast Pacific Ocean Islands of the Pacific fast Tonga fast https://id.oclc.org/worldcat/entity/E39PBJqQvGfkg4MhWHtV4wvrbd Ding, Ding, 1958- author. https://id.oclc.org/worldcat/entity/E39PCjJg4H7vyxQgfhXy4cqKQy http://id.loc.gov/authorities/names/n00040685 International Monetary Fund. Asia and Pacific Department. http://id.loc.gov/authorities/names/no97006778 has work: Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands (Text) https://id.oclc.org/worldcat/entity/E39PCG3vTVcdVmVdyky6bjpkjC https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/12/176. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Peiris, Shanaka J. (Shanaka Jayanath), 1975- Ding, Ding, 1958- Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / IMF working paper ; Cover; Contents; I. Introduction; II. The Choice of a Nominal Anchor; III. Monetary and Exchange Transmission Mechanisms; IV. FPAS Model for Small Island Countries; V. Policy Implications; Appendix I. Identification of VAR; References. Prices Islands of the Pacific Econometric models. Prices Tonga Econometric models. Exchange rate pass-through Islands of the Pacific Econometric models. Exchange rate pass-through Tonga Econometric models. Monetary policy Islands of the Pacific Econometric models. Monetary policy Tonga Econometric models. Prix Pacifique, Îles du Modèles économétriques. Prix Tonga Modèles économétriques. Politique monétaire Pacifique, Îles du Modèles économétriques. Politique monétaire Tonga Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy Econometric models fast Prices Econometric models fast |
| title | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / |
| title_auth | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / |
| title_exact_search | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / |
| title_full | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / prepared by Shanaka J. Peiri and Ding Ding. |
| title_fullStr | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / prepared by Shanaka J. Peiri and Ding Ding. |
| title_full_unstemmed | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / prepared by Shanaka J. Peiri and Ding Ding. |
| title_short | Global commodity prices, monetary transmission, and exchange rate pass-through in the Pacific Islands / |
| title_sort | global commodity prices monetary transmission and exchange rate pass through in the pacific islands |
| topic | Prices Islands of the Pacific Econometric models. Prices Tonga Econometric models. Exchange rate pass-through Islands of the Pacific Econometric models. Exchange rate pass-through Tonga Econometric models. Monetary policy Islands of the Pacific Econometric models. Monetary policy Tonga Econometric models. Prix Pacifique, Îles du Modèles économétriques. Prix Tonga Modèles économétriques. Politique monétaire Pacifique, Îles du Modèles économétriques. Politique monétaire Tonga Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Monetary policy Econometric models fast Prices Econometric models fast |
| topic_facet | Prices Islands of the Pacific Econometric models. Prices Tonga Econometric models. Exchange rate pass-through Islands of the Pacific Econometric models. Exchange rate pass-through Tonga Econometric models. Monetary policy Islands of the Pacific Econometric models. Monetary policy Tonga Econometric models. Prix Pacifique, Îles du Modèles économétriques. Prix Tonga Modèles économétriques. Politique monétaire Pacifique, Îles du Modèles économétriques. Politique monétaire Tonga Modèles économétriques. BUSINESS & ECONOMICS Finance. Monetary policy Econometric models Prices Econometric models Pacific Ocean Islands of the Pacific Tonga |
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