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https://doi.org/10.1016/j.ruje.2016.09.001
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Central bank policy under significant balance-of-payment shocks and structural shifts
[Zeitschriftenartikel]
Abstract In this paper, we analyze a number of monetary and FX policy alternatives using the model of a small open oil-exporting economy hit by severe balance-of-payment shocks, such as those that simultaneously affected the Russian economy in 2014-2015. For our purposes, we modify Romer's (2013) IS-MP gener... mehr
In this paper, we analyze a number of monetary and FX policy alternatives using the model of a small open oil-exporting economy hit by severe balance-of-payment shocks, such as those that simultaneously affected the Russian economy in 2014-2015. For our purposes, we modify Romer's (2013) IS-MP general equilibrium model by adding a structure similar to the Russian economy (tradables and oil vs. non-tradables). In the model, we consider an optimal policy mix that includes a floating exchange rate, FX liquidity provision by a central bank and temporary tightening of monetary policy. The flexible exchange rate works as a shock absorber, helping restore aggregate demand and domestic production. If inflation expectations are not anchored, contractionary monetary policy helps to stabilize them. Financial stability risks are addressed by lending FX liquidity to the banking sector.... weniger
Thesaurusschlagwörter
Geldpolitik; Russland
Klassifikation
Wirtschaftspolitik
Freie Schlagwörter
terms-of-trade shock; Russian economy; IS-MP model
Sprache Dokument
Englisch
Publikationsjahr
2016
Seitenangabe
S. 246-278
Zeitschriftentitel
Russian Journal of Economics, 2 (2016) 3
ISSN
2618-7213
Status
Veröffentlichungsversion; begutachtet
Lizenz
Creative Commons - Namensnennung, Nicht kommerz., Keine Bearbeitung 4.0