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(The Effect of) Monetary and Exchange Rate Policies (on Development)

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  • Eduardo Levy Yeyati
  • Federico Sturzenegger

Abstract

To the extent that they exert a critical influence on the macroeconomic environment, monetary and exchange rate policies (MERP) are relevant for development. However, the analytical economic literature often sees nominal variables as being irrelevant for the real economy, while the multiplicity of channels examined by the empirical literature complicates the task of deriving usable policy implications. To tackle this development dimension, we focus on the aspects that we consider more relevant to the policy design from the perspective of a small open economy. Specifically, this chapter attempts to answer the following question: What exchange rate regime and monetary policy framework is more conducive to achieving development policy objectives in a particular country today, and why? We map the direct and indirect links from MERP to key development objectives, and discuss the main findings and how it relates with the empirical evidence to provide an up-to-date perspective of the policy debate and derive criteria for policy choices.

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Bibliographic Info

Paper provided by Universidad Torcuato Di Tella in its series Business School Working Papers with number 2009-03.

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Length: 74 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:udt:wpbsdt:2009-03

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. El adiós a las metas de inflación
    by ELY in Blog de Eduardo Levy Yeyati on 2010-11-23 15:38:00
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Cited by:
  1. Daly, Hounaida & Smida, Mounir, 2013. "La coordination des politiques monétaire et budgétaire: Aperçu théorique
    [Coordination of monetary and fiscal policies: Theoretical Overview]
    ," MPRA Paper 48066, University Library of Munich, Germany.
  2. Kose, M. Ayhan & Prasad, Eswar & Rogoff, Kenneth & Wei, Shang-Jin, 2010. "Financial Globalization and Economic Policies," Handbook of Development Economics, Elsevier.
  3. Daly, Hounaida & Smida, Mounir, 2013. "Interaction entre politique monétaire et politique budgétaire:Cas de la Grèce
    [Fiscal and Monetary Policy Interactions : The Greece Case]
    ," MPRA Paper 45931, University Library of Munich, Germany.

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