중남미
연구정보
[경제] Should monetary policy lean against the wind in a small-open economy? Revisiting the Tinbergen rule
멕시코 국외연구자료 연구보고서 - Bank of Mexico 발간일 : 2021-01-12 등록일 : 2021-04-14 원문링크
It has been debated whether monetary policy should lean against the wind, i.e., if central banks should also respond to the build-up of financial imbalances. I contribute to the debate by showing that targeting the two policy objectives with a single instrument is more costly for a small-open economy than for a closed one. To this end, I develop a small-open economy DSGE model with the Bernanke-Gertler-Gilchrist financial accelerator that features financial frictions and monopolistic competition in goods markets. I then estimate this model for Mexico to explore the policy regimes yielding the lowest welfare cost. My main finding is that the Tinbergen rule is alive and well. In addition, my model is useful to gauge macroprudential measures effectiveness when discriminating against foreign liabilities.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
| 이전글 | [경제] [에콰도르] 경제 동향 및 진출 환경 | 2021-04-10 |
|---|---|---|
| 다음글 | [경제] The Relationship Between Nominal Wage and Price Flexibility: New Evidence | 2021-04-14 |
