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A Simple DGE Model for Inflation Targeting Author info | Abstract | Publisher info | Download info | Related research | Statistics Jaromir Benes
David Vávra
Marta de Castello Branco
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The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibrium model structure that can be amended to account for various phenomena that often complicate policy analysis in emerging markets, such as persistent trends in relative prices. The model's calibration is intuitive and can draw on the vast experience many countries have with calibrating small 'gap' models of monetary policy transmission. Moreover, the definition of the model's steady state in terms of nominal expenditure ratios, rather than levels of real variables, allows for the easy use of the model in a regular forecast production cycle in an IT central bank. The paper tests the model's properties on recent Turkish data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model.
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Paper provided by International Monetary Fund in its series IMF Working Papers with number
07/197.
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Length: 96 pages
Date of creation: 03 Aug 2007Date of revision:
Handle: RePEc:imf:imfwpa:07/197Contact details of provider: Postal: International Monetary Fund, Washington, DC USA Phone: (202) 623-7000 Fax: (202) 623-4661 Email: Web page: http://www.imf.org/external/pubind.htm More information through EDIRC
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Keywords: Working Paper ; Inflation targeting ; Economic models ; Monetary transmission mechanism ; Other versions of this item:
This paper has been announced in the following NEP Reports :
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BORRADORES DE ECONOMIA
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