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Beware of Emigrants Bearing Gifts : Optimal Fiscal and Monetary Policy in the Presence of Remittances
Gapen, Michael T. - 2006
remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle … setting. We show that remittances raise disposable income and consumption, and insure against income shocks, thereby raising … household welfare. However, remittances increase the correlation between labor and output, thereby producing a more volatile …
Persistent link: https://www.econbiz.de/10014399889
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Fiscal Sustainability in Remittance-Dependent Economies
Chami, Ralph - 2009
We investigate the impact of remittances on public debt sustainability and detail how the traditional debt-to-GDP ratio … remittance inflows. The main result is that inclusion of remittances into the traditional debt sustainability analysis alters the …
Persistent link: https://www.econbiz.de/10014402461
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The Effects of Monetary and Fiscal Policy on Aggregate Demand in a Small Open Economy : An Application of the Structural Error Correction Model
Konuki, Tetsuya - 2000
This paper empirically analyzes the short-run effects of monetary and fiscal policy on aggregate demand, using the two-step structural error correction method. This method has an advantage over the standard reduced-form error correction method in providing a meaningful interpretation for impulse...
Persistent link: https://www.econbiz.de/10014403491
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Dynamics of Devaluation and ""Equivalent"" Fiscal Policies for a Small Open Economy
International Monetary Fund - 1989
In pursuing a steady-state reserve target, policymakers in small open economies can resort to devaluation or to temporary increases in public saving. This paper contrasts the dynamic implications of these alternative policies in a model with optimizing agents who possess perfect foresight. In...
Persistent link: https://www.econbiz.de/10014395937
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Monetary and Fiscal Coordination in Small Open Economies
Worrell, DeLisle - 2000
This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In...
Persistent link: https://www.econbiz.de/10014399901
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul - 2009
We develop a optimal rules-based interpretation of the ''three pillars macroeconomic policy framework'': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how...
Persistent link: https://www.econbiz.de/10014402509
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Macroeconomic Effects of Sovereign Restructuring in a Monetary Union : A Model-based Approach
Forni, Lorenzo - 2013
We assess the macroeconomic effects of a sovereign restructuring in a small economy belonging to a monetary union by simulating a dynamic general equilibrium model. In line with the empirical evidence, we make the following three key assumptions. First, sovereign debt is held by domestic agents...
Persistent link: https://www.econbiz.de/10014394378
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Global Aging and Fiscal Policy with International Labor Mobility : A Political Economy Perspective
Tosun, Mehmet S. - 2005
This paper uses an overlapping generations model with international labor mobility and a politically responsive fiscal policy to examine aging in developed and developing regions. Migrant workers change the political structure composed of young and elderly voters in both labor-receiving and...
Persistent link: https://www.econbiz.de/10014400088
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Imported food price shocks and socio-political instability : do fiscal policy and remittances matter?
Meyimdjui, Carine - 2020
-political instability once fiscal policy and remittances have been accounted for. It focuses on import prices to reflect the vulnerability … and income per capita. On the other hand, while remittances seem to dampen the adverse effect of import food price shocks …
Persistent link: https://www.econbiz.de/10012392596
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A medium-scale DSGE model for the integrated policy framework
Adrian, Tobias; Gaspar, Vítor; Vitek, Francis - 2022
This paper jointly analyzes the optimal conduct of monetary policy, foreign exchange intervention, fiscal policy, macroprudential policy, and capital flow management. This policy analysis is based on an estimated medium-scale dynamic stochastic general equilibrium (DSGE) model of the world...
Persistent link: https://www.econbiz.de/10013170322