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Monetary Policy in Low Income Countries in the Face of The Global Crisis: A Structural Analysis

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  • Alfredo Baldini
  • Jaromir Benes
  • Andrew Berg
  • Mai C. Dao
  • Rafael A. Portillo

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  • Alfredo Baldini & Jaromir Benes & Andrew Berg & Mai C. Dao & Rafael A. Portillo, 2015. "Monetary Policy in Low Income Countries in the Face of The Global Crisis: A Structural Analysis," Pacific Economic Review, Wiley Blackwell, vol. 20(1), pages 149-192, February.
    • Handle: RePEc:bla:pacecr:v:20:y:2015:i:1:p:149-192
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    File URL: http://hdl.handle.net/10.1111/1468-0106.12098
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    References listed on IDEAS

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    1. Alfredo Baldini & Marcos Poplawski-Ribeiro, 2011. "Fiscal and Monetary Determinants of Inflation in Low-Income Countries: Theory and Evidence from Sub-Saharan Africa-super- †," Journal of African Economies, Centre for the Study of African Economies, vol. 20(3), pages 419-462, June.
    2. Aghion, Philippe & Bacchetta, Philippe & Banerjee, Abhijit, 2001. "Currency crises and monetary policy in an economy with credit constraints," European Economic Review, Elsevier, vol. 45(7), pages 1121-1150.
    3. Christiano, Lawrence J. & Gust, Christopher & Roldos, Jorge, 2004. "Monetary policy in a financial crisis," Journal of Economic Theory, Elsevier, vol. 119(1), pages 64-103, November.
    4. Guillermo A. Calvo, 1998. "CAPITAL FLOWS AND CAPITAL-MARKET CRISES: The Simple Economics of Sudden Stops," Journal of Applied Economics, Taylor & Francis Journals, vol. 1(1), pages 35-54, November.
    5. Goodfriend, Marvin & McCallum, Bennett T., 2007. "Banking and interest rates in monetary policy analysis: A quantitative exploration," Journal of Monetary Economics, Elsevier, vol. 54(5), pages 1480-1507, July.
    6. Enrique G. Mendoza, 2006. "Lessons from the Debt-Deflation Theory of Sudden Stops," American Economic Review, American Economic Association, vol. 96(2), pages 411-416, May.
    7. Michael Woodford, 2010. "Financial Intermediation and Macroeconomic Analysis," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 21-44, Fall.
    8. Stephen D. Williamson, 1987. "Costly Monitoring, Loan Contracts, and Equilibrium Credit Rationing," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(1), pages 135-145.
    9. Olivier Blanchard & Jordi Galí, 2007. "Real Wage Rigidities and the New Keynesian Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(s1), pages 35-65, February.
    10. Christopher J. Erceg & Luca Guerrieri & Christopher Gust, 2006. "SIGMA: A New Open Economy Model for Policy Analysis," International Journal of Central Banking, International Journal of Central Banking, vol. 2(1), March.
    11. Luis-Felipe Zanna & Mr. Andrew Berg & Mr. Tokhir N Mirzoev & Mr. Rafael A Portillo, 2010. "The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy," IMF Working Papers 2010/065, International Monetary Fund.
    12. Enrique G. Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, American Economic Association, vol. 100(5), pages 1941-1966, December.
    13. Pierre-Richard Agénor & Peter J. Montiel, 2006. "Credit Market Imperfections and the Monetary Transmission Mechanism Part I: Fixed Exchange Rates," Centre for Growth and Business Cycle Research Discussion Paper Series 76, Economics, The University of Manchester.
    14. Roberto Motto & Massimo Rostagno & Lawrence J. Christiano, 2010. "Financial Factors in Economic Fluctuations," 2010 Meeting Papers 141, Society for Economic Dynamics.
    15. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    16. Mr. Douglas Laxton & Mr. Andrew Berg & Mr. Philippe D Karam, 2006. "A Practical Model-Based Approach to Monetary Policy Analysis—Overview," IMF Working Papers 2006/080, International Monetary Fund.
    17. Mr. Douglas Laxton & Susanna Mursula & Mr. Michael Kumhof & Mr. Dirk V Muir, 2010. "The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure," IMF Working Papers 2010/034, International Monetary Fund.
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    Cited by:

    1. Francis Leni Anguyo & Rangan Gupta & Kevin Kotzé, 2020. "Monetary policy and financial frictions in a small open-economy model for Uganda," Empirical Economics, Springer, vol. 59(3), pages 1213-1241, September.
    2. N. Johnson, Leroy, 2022. "Financial Frictions And Monetary Policy Shocks In Sierra Leone: Dynamic Stochastic General Equilibrium Model," Ilorin Journal of Economic Policy, Department of Economics, University of Ilorin, vol. 9(2), pages 78-96, June.
    3. Filiz Unsal & Margarita Rubio, 2016. "Macroprudential Policies in Low-Income Countries," 2016 Meeting Papers 1230, Society for Economic Dynamics.
    4. Mr. Giovanni Melina & Mr. Rafael A Portillo, 2018. "Economic Fluctuations in Sub-Saharan Africa," IMF Working Papers 2018/040, International Monetary Fund.
    5. Ms. Grace B Li & Mr. Stephen A. O'Connell & Mr. Christopher S Adam & Mr. Andrew Berg & Mr. Peter J Montiel, 2016. "VAR meets DSGE: Uncovering the Monetary Transmission Mechanism in Low-Income Countries," IMF Working Papers 2016/090, International Monetary Fund.

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