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Sensitivity of Simulation Results to Competing SAM Updates

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  • M. Alejandro Cardenete
  • Ferran Sancho

Abstract

From the classical gold standard up to the current ERM2 arrangement of the European Union, target zones have been a widely used exchange regime in contemporary history. This paper presents a benchmark model that rationalizes the choice of target zones over the rest of regimes: the fixed rate, the free float and the managed float. It is shown that the monetary authority may gain efficiency by reducing volatility of both the exchange rate and the interest rate at the same time. Furthermore, the model is consistent with some known stylized facts in the empirical literature that previous models were not able to generate, namely, the positive relation between the exchange rate and the interest rate differential, the degree of non-linearity of the function linking the exchange rate to fundamentals and the shape of the exchange rate stochastic distribution.

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Bibliographic Info

Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 88.

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Date of creation: Dec 2002
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Handle: RePEc:bge:wpaper:88

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  1. Ballard, Charles L. & Fullerton, Don & Shoven, John B. & Whalley, John, 2009. "A General Equilibrium Model for Tax Policy Evaluation," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226036335, 01-2013.
  2. Kehoe, Timothy J. & Whalley, John, 1985. "Uniqueness of equilibrium in large-scale numerical general equilibrium models," Journal of Public Economics, Elsevier, Elsevier, vol. 28(2), pages 247-254, November.
  3. Charles L. Ballard & Don Fullerton & John B. Shoven & John Whalley, 1985. "Introduction to "A General Equilibrium Model for Tax Policy Evaluation"," NBER Chapters, National Bureau of Economic Research, Inc, in: A General Equilibrium Model for Tax Policy Evaluation, pages 1-5 National Bureau of Economic Research, Inc.
  4. McDougall, Robert, 1999. "Entropy Theory and RAS are Friends," GTAP Working Papers 300, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
  5. Robinson, Sherman & Cattaneo, Andrea & El-Said, Moataz, 2000. "Updating and estimating a Social Accounting Matrix using cross entropy methods," TMD discussion papers, International Food Policy Research Institute (IFPRI) 58, International Food Policy Research Institute (IFPRI).
  6. Robinson, Sherman & Cattaneo, Andrea & El-Said, Moataz, 1998. "Estimating a social accounting matrix using cross entropy methods:," TMD discussion papers, International Food Policy Research Institute (IFPRI) 33, International Food Policy Research Institute (IFPRI).
  7. Golan, Amos & Judge, George & Robinson, Sherman, 1994. "Recovering Information from Incomplete or Partial Multisectoral Economic Data," The Review of Economics and Statistics, MIT Press, vol. 76(3), pages 541-49, August.
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Cited by:
  1. M. Carmen Lima Díaz & M. Alejandro Cardenete Flores, 2007. "A price model to assess the inflationary effects of the European Regional Policy," Working Papers, Universidad Pablo de Olavide, Department of Economics 07.15, Universidad Pablo de Olavide, Department of Economics.
  2. M. Carmen Lima & M. Alejandro Cardenete & José Vallés, 2003. "Un análisis estructural de la economía andaluza a través de matrices de contabilidad social: 1990-19991," Economic Working Papers at Centro de Estudios Andaluces, Centro de Estudios Andaluces E2003/20, Centro de Estudios Andaluces.
  3. Sancho, Ferran, 2010. "Double dividend effectiveness of energy tax policies and the elasticity of substitution: A CGE appraisal," Energy Policy, Elsevier, Elsevier, vol. 38(6), pages 2927-2933, June.
  4. M. Carmen Lima Díaz & M. Alejandro Cardenete Flores, 2004. "Multiplier decomposition within Regional SAMs: the case of Andalusia," ERSA conference papers ersa04p144, European Regional Science Association.
  5. M. Carmen Lima Díaz & Manuel Alejandro Cardenete Flores & José Vallés Ferrer, 2003. "Structural Path Analysis: Applications to Structural Changes in the Andalusian economy (1990-1999)," ERSA conference papers ersa03p109, European Regional Science Association.
  6. Lima , M.Carmen & Cardenete, M.Alejandro & Hewings , G.J.D. & Vallés Ferrer, José, 2004. "A structural analysis of a regional economy using Social Accounting Matrices:1990-1999," Investigaciones Regionales, Asociación Española de Ciencia Regional, Asociación Española de Ciencia Regional, issue 5, pages 113-138.

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