World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy
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World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy
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Author : Mr.Luis Catão
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-17
World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy written by Mr.Luis Catão and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-17 with Business & Economics categories.
How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner.
World Food Prices And Monetary Policy
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Author : Roberto Chang
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
World Food Prices And Monetary Policy written by Roberto Chang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in real world data.
World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy
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Author : Mr.Luis Catão
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-17
World Food Prices The Terms Of Trade Real Exchange Rate Nexus And Monetary Policy written by Mr.Luis Catão and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-17 with Business & Economics categories.
How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner.
Implications Of Food Subsistence For Monetary Policy And Inflation
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Author : Rafael Portillo
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-17
Implications Of Food Subsistence For Monetary Policy And Inflation written by Rafael Portillo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-17 with Business & Economics categories.
We introduce subsistence requirements in food consumption into a simple new-Keynesian model with flexible food and sticky non-food prices. We study how the endogenous structural transformation that results from subsistence affects the dynamics of the economy, the design of monetary policy, and the properties of inflation at different levels of development. A calibrated version of the model encompasses both rich and poor countries and broadly replicates the properties of inflation across the development spectrum, including the dominant role played by changes in the relative price of food in poor countries. We derive a welfare-based loss function for the monetary authority and show that optimal policy calls for complete (in some cases nearcomplete) stabilization of sticky-price non-food inflation, despite the presence of a foodsubsistence threshold. Subsistence amplifies the welfare losses of policy mistakes, however, raising the stakes for monetary policy at earlier stages of development.
The Oxford Handbook Of Africa And Economics Context And Concepts
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Author : Célestin Monga
language : en
Publisher:
Release Date : 2015
The Oxford Handbook Of Africa And Economics Context And Concepts written by Célestin Monga and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
For a long time, economic research on Africa was not seen as a profitable venture intellectually or professionally-few researchers in top-ranked institutions around the world chose to become experts in the field. This was understandable: the reputation of Africa-centered economic research was not enhanced by the well-known limitations of economic data across the continent. Moreover, development economics itself was not always fashionable, and the broader discipline of economics has had its ups and downs, and has been undergoing a major identity crisis because it failed to predict the Great Recession. Times have changed: many leading researchers-including a few Nobel laureates-have taken the subject of Africa and economics seriously enough to devote their expertise and creativity to it. They have been amply rewarded: the richness, complexities, and subtleties of African societies, civilizations, rationalities, and ways of living, have helped renew the humanities and the social sciences-and economics in particular-to the point that the continent has become the next major intellectual frontier to researchers from around the world. In collecting some of the most authoritative statements about the science of economics and its concepts in the African context, this handbook (the first of two volumes) opens up the diverse acuity of commentary on exciting topics, and in the process challenges and stimulates the quest for knowledge. Wide-ranging in its scope, themes, language, and approaches, this volume explores, examines, and assesses economic thinking on Africa, and Africa's contribution to the discipline. The editors bring a set of powerful resources to this endeavor, most notably a team of internationally-renowned economists whose diverse viewpoints are complemented by the perspectives of philosophers, political scientists, and anthropologists. The set of analyses and reflections presented here try to endow each subject with depth and discovery.
Imf Research Bulletin September 2013
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-09-16
Imf Research Bulletin September 2013 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-16 with Business & Economics categories.
The Research Summaries in the September 2013 IMF Research Bulletin focus on “External Conditions and Debt Sustainability in Latin America” (Gustavo Adler and Sebastian Sosa) and “Monetary Policy Cyclicality in Emerging Markets” (Donal McGettigan, Kenji Moriyama, and Chad Steinberg). In the Q&A, Itai Aigur and Sunil Sharma discuss “Seven Questions on Macroprudential Policy Frameworks.” The Research Bulletin also includes an updated listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as information on a forthcoming conference. The IMF Economic Review’s new Impact Factor is also highlighted.
Real Exchange Rates And The Prices Of Nontradable Goods
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Author : Stefano Micossi
language : en
Publisher:
Release Date : 1994
Real Exchange Rates And The Prices Of Nontradable Goods written by Stefano Micossi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with European Monetary System (Organization). categories.
Imf Economic Review
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Author :
language : en
Publisher:
Release Date : 2013
Imf Economic Review written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Commerce categories.
Monetary And Currency Policy Management In Asia
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Monetary And Currency Policy Management In Asia written by Masahiro Kawai and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-06
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-06 with Business & Economics categories.
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.