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Monetary policy reaction dynamics in a developing economy: evidence for the Dominican Republic

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  • Sanchez-Fung, Jose R.

    (NUBS University of Nottingham, Ningbo, China)

Abstract

This paper investigates the information content of money, exchange rates, and foreign variables on real income and prices in the Dominican Republic. The results show that the change in the exchange rate -adjusted to account for financial conditions in the US- is a robust predictor of both real income and prices. Money and foreign reserves also contain significant information on prices. These outcomes highlight the pervasive role of the exchange rate and foreign financial conditions on macroeconomic developments in small developing economies.

Suggested Citation

  • Sanchez-Fung, Jose R., 2003. "Monetary policy reaction dynamics in a developing economy: evidence for the Dominican Republic," Economics Discussion Papers 2003-13, School of Economics, Kingston University London.
    • Handle: RePEc:ris:kngedp:2003_013
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    File URL: http://eprints.kingston.ac.uk/4671/
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    Keywords

    Information-variable approach to monetary analysis; Dominican Republic;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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