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effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to … households are worse off due to higher consumption volatility. A fixed exchange rate reduces the welfare of these households and … aggregate welfare when the economy is hit by positive shocks to nontradable goods productivity or foreign interest rates. Fiscal …
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Diese Arbeit befasst sich mit dem Design optimaler Geldpolitik für Schwellenländer, welche mit schlagartigen …
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This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main monetary policy instrument while the policy rate can target the exchange rate. An...
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