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Hybrid Inflation Targeting Regimes

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dc.contributor.author García, Carlos J.
dc.contributor.author Restrepo, Jorge
dc.contributor.author Roger, Scott
dc.date.accessioned 2015-04-03T20:32:32Z
dc.date.available 2015-04-03T20:32:32Z
dc.date.issued 2009
dc.identifier.citation Documentos de Investigación 226: 2009, p. 1-54 es_CL
dc.identifier.uri http://repositorio.uahurtado.cl/handle/11242/6708
dc.description.abstract 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 an element of exchange rate smoothing in the policy reaction function is helpful both for financially robust advanced economies and for financially vulnerable emerging economies in handling risk premium shocks. As long as the weight placed on exchange rate smoothing is relatively small, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially vulnerable emerging economies are especially likely to benefit from some exchange rate smoothing because of the perverse impact of exchange rate movements on activity. es_CL
dc.language.iso en_US es_CL
dc.publisher Universidad Alberto Hurtado. Facultad de Economía y Negocios es_CL
dc.subject Inflation targeting es_CL
dc.subject monetary policy es_CL
dc.subject exchange rate es_CL
dc.title Hybrid Inflation Targeting Regimes es_CL
dc.type Artículo es_CL


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