Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/7298
Título: | Optimal monetary policy with a regime-switching exchange rate in a forward-looking model |
Autor(es): | Alexandre, Fernando Bação, Pedro Driffill, John |
Palavras-chave: | Exchange rates Monetary policy Markov switching |
Data: | 2007 |
Editora: | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
Citação: | NIPE Working Paper series; 26 |
Resumo(s): | We evaluate the macroeconomic performance of different monetary policy rules when there is exchange rate uncertainty. We do this in the context of a non-linear rational expectations model. The exchange rate is allowed to deviate from its fundamental value and the persistence of the deviation is modeled as a Markov switching process. Our results suggest that taking into account the switching nature of the economy is important only in extreme cases. |
Tipo: | Documento de trabalho |
Descrição: | This version: 3/11/2007. The authors are grateful to Luis Aguiar-Conraria, Miguel Portela and other participants at the 13th International Conference of the Society of Computational Economics, Montreal, and at a NIPE Seminar, University of Minho, Braga, Portugal. F. Alexandre and P. Ba»c~ao are grateful for the hospitality enjoyed at Birkbeck College. |
URI: | https://hdl.handle.net/1822/7298 |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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NIPE_WP_26_2007.pdf | Documento principal | 512,35 kB | Adobe PDF | Ver/Abrir |