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Farms, Fertiliser, and Financial Frictions
Mr.Sébastien Walker
其他書名
Yields from a DSGE Model
出版International Monetary Fund, 2017-05-05
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / InflationBusiness & Economics / Economics / Theory
ISBN14755957789781475595772
URLhttp://books.google.com.hk/books?id=u2IZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between inflation and the output gap in the case of supply shocks. Our results suggest that: (1) in the face of a supply-side shock, the most desirable interest rate rule involves simply targeting current inflation and smoothing the policy interest rate; and (2) ignoring financial frictions when evaluating policy rules can be particularly problematic in LICs, where financial frictions loom especially large.