Monetary Policy in Resource-Rich Developing Economies
نویسندگان
چکیده
منابع مشابه
Government Policy in Monetary Economies
I study how the general and specific details of a micro founded monetary framework affect the determination of policy when the government has limited commitment. The conduct of policy depends on the interaction between the incentive to smooth distortions intertemporally and a time-consistency problem. In equilibrium, fiscal and monetary policies are distortionary, but long-run policy is not aff...
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A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing ahead of the windfall and then accu...
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The imperfect nature of resource mobility plays a surprisingly small role in most policy models. In the standard benchmark new Keynesian model, for example, it is costly for firms to adjust their selling prices, but these same firms can costlessly hire and fire workers and both workers and capital can costlessly shift from one firm to another. In this paper, I review some of the implications fo...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2012
ISSN: 1556-5068
DOI: 10.2139/ssrn.2143593