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Title:Inflation dynamics in a small open-economy model under inflation targeting: Some evidence from Chile PDF Logo
Authors:Del Negro, Marco
Schorfheide, Frank
Issue Date:2008
Series/Report no.:Staff Report, Federal Reserve Bank of New York 329
Abstract:This paper estimates a small open-economy dynamic stochastic general equilibrium (DSGE) model, specified along the lines of GalĂ­ and Monacelli (2005) and Lubik and Schorfheide (2007), using Chilean data for the full inflation-targeting period of 1999 to 2007. We study the specification of the policy rule followed by the Central Bank of Chile, the dynamic response of inflation to domestic and external shocks, and the change in these dynamics under different policy parameters. We use the DSGE-VAR methodology from our earlier work (2007) to assess the robustness of the conclusion to the presence of model misspecification.
Subjects:Bayesian analysis
small open-economy DSGE models
model misspecification
JEL:C11
C32
E52
F41
Document Type:Working Paper
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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