Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/45052
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dc.contributor.authorAdam, Christopheren_US
dc.contributor.authorBuffie, Edwarden_US
dc.contributor.authorO'Connell, Stephenen_US
dc.contributor.authorPattillo, Catherineen_US
dc.date.accessioned2010-02-16en_US
dc.date.accessioned2011-04-26T07:39:54Z-
dc.date.available2011-04-26T07:39:54Z-
dc.date.issued2008en_US
dc.identifier.isbn978-92-9230-131-6en_US
dc.identifier.urihttp://hdl.handle.net/10419/45052-
dc.description.abstractWe 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_US
dc.language.isoengen_US
dc.publisher|aUNU-WIDER |cHelsinkien_US
dc.relation.ispartofseries|aResearch paper / UNU-WIDER |x2008.77en_US
dc.subject.jelO23en_US
dc.subject.jelE52en_US
dc.subject.jelF31en_US
dc.subject.jelF35en_US
dc.subject.ddc330en_US
dc.subject.keywordmonetary policyen_US
dc.subject.keywordcurrency substitutionen_US
dc.subject.keywordaiden_US
dc.subject.keywordAfricaen_US
dc.subject.keywordDSGE modelsen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwEntwicklungshilfeen_US
dc.subject.stwDynamisches Gleichgewichten_US
dc.subject.stwAfrikaen_US
dc.titleMonetary policy rules for managing aid surges in Africaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn58976358Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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