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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| Other Authors: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Series: | IMF working paper ;
WP/13/11. |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | 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. |
| Item Description: | Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). "Research Department." "January 2013." |
| Physical Description: | 1 online resource (43 pages) |
| Bibliography: | Includes bibliographical references. |
| ISBN: | 9781589065307 1589065301 9781475538120 147553812X 9781475545401 1475545401 |
Staff View
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| 520 | |a 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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Research Department." | ||
| 500 | |a "January 2013." | ||
| 505 | 0 | |a Cover; Contents; I: Introduction; II: Exchange Rate Targeting and Exchange Rate Intervention: Two Unrelated Literatures; III: Key concepts; IV: Model; A: Balance sheets; B: Central bank behavior; C: Financial sector behavior; D: Households behavior; E: Rest of the model; V: Discussion; VI: Simulations; VII: Conclusions; Tables; 1 Macroeconomic volatility under various policy regimes; Figures; 1 Foreign Interest Rate Shock in Different Exchange Rate Regimes; 2 Temporary terms-of-trade shock in different exchange rate regimes; 3 Permanent terms-of-trade shock in different exchange rate regimes. | |
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| contents | Cover; Contents; I: Introduction; II: Exchange Rate Targeting and Exchange Rate Intervention: Two Unrelated Literatures; III: Key concepts; IV: Model; A: Balance sheets; B: Central bank behavior; C: Financial sector behavior; D: Households behavior; E: Rest of the model; V: Discussion; VI: Simulations; VII: Conclusions; Tables; 1 Macroeconomic volatility under various policy regimes; Figures; 1 Foreign Interest Rate Shock in Different Exchange Rate Regimes; 2 Temporary terms-of-trade shock in different exchange rate regimes; 3 Permanent terms-of-trade shock in different exchange rate regimes. |
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| spelling | Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework / prepared by Jaromir Benes [and others]. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (43 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/11 Title from PDF title page (IMF Web site, viewed Jan. 23, 2013). 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. Includes bibliographical references. "Research Department." "January 2013." Cover; Contents; I: Introduction; II: Exchange Rate Targeting and Exchange Rate Intervention: Two Unrelated Literatures; III: Key concepts; IV: Model; A: Balance sheets; B: Central bank behavior; C: Financial sector behavior; D: Households behavior; E: Rest of the model; V: Discussion; VI: Simulations; VII: Conclusions; Tables; 1 Macroeconomic volatility under various policy regimes; Figures; 1 Foreign Interest Rate Shock in Different Exchange Rate Regimes; 2 Temporary terms-of-trade shock in different exchange rate regimes; 3 Permanent terms-of-trade shock in different exchange rate regimes. Inflation targeting Econometric models. Foreign exchange rates Econometric models. Monetary policy Econometric models. Ciblage d'inflation Modèles économétriques. Taux de change Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Foreign exchange rates Econometric models fast Monetary policy Econometric models fast Beneš, Jaromír, 1973- https://id.oclc.org/worldcat/entity/E39PCjMfjxrGYpwcYbBK6xvtmm http://id.loc.gov/authorities/names/no2010093964 International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 IMF working paper ; WP/13/11. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework / IMF working paper ; Cover; Contents; I: Introduction; II: Exchange Rate Targeting and Exchange Rate Intervention: Two Unrelated Literatures; III: Key concepts; IV: Model; A: Balance sheets; B: Central bank behavior; C: Financial sector behavior; D: Households behavior; E: Rest of the model; V: Discussion; VI: Simulations; VII: Conclusions; Tables; 1 Macroeconomic volatility under various policy regimes; Figures; 1 Foreign Interest Rate Shock in Different Exchange Rate Regimes; 2 Temporary terms-of-trade shock in different exchange rate regimes; 3 Permanent terms-of-trade shock in different exchange rate regimes. Inflation targeting Econometric models. Foreign exchange rates Econometric models. Monetary policy Econometric models. Ciblage d'inflation Modèles économétriques. Taux de change Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Foreign exchange rates Econometric models fast Monetary policy Econometric models fast |
| 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_full | Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework / prepared by Jaromir Benes [and others]. |
| title_fullStr | Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework / prepared by Jaromir Benes [and others]. |
| title_full_unstemmed | Modeling sterilized interventions and balance sheet effects of monetary policy in a new-Keynesian framework / prepared by Jaromir Benes [and others]. |
| 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 |
| topic | Inflation targeting Econometric models. Foreign exchange rates Econometric models. Monetary policy Econometric models. Ciblage d'inflation Modèles économétriques. Taux de change Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. bisacsh Foreign exchange rates Econometric models fast Monetary policy Econometric models fast |
| topic_facet | Inflation targeting Econometric models. Foreign exchange rates Econometric models. Monetary policy Econometric models. Ciblage d'inflation Modèles économétriques. Taux de change Modèles économétriques. Politique monétaire Modèles économétriques. BUSINESS & ECONOMICS Foreign Exchange. Foreign exchange rates Econometric models Monetary policy Econometric models |
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