Optimal monetary policy with a regime-switching exchange rate in a forward-looking model

Detalhes bibliográficos
Autor(a) principal: Alexandre, Fernando
Data de Publicação: 2007
Outros Autores: Bação, Pedro, Driffill, John
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/7298
Resumo: This version: 3/11/2007. The authors are grateful to Luis Aguiar-Conraria, Miguel Portela and other participants at the 13th International Conference of the Society of Computational Economics, Montreal, and at a NIPE Seminar, University of Minho, Braga, Portugal. F. Alexandre and P. Ba»c~ao are grateful for the hospitality enjoyed at Birkbeck College.
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spelling Optimal monetary policy with a regime-switching exchange rate in a forward-looking modelExchange ratesMonetary policyMarkov switchingThis version: 3/11/2007. The authors are grateful to Luis Aguiar-Conraria, Miguel Portela and other participants at the 13th International Conference of the Society of Computational Economics, Montreal, and at a NIPE Seminar, University of Minho, Braga, Portugal. F. Alexandre and P. Ba»c~ao are grateful for the hospitality enjoyed at Birkbeck College.We evaluate the macroeconomic performance of different monetary policy rules when there is exchange rate uncertainty. We do this in the context of a non-linear rational expectations model. The exchange rate is allowed to deviate from its fundamental value and the persistence of the deviation is modeled as a Markov switching process. Our results suggest that taking into account the switching nature of the economy is important only in extreme cases.Fundação para a Ciência e a Tecnologia (FCT) Research grant POCI/EGE/56054/2004 (partially funded by FEDER).Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)Universidade do MinhoAlexandre, FernandoBação, PedroDriffill, John20072007-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/7298engNIPE Working Paper series; 26info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:48:11Zoai:repositorium.sdum.uminho.pt:1822/7298Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:46:22.963567Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
title Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
spellingShingle Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
Alexandre, Fernando
Exchange rates
Monetary policy
Markov switching
title_short Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
title_full Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
title_fullStr Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
title_full_unstemmed Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
title_sort Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
author Alexandre, Fernando
author_facet Alexandre, Fernando
Bação, Pedro
Driffill, John
author_role author
author2 Bação, Pedro
Driffill, John
author2_role author
author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Alexandre, Fernando
Bação, Pedro
Driffill, John
dc.subject.por.fl_str_mv Exchange rates
Monetary policy
Markov switching
topic Exchange rates
Monetary policy
Markov switching
description This version: 3/11/2007. The authors are grateful to Luis Aguiar-Conraria, Miguel Portela and other participants at the 13th International Conference of the Society of Computational Economics, Montreal, and at a NIPE Seminar, University of Minho, Braga, Portugal. F. Alexandre and P. Ba»c~ao are grateful for the hospitality enjoyed at Birkbeck College.
publishDate 2007
dc.date.none.fl_str_mv 2007
2007-01-01T00:00:00Z
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/7298
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dc.language.iso.fl_str_mv eng
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dc.publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
publisher.none.fl_str_mv Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
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