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The reform of IMF quotas: the way towards the 2008 resolution

Author

Listed:
  • Andrea Colabella

    () (Bank of Italy, International Economic Analysis and Relation Department)

  • Enrica Di Stefano

    () (Bank of Italy, International Economic Analysis and Relation Department)

  • Claudia Maurini

    () (Bank of Italy, International Economic Analysis and Relation Department)

Abstract

Policy evaluation based on the estimation of dynamic stochastic general equilibrium models with aggregate macroeconomic time series rests on the assumption that a representative agent can be identified, whose behavioural parameters are independent of the policy rules. Building on earlier work by Geweke, the main goal of this paper is to show that the representative agent is in general not structural, in the sense that its estimated behavioural parameters are not policyindependent. The paper identifies two different sources of nonstructurality. The latter is shown to be a fairly general feature of optimizing representative agent rational expectations models estimated on macroeconomic data.

Suggested Citation

  • Andrea Colabella & Enrica Di Stefano & Claudia Maurini, 2009. "The reform of IMF quotas: the way towards the 2008 resolution," Questioni di Economia e Finanza (Occasional Papers) 54, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_54_09
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    File URL: http://www.bancaditalia.it/pubblicazioni/qef/2009-0054/QEF_54.pdf
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    References listed on IDEAS

    as
    1. Martin Skala & Christian Thimann & Regine Wölfinger, 2007. "The search for Columbus’ egg - finding a new formula to determine quotas at the IMF," Occasional Paper Series 70, European Central Bank.
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    Keywords

    International Relations; International Monetary Fund; governance Classification JEL: F53; F59;

    JEL classification:

    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other

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