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dc.contributor.authorAdam, Christopheren
dc.contributor.authorBuffie, Edwarden
dc.contributor.authorO'Connell, Stephenen
dc.contributor.authorPattillo, Catherineen
dc.date.accessioned2010-02-16-
dc.date.accessioned2011-04-26T07:39:54Z-
dc.date.available2011-04-26T07:39:54Z-
dc.date.issued2008-
dc.identifier.isbn978-92-9230-131-6en
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
dc.language.isoengen
dc.publisher|aThe United Nations University World Institute for Development Economics Research (UNU-WIDER) |cHelsinkien
dc.relation.ispartofseries|aWIDER Research Paper |x2008/77en
dc.subject.jelO23en
dc.subject.jelE52en
dc.subject.jelF31en
dc.subject.jelF35en
dc.subject.ddc330en
dc.subject.keywordmonetary policyen
dc.subject.keywordcurrency substitutionen
dc.subject.keywordaiden
dc.subject.keywordAfricaen
dc.subject.keywordDSGE modelsen
dc.subject.stwGeldpolitiken
dc.subject.stwEntwicklungshilfeen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwAfrikaen
dc.titleMonetary policy rules for managing aid surges in Africa-
dc.typeWorking Paperen
dc.identifier.ppn58976358Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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