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Dynamic Responses to Policy and Exogenous Shocks in an Empirical Developing-Country Model with Rational Expectations

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  • International Monetary Fund

Abstract

The dynamic responses of a developing economy to a variety of policy and external shocks are studied using an empirical macroeconomic model which embodies rational expectations, perfect capital mobility, and import rationing. These features, which are relatively new in developing-country modelling, prove to be quite important in determining the model’s dynamic properties. This suggests that macroeconomic management in developing countries--such as that involved in short-run stabilization--requires that such features be explicitly taken into account.

Suggested Citation

  • International Monetary Fund, 1990. "Dynamic Responses to Policy and Exogenous Shocks in an Empirical Developing-Country Model with Rational Expectations," IMF Working Papers 1990/025, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/025
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