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Announced Regime Switch: Optimal Policy for Transition Period

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  • Frantisek Brazdik

Abstract

The novelty of this work is the presentation of the theoretical framework that allows to model annonced change of the monetary regime. I analyze behavior of small open economy that announced to adopt a monetary policy regime with focus on offsetting nominal exchange rate changes in given number of periods. First, I analyze effects for macroeconomic stability of choice of the monetary regime for transition period. For this analysis, I consider representative types of monetary regimes in the annoncement-change period. I also try to rank the examined regimes in terms of loss functions. Moreover, I try to analyze the evolution of business cycles synchronization over the transition.

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Bibliographic Info

Paper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp402.

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Date of creation: Dec 2009
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Handle: RePEc:cer:papers:wp402

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Keywords: New Keynesian Models; Small Open Economy; Monetary regime change.;

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