2011-05-01, English, Article, Journal or magazine article edition: A general equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market. Goyal, Ashima

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Physical Description
  • Magazine/​Journal article
Published
  • Elsevier B.V., 2011 May
Language
  • English

Edition details

Title
  • A general equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market.
Appears In
  • Economic Modelling, v.28, no.3, 2011 May, p.1392(13) (ISSN: 0264-9993)
Author
  • Goyal, Ashima
Published
  • Elsevier B.V., 2011 May
Physical Description
  • Magazine/​Journal article
Subjects
Target Audience
  • Academic
Summary
  • To link to full-text access for this article, visit this link: http:/​/​dx.doi.org/​10.1016/​j.econmod.2011.02.004 Byline: Ashima Goyal Keywords: Small open emerging market; Optimal monetary policy; Dualism; Inflation targeting; Exchange rate Abstract: An optimizing model of a small open emerging market economy (SOEME) with dualistic labor markets and two types of consumers, delivers a tractable model for monetary policy. Differences between the SOEME and the SOE are derived. Parameters depend on features of the labor market and on consumption inequality, and affect the natural interest rate, terms of trade and potential output. The supply curve turns out to be flatter and more volatile, with a larger number of shift factors, including policy-determined terms of trade. A simple basic version of the model is simulated in order to compare different policy targets in response to a cost shock. Flexible domestic inflation targeting gives the lowest volatility although there are trade-offs. Exchange rate volatility is relatively lower but still makes a major contribution to controlling inflation. Flexible CPI inflation targeting performs better when combined with some kind of managed floating. Inflation targeting has to be flexible. With more backward-looking behavior the policy response to a shock is reduced. Article History: Accepted 5 February 2011 Article Note: (footnote) [star] An earlier version of the paper was presented at the IGIDR-Northwestern-RBI conference, Mumbai, at ISI and IEG, Delhi. I thank D.M. Nachane for the invitation to write the paper, a referee of this journal, Kaushik Basu, Craig Burnside, V.V. Chari, Lawrence Christiano, Romar Correa, Mausumi Das, Chetan Ghatge, Pierre-Olivier Gourinchas, Himanshu Joshi, Bruce Preston, Atul Sarma, Pedro Teles, and Linda Tesar for useful comments, the Fulbright Foundation for financial support and Claremont University for hospitality during the period the basic model was developed, my students on whom different versions of the basic model were tried, Paul Soderlind for the Matlab programs used and Tony Calvoli and Ramkishen Rajan for introducing me to them, Suvarna Gurav for introducing me to Matlab and for trouble-shooting programs, and T. S. Ananthi, Jayshree Borkar and Reshma Aguiar for secretarial assistance.
Terms of Use
  • COPYRIGHT 2011 Elsevier B.V.
Language
  • English
Database
  • Gale Academic OneFile
Identifier
  • 341707121

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