Monetary policy in oil exporting countries with fixed exchange rate and open capital account: expectations matter
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Omar Chafik, 2023. "Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 19(1), pages 1-22, March.
References listed on IDEAS
- Jaromir Benes & Andrew Berg & Rafael Portillo & David Vavra, 2015.
"Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework,"
Open Economies Review, Springer, vol. 26(1), pages 81-108, February.
- Mr. Jaromir Benes & Mr. Andrew Berg & Mr. Rafael A Portillo & David Vávra, 2013. "Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework," IMF Working Papers 2013/011, International Monetary Fund.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004.
"The Modern History of Exchange Rate Arrangements: A Reinterpretation,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 1-48.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2002. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," NBER Working Papers 8963, National Bureau of Economic Research, Inc.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," Scholarly Articles 34721963, Harvard University Department of Economics.
- Reinhart, Carmen & Rogoff, Kenneth, 2004. "The modern history of exchange rate arrangements: A reinterpretation," MPRA Paper 14070, University Library of Munich, Germany.
- Mr. Atish R. Ghosh, 1998. "Currency Boards: The Ultimate Fix?," IMF Working Papers 1998/008, International Monetary Fund.
- Batini, Nicoletta & Gabriel, Vasco & Levine, Paul, 2010.
"A Floating versus managed exchange rate regime in a DSGE model of India,"
Working Papers
10/70, National Institute of Public Finance and Policy.
- Nicoletta Batini & Vasco Gabriel & Paul Levine & Joseph Pearlman, 2010. "A Floating versus Managed Exchange Rate Regime in a DSGE Model of India," Macroeconomics Working Papers 21992, East Asian Bureau of Economic Research.
- Nicoletta Batini & Vasco Gabriel & Paul Levine & Joseph Pearlman, 2010. "A Floating versus Managed Exchange Rate Regime in a DSGE Model of India," School of Economics Discussion Papers 0410, School of Economics, University of Surrey.
- Nicoletta Batini & Vasco J. Gabriel & Paul Levine & Joseph Pearlman, 2010. "A Floating versus Managed Exchange Rate Regime in a DSGE Model of India," NIPE Working Papers 31/2010, NIPE - Universidade do Minho.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Baxter, Marianne & Stockman, Alan C., 1989. "Business cycles and the exchange-rate regime : Some international evidence," Journal of Monetary Economics, Elsevier, vol. 23(3), pages 377-400, May.
- Carlos Garcia & Jorge Restrepo & Mr. Scott Roger, 2009.
"Hybrid Inflation Targeting Regimes,"
IMF Working Papers
2009/234, International Monetary Fund.
- Carlos García & Jorge Restrepo & Scott Roger, 2009. "Hybrid Inflation Targeting Regimes," Working Papers Central Bank of Chile 533, Central Bank of Chile.
- Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc.
- Viktors Ajevskis & Kristine Vitola, 2009. "Advantages of Fixed Exchange Rate Regime from a General Equilibrium Perspective," Working Papers 2009/04, Latvijas Banka.
- Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto, 2001.
"Why do countries float the way they float?,"
Journal of Development Economics, Elsevier, vol. 66(2), pages 387-414, December.
- Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," Research Department Publications 4205, Inter-American Development Bank, Research Department.
- Hausmann, Ricardo & Panizza, Ugo & Stein, Ernesto H., 2000. "Why Do Countries Float the Way They Float?," IDB Publications (Working Papers) 1321, Inter-American Development Bank.
- Kim, Won Joong & Hammoudeh, Shawkat & Hyun, Jun Seog & Gupta, Rangan, 2017.
"Oil price shocks and China's economy: Reactions of the monetary policy to oil price shocks,"
Energy Economics, Elsevier, vol. 62(C), pages 61-69.
- Won Joong Kim & Shawkat Hammoudeh & Jun Seog Hyun & Rangan Gupta, 2014. "Oil Price Shocks and China’s Economy: Reactions of the Monetary Policy to Oil Price Shocks," Working Papers 201481, University of Pretoria, Department of Economics.
- Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy,"
Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
- Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," NBER Working Papers 8403, National Bureau of Economic Research, Inc.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Paper Series WP-01-08, Federal Reserve Bank of Chicago.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Papers (Old Series) 0107, Federal Reserve Bank of Cleveland.
- Guillermo A. Calvo & Carmen M. Reinhart, 2002.
"Fear of Floating,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
- Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
- Reinhart, Carmen, 2001. "Fear of Floating: Exchange Rate Flexibility Indices," MPRA Paper 13196, University Library of Munich, Germany.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004.
"Serial Default and the "Paradox" of Rich-to-Poor Capital Flows,"
American Economic Review, American Economic Association, vol. 94(2), pages 53-58, May.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich to Poor Capital Flows," NBER Working Papers 10296, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Rogoff, Kenneth, 2005. "Serial Default and Its Remedies," MPRA Paper 7423, University Library of Munich, Germany.
- Reinhart, Carmen & Rogoff, Kenneth, 2004. "Serial default and the “paradox” of rich to poor capital flows," MPRA Paper 13997, University Library of Munich, Germany.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2004. "Serial Default and the “Paradox†of Rich-to-Poor Capital Flows," Scholarly Articles 11129182, Harvard University Department of Economics.
- Victoriia Alekhina & Naoyuki Yoshino, 2019. "Exogeneity of world oil prices to the Russian Federation’s economy and monetary policy," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 9(4), pages 531-555, December.
- Frank Smets & Rafael Wouters, 2007.
"Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach,"
American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
- Smets, Frank & Wouters, Raf, 2007. "Shocks and frictions in US business cycles: a Bayesian DSGE approach," Working Paper Series 722, European Central Bank.
- Smets, Frank & Wouters, Rafael, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," CEPR Discussion Papers 6112, C.E.P.R. Discussion Papers.
- Frank Smets & Raf Wouters, 2007. "Shocks and Frictions in US Business Cycles : a Bayesian DSGE Approach," Working Paper Research 109, National Bank of Belgium.
- Cúrdia, Vasco & Finocchiaro, Daria, 2013.
"Monetary regime change and business cycles,"
Journal of Economic Dynamics and Control, Elsevier, vol. 37(4), pages 756-773.
- Vasco Curdia & Daria Finocchiaro, 2007. "Monetary regime change and business cycles," Staff Reports 294, Federal Reserve Bank of New York.
- Vasco Curdia & Daria Finocchiaro, 2012. "Monetary Regime Change and Business Cycles," Working Paper Series 2013-02, Federal Reserve Bank of San Francisco.
- Cúrdia, Vasco & Finocchiaro, Daria, 2010. "Monetary Regime Change and Business Cycles," Working Paper Series 241, Sveriges Riksbank (Central Bank of Sweden).
- Carlos Garcia & Jorge Restrepo & Scott Roger, 2009. "Hybrid Inflation Targeting Regimes1," ILADES-UAH Working Papers inv226, Universidad Alberto Hurtado/School of Economics and Business.
- Carare, Alina & Stone, Mark R., 2006.
"Inflation targeting regimes,"
European Economic Review, Elsevier, vol. 50(5), pages 1297-1315, July.
- Ms. Alina Carare & Mr. Mark R. Stone, 2003. "Inflation Targeting Regimes," IMF Working Papers 2003/009, International Monetary Fund.
- Emmanuel Farhi & Ivan Werning, "undated". "Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows," Working Paper 133566, Harvard University OpenScholar.
- CHAFIK, Omar, 2018. "Financial cycle and conduct of monetary policy: theory and empirical evidence," MPRA Paper 88995, University Library of Munich, Germany.
- Husain, Aasim M. & Mody, Ashoka & Rogoff, Kenneth S., 2005. "Exchange rate regime durability and performance in developing versus advanced economies," Journal of Monetary Economics, Elsevier, vol. 52(1), pages 35-64, January.
- Eduardo Levy-Yeyati & Federico Sturzenegger, 2003. "To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth," American Economic Review, American Economic Association, vol. 93(4), pages 1173-1193, September.
- Omar Chafik, 2020. "The amplifier/divider mechanism of the financial cycle," International Economics and Economic Policy, Springer, vol. 17(2), pages 363-380, May.
- CHAFIK, Omar, 2018. "Financial cycle and conduct of monetary policy: The amplifier/divider theory," MPRA Paper 89170, University Library of Munich, Germany.
- Emmanuel Farhi & Iván Werning, 2014. "Dilemma Not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 62(4), pages 569-605, November.
- Anna Nordstrom & Mr. Scott Roger & Mr. Mark R. Stone & Seiichi Shimizu & Turgut Kisinbay & Jorge Restrepo, 2009. "The Role of the Exchange Rate in Inflation-Targeting Emerging Economies," IMF Occasional Papers 2009/004, International Monetary Fund.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Hossein Tavakolian & Hamed Ghiaie, 2019. "Optimal Inflation Targeting in a Dual-Exchange Rate Oil Economy," THEMA Working Papers 2019-09, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Levy Yeyati, Eduardo & Sturzenegger, Federico, 2010. "Monetary and Exchange Rate Policies," Handbook of Development Economics, in: Dani Rodrik & Mark Rosenzweig (ed.), Handbook of Development Economics, edition 1, volume 5, chapter 0, pages 4215-4281, Elsevier.
- Kenza Benhima, 2012.
"Exchange Rate Volatility and Productivity Growth: The Role of Liability Dollarization,"
Open Economies Review, Springer, vol. 23(3), pages 501-529, July.
- Kenza Benhima, 2008. "Exhange Rate Volatility and Productivity Growth : The Role of Liability Dollarization," Working Papers 2008-11, Center for Research in Economics and Statistics.
- Benhima Kenza, 2010. "Exchange Rate Volatility and Productivity Growth: the Role of Liability Dollarization," Cahiers de Recherches Economiques du Département d'économie 10.09, Université de Lausanne, Faculté des HEC, Département d’économie.
- Tenreyro, Silvana & Drechsel, Thomas & McLeay, Michael, 2019. "Monetary policy for commodity booms and busts," CEPR Discussion Papers 14030, C.E.P.R. Discussion Papers.
- Abouelkhair, Anass & Gahaz, Taha & Y. Tamsamani, Yasser, 2018. "Choix du régime de change et croissance économique : Une analyse empirique sur des données de panel africaines [Exchange Rate Regime Choice and Economic Growth: An Empirical Analysis on African Pan," MPRA Paper 84700, University Library of Munich, Germany.
- Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
- Abouelkhaira, Anass & Gahaz, Taha & Y. Tamsamani, Yasser, 2018. "Choix du régime de change et croissance économique : Une analyse empirique sur des données de panel africaines [Exchange Rate Regime Choice and Economic Growth: An Empirical Analysis on African Pan," MPRA Paper 84613, University Library of Munich, Germany.
- Vladimir Sokolov & Byung‐Joo Lee & Nelson C. Mark, 2011. "Linkages Between Exchange Rate Policy And Macroeconomic Performance," Pacific Economic Review, Wiley Blackwell, vol. 16(4), pages 395-420, October.
- Levy Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2010.
"On the endogeneity of exchange rate regimes,"
European Economic Review, Elsevier, vol. 54(5), pages 659-677, July.
- Eduardo Levy Yeyati & Federico Sturzenegger & Iliana Reggio, 2002. "On the Endogeneity of Exchange Rate Regimes," Business School Working Papers veintiuno, Universidad Torcuato Di Tella.
- Levy-Yeyati, Eduardo & Sturzenegger, Federico, 2009. "On the endogeneity of exchange rate regimes," UC3M Working papers. Economics we098374, Universidad Carlos III de Madrid. Departamento de EconomÃa.
- Levy-Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2006. "On the Endogeneity of Exchange Rate Regimes," Working Paper Series rwp06-047, Harvard University, John F. Kennedy School of Government.
- Jeffrey Frankel, 2021.
"Systematic Managed Floating,"
World Scientific Book Chapters, in: Steven J Davis & Edward S Robinson & Bernard Yeung (ed.), THE ASIAN MONETARY POLICY FORUM Insights for Central Banking, chapter 5, pages 160-221,
World Scientific Publishing Co. Pte. Ltd..
- Jeffrey Frankel, 2019. "Systematic Managed Floating," Open Economies Review, Springer, vol. 30(2), pages 255-295, April.
- Jeffrey A. Frankel, 2017. "Systematic Managed Floating," NBER Working Papers 23663, National Bureau of Economic Research, Inc.
- Frankel, Jeffrey, 2017. "Systematic Managed Floating," Working Paper Series rwp17-025, Harvard University, John F. Kennedy School of Government.
- Aghion, Philippe & Bacchetta, Philippe & Rancière, Romain & Rogoff, Kenneth, 2009.
"Exchange rate volatility and productivity growth: The role of financial development,"
Journal of Monetary Economics, Elsevier, vol. 56(4), pages 494-513, May.
- Philippe Aghion & Philippe Bacchetta & Romain Ranciere & Kenneth Rogoff, 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," NBER Working Papers 12117, National Bureau of Economic Research, Inc.
- Philippe Aghion & Philippe Baccheta & Romain Ranciere & Kenneth Rogoff, 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," Swiss Finance Institute Research Paper Series 06-16, Swiss Finance Institute.
- Rogoff, Kenneth & Bacchetta, Philippe & Aghion, Philippe & Rancière, Romain, 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," CEPR Discussion Papers 5629, C.E.P.R. Discussion Papers.
- Philippe Aghion & Philippe Bacchetta & Romain Ranciere & Kenneth Rogoff, 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," Working Papers 06.02, Swiss National Bank, Study Center Gerzensee.
- Aghion, Philippe & Bacchetta, Philippe & Ranciere, Romain & Rogoff, Kenneth S., 2009. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development," Scholarly Articles 12490419, Harvard University Department of Economics.
- Philippe Aghion & Philippe Bacchetta & Romain Rancière & Kenneth Rogoff, 2009. "Exchange rate volatility and productivity growth: The role of financial development," Post-Print halshs-00754377, HAL.
- Mohammad Tarequl Hasan Chowdhury & Prasad Sankar Bhattacharya & Debdulal Mallick & Mehmet Ali Ulubaşoğlu, 2015. "Persistence, Capital Account Openness, and Financial Sector Health in Exchange Rate Regime Choice," The Economic Record, The Economic Society of Australia, vol. 91(294), pages 279-299, September.
- Tamgac, Unay, 2013. "Duration of fixed exchange rate regimes in emerging economies," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 439-467.
- Shaghil Ahmed & Iffat Ara & Kalim Hyder, 2006.
"How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regime,"
SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 61-68.
- Ahmed, Shaghil & Ara, Iffat & Hyder, Kalim, 2005. "How External Shocks and Exchange Rate Depreciations Affect Pakistan? Implications for Choice of an Exchange Rate Regime," MPRA Paper 16247, University Library of Munich, Germany, revised Jan 2006.
- Marc Pourroy, 2013.
"Inflation-Targeting and Foreign Exchange Interventions in Emerging Economies,"
Post-Print
halshs-00881359, HAL.
- Marc Pourroy, 2013. "Inflation-Targeting and Foreign Exchange Interventions in Emerging Economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00881359, HAL.
- Marc Pourroy, 2013. "Inflation-Targeting and Foreign Exchange Interventions in Emerging Economies," Documents de travail du Centre d'Economie de la Sorbonne 13074, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Mohamed Bouabidi, 2022. "The Tunisian exchange rate regime: Is it really floating?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 4684-4704, October.
- Nadav Ben Zeev, 2017. "Exchange Rate Regimes And Sudden Stops," Working Papers 1712, Ben-Gurion University of the Negev, Department of Economics.
- Francisco Gallego & Geraint Jones, 2006.
"Exchange Rate Interventions and Insurance: Is Fear of Floating a Cause for Concern?,"
Central Banking, Analysis, and Economic Policies Book Series, in: Ricardo Caballero & César Calderón & Luis Felipe Céspedes & Norman Loayza (Series Editor) & Klaus Sc (ed.),External Vulnerability and Preventive Policies, edition 1, volume 10, chapter 11, pages 353-398,
Central Bank of Chile.
- Francisco Gallego & Geraint Jones, 2005. "Exchange Rate Interventions and Insurance: Is “Fear of Floating” a Cause For Concern?," Working Papers Central Bank of Chile 326, Central Bank of Chile.
- Giancarlo Marini & Giovanni Piersanti, 2012. "Models of Speculative Attacks and Crashes in International Capital Markets," CEIS Research Paper 245, Tor Vergata University, CEIS, revised 24 Jul 2012.
- Cunha, Alexandre B., 2005. "A Direct Proof of the First Welfare Theorem," Insper Working Papers wpe_30, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.
- Philipp Harms & Marco Kretschmann, 2009.
"Words, Deeds And Outcomes: A Survey On The Growth Effects Of Exchange Rate Regimes,"
Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 139-164, February.
- Philipp Harms & Marco Kretschmann, 2007. "Words, deeds, and outcomes: A survey on the growth effects of exchange rate regimes," Working Papers 07.03, Swiss National Bank, Study Center Gerzensee.
More about this item
Keywords
Monetary policy; exchange rate; New Keynesian Model; UIP condition; Bayesian estimation;All these keywords.
JEL classification:
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DGE-2019-03-11 (Dynamic General Equilibrium)
- NEP-MAC-2019-03-11 (Macroeconomics)
- NEP-MON-2019-03-11 (Monetary Economics)
- NEP-OPM-2019-03-11 (Open Economy Macroeconomics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:92558. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.