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https://hdl.handle.net/10419/45052
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Adam, Christopher | en |
dc.contributor.author | Buffie, Edward | en |
dc.contributor.author | O'Connell, Stephen | en |
dc.contributor.author | Pattillo, Catherine | en |
dc.date.accessioned | 2010-02-16 | - |
dc.date.accessioned | 2011-04-26T07:39:54Z | - |
dc.date.available | 2011-04-26T07:39:54Z | - |
dc.date.issued | 2008 | - |
dc.identifier.isbn | 978-92-9230-131-6 | en |
dc.identifier.uri | http://hdl.handle.net/10419/45052 | - |
dc.description.abstract | We examine the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium model, we show that simple monetary rules that stabilize the path of expected future seigniorage for a given aid flow have attractive properties relative to a range of conventional alternatives, including those involving heavy reliance on bond sterilization or a commitment to a pure exchange rate float. These simple rules, which are shown to be robust across a range of fiscal responses to aid inflows, appear to be consistent with actual responses to recent aid surges in a range of post-stabilization countries in Sub-Saharan Africa. | en |
dc.language.iso | eng | en |
dc.publisher | |aThe United Nations University World Institute for Development Economics Research (UNU-WIDER) |cHelsinki | en |
dc.relation.ispartofseries | |aWIDER Research Paper |x2008/77 | en |
dc.subject.jel | O23 | en |
dc.subject.jel | E52 | en |
dc.subject.jel | F31 | en |
dc.subject.jel | F35 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | monetary policy | en |
dc.subject.keyword | currency substitution | en |
dc.subject.keyword | aid | en |
dc.subject.keyword | Africa | en |
dc.subject.keyword | DSGE models | en |
dc.subject.stw | Geldpolitik | en |
dc.subject.stw | Entwicklungshilfe | en |
dc.subject.stw | Dynamisches Gleichgewicht | en |
dc.subject.stw | Afrika | en |
dc.title | Monetary policy rules for managing aid surges in Africa | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 58976358X | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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