An Estimated Dynamic Stochastic General Equilibrium Model for Monetary Policy Analysis in Mozambique
AbstractThis paper evaluates monetary policy trade-offs in low-income countries using a dynamic stochastic general equilibrium model estimated on data for Mozambique, taking into account the sources of major exogenous shocks and the level of financial development. The simulations suggest that an exchange rate peg is significantly less successful than inflation-targeting at stabilizing the real economy due to higher interest rate volatility, as in the literature for industrial countries and emerging markets.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal IMF Staff Papers.
Volume (Year): 57 (2010)
Issue (Month): 1 (April)
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Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
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