English, Article edition: Monetary Policy Rules for Managing Aid Surges in Africa Christopher Adam; Stephen O'Connell; Edward Buffie; ...

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Bookmark: http://trove.nla.gov.au/version/108984
Physical Description
  • article
Language
  • English

Edition details

Title
  • Monetary Policy Rules for Managing Aid Surges in Africa
Author
  • Christopher Adam
  • Stephen O'Connell
  • Edward Buffie
  • Catherine Pattillo
Physical Description
  • article
Notes
  • This paper examines the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium model, it is shown that simple monetary rules that stabilize the path of expected future seigniorage for a given aid flow have attractive properties relative to a range of conventional alternatives, including those involving heavy reliance on bond sterilization or a commitment to a pure exchange rate float. These simple rules, which are shown to be robust across a range of fiscal responses to aid inflows, appear to be consistent with actual responses to recent aid surges in a range of post-stabilization countries in Sub-Saharan Africa. Copyright 2009 The Authors. Journal compilation 2009 Blackwell Publishing Ltd.
  • RePEc:bla:rdevec:v:13:y:2009:i:s1:p:464-490
Language
  • English
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