|Incorporating Financial Sector Risk into Monetary Policy Models: Application to Chile|
Author/Editor: Dale F. Gray, Carlos Garcia, Leonardo Luna, Jorge Restrepo.
Release Date:September, 2011
This paper builds a model of financial sector vulnerability and integrates it into a macroeconomic framework, typically used for monetary policy analysis. The main question to be answered with the more...
|Fiscal Rules in a Volatile World: A Welfare-Based Approach|
Author/Editor: Carlos Garcia, Jorge Restrepo, Evan Tanner.
Release Date:March, 2011
It is widely agreed that a fiscal rule should boost discipline and credibility, reduce macroeconomic volatility, and be easily understood. To support such goals, a government may run structural more...
|The Role of the Exchange Rate in Inflation-Targeting Emerging Economies|
Author/Editor: Turgut Kisinbay, Seiichi Shimizu, Anna Nordstrom, Jorge Restrepo, Scott Roger, Mark R. Stone.
Release Date:November, 2009
This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that has become especially germane during the current episode of financial turmoil and more...
|Hybrid Inflation Targeting Regimes|
Author/Editor: Jorge Restrepo, Carlos Garcia, Scott Roger.
Release Date:October, 2009
This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including more...