A New Keynesian Model of the Armenian Economy

This paper develops a small open economy dynamic stochastic general equilibrium (DSGE) model of the Armenian economy. The structure of the model is largely motivated by recent developments in DSGE modeling, with key extensions to incorporate specific structural characteristics of the Armenian economy. The resultant model can be used to simulate monetary policy paths and help analyze the robustness of policy conclusions. The paper tests the model's properties on Armenian data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model

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Year of publication:	2009
Authors:	Stepanyan, Ara
Other Persons:	Dabla-Norris, Era (contributor) ; Mkrtchyan, Ashot Anatolii (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Armenien \| Armenia \| Kleine offene Volkswirtschaft \| Small open economy \| Geldpolitische Transmission \| Monetary transmission \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Inflationssteuerung \| Inflation targeting \| Neoklassische Synthese \| Neoclassical synthesis

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Extent:	Online-Ressource (45 p)
Series:	IMF Working Papers IMF working paper ; WP/09/66
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; II. Stylized Facts About the Armenian Economy; A. Stylized Facts on Long-Term Trends; B. Business Cycle Fluctuations; Figures; 1. Long-Term Trends and Business Cycle Movements from Trends; III. Model Environment; A. Households; 2. Business CycleFluctuations of Detrended Series; B. Firms; C. Equilibrium; D. Model Calibration and Estimation; IV. Model Properties; A. Impulse Responses; 3. Home Good Inflation Shock; 4. Imported Good Inflation Shock; 5. Productivity Shock; 6. Remittances Shock; 7. Foreign Output Shock; 8. Policy Interest Rate B. Correspondence Between the Model and Observed Data9. Estimated and Observed Variables; 10. Estimated Structural Shocks; 11. Population Standard Deviations; 12. Population Autocorrelation Coefficients; 13. Population Cross-Correlation Coefficients; V. Conclusion; 14. Historical Model Forecasts; Appendices; A. Model Equations; B. Data Description; References
ISBN:	978-1-4518-7213-2 ; 978-1-4519-9332-5 ; 978-1-4518-7213-2
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012677477