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An Estimated Dynamic Stochastic General Equilibrium Model for Monetary Policy Analysis in Mozambique

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  • Shanaka J Peiris
  • Magnus Saxegaard

Abstract

This paper evaluates monetary policy trade-offs in low-income countries using a dynamic stochastic general equilibrium model estimated on data for Mozambique, taking into account the sources of major exogenous shocks and the level of financial development. The simulations suggest that an exchange rate peg is significantly less successful than inflation-targeting at stabilizing the real economy due to higher interest rate volatility, as in the literature for industrial countries and emerging markets.

Suggested Citation

  • Shanaka J Peiris & Magnus Saxegaard, 2010. "An Estimated Dynamic Stochastic General Equilibrium Model for Monetary Policy Analysis in Mozambique," IMF Staff Papers, Palgrave Macmillan, vol. 57(1), pages 256-280, April.
    • Handle: RePEc:pal:imfstp:v:57:y:2010:i:1:p:256-280
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    Cited by:

    1. Honoré Sèwanoudé HOUNGBEDJI, 2022. "Non linéarité de la fonction de réaction de la Banque centrale des Etats de l’Afrique de l’Ouest," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 56, pages 133-157.
    2. Mahmoud Hamid Arabi Naeem & Khalafalla Ahmed Mohamed Arabi & Howida Adam El-Maeia, 2023. "Impact of Monetary Policy and its Transmission Mechanism in Sudan," Technium Social Sciences Journal, Technium Science, vol. 41(1), pages 97-129, March.

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