| dc.creator | García, Carlos J. | |
| dc.creator | González, Wildo D. | |
| dc.date | 2015-03-29T21:18:54Z | |
| dc.date | 2015-03-29T21:18:54Z | |
| dc.date | 2010 | |
| dc.date.accessioned | 2018-04-19T21:15:54Z | |
| dc.date.available | 2018-04-19T21:15:54Z | |
| dc.identifier | Documentos de Investigación 248: 2010, p. 1-25 | |
| dc.identifier | http://repositorio.uahurtado.cl/handle/11242/6687 | |
| dc.identifier.uri | http://repositorioslatinoamericanos.uchile.cl/handle/2250/1373729 | |
| dc.description | We estimate how the monetary policy works in small open economies with inflation
target. To do so, we build a dynamic stochastic general equilibrium model that
incorporates the basic features of these economies. We conclude that the monetary
policy in a group of representative small open economies (including Australia, Chile,
Colombia, Peru and New Zealand) presents strong differences due to shocks from the
international financial markets (risk premium shocks, mainly) that explain mostly the
variability of the real exchange rate, which has important reallocation effects in the
short run. By using the allocations of the Ramsey problem as benchmark, this article
shows that if the central banks in small open economies want to reduce the observed
volatility of the inflation rate and the output gap, more exchange rate intervention is
necessary in order to reduce the volatility produced by risk premium shocks. | |
| dc.language | en_US | |
| dc.publisher | Universidad Alberto Hurtado. Facultad de Economía y Negocios | |
| dc.subject | Small open economies economy models | |
| dc.subject | monetary policy rules | |
| dc.subject | exchange rates | |
| dc.subject | Bayesian econometrics | |
| dc.subject | Risk premium shocks | |
| dc.subject | Ramsey problem | |
| dc.title | Is more exchange rate intervention necessary in small open economies? The role of risk premium and commodity shocks | |
| dc.type | Artículos de revistas | |
