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Current account and exchange rate behaviour under inflation targeting in a small open economy

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Abstract

A model of a small open economy is used to analyse the behaviour of the current account and the real exchange rate in a regime of inflation targeting a la New Zealand. The steady state and the dynamic behaviour of the economy under various shocks are discussed.

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File URL: http://www.rbnz.govt.nz/research_and_publications/discussion_papers/1997/g97_4.pdf
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Bibliographic Info

Paper provided by Reserve Bank of New Zealand in its series Reserve Bank of New Zealand Discussion Paper Series with number G97/4.

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Length: 40p
Date of creation: Jul 1997
Date of revision:
Handle: RePEc:nzb:nzbdps:1997/04

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  1. Reuven Glick & Kenneth Rogoff, 1992. "Global versus country-specific productivity shocks and the current account," Working Papers in Applied Economic Theory, Federal Reserve Bank of San Francisco 92-06, Federal Reserve Bank of San Francisco.
  2. Eric Hansen & Dimitri Margaritis, 1993. "Financial Liberalisation and Monetary Policy in New Zealand," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 26(4), pages 28-36.
  3. Frenkel, Jacob A. & Mussa, Michael L., 1985. "Asset markets, exchange rates and the balance of payments," Handbook of International Economics, Elsevier, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 14, pages 679-747 Elsevier.
  4. Brunner, Karl & Cukierman, Alex & Meltzer, Allan H., 1983. "Money and economic activity, inventories and business cycles," Journal of Monetary Economics, Elsevier, Elsevier, vol. 11(3), pages 281-319.
  5. Hans Genberg & Alexander K. Swoboda, 1989. "Policy and Current Account Determination under Floating Exchange Rates," IMF Staff Papers, Palgrave Macmillan, Palgrave Macmillan, vol. 36(1), pages 1-30, March.
  6. Cohen, Daniel, 1996. "The sustainability of African debt," Policy Research Working Paper Series, The World Bank 1621, The World Bank.
  7. Arthur Grimes, 1992. "The role of the exchange rate in New Zealand monetary policy," Pacific Basin Working Paper Series, Federal Reserve Bank of San Francisco 93-03, Federal Reserve Bank of San Francisco.
  8. Gian Maria Milesi-Ferrett & Assaf Razin, 1996. "Sustainability of Persistent Current Account Deficits," NBER Working Papers 5467, National Bureau of Economic Research, Inc.
  9. Jacob A. Frenkel & Michael L. Mussa, 1985. "Asset Markets, Exchange Rates and the Balance of Payments," NBER Working Papers 1287, National Bureau of Economic Research, Inc.
  10. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 1(1), pages 19-46, January.
  11. Gertler, Mark & Rogoff, Kenneth, 1990. "North-South lending and endogenous domestic capital market inefficiencies," Journal of Monetary Economics, Elsevier, Elsevier, vol. 26(2), pages 245-266, October.
  12. Arthur Grimes, 1990. "The theoretical basis for monetary policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 53, june.
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Cited by:
  1. Lars E. O. Svensson, 2000. "Open-Economy Inflation Targeting," NBER Working Papers 6545, National Bureau of Economic Research, Inc.
  2. Plasmans, J.E.J., 2001. "The Effects of Fiscal and Monetary Policy in an Open Economy: A Case of EU, the USA and Japan," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-92275, Tilburg University.
  3. Sean Collins & Francisco Nadal De Simone & David Hargreaves, 1998. "The current account balance: an analysis of the issues," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 61, March.

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