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

  • Eduardo Levy Yeyati
  • Federico Sturzenegger

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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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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