A monetary policy rule for Jamaica /

Saved in:
Bibliographic Details
Author / Creator:Sun, Yan, author.
Imprint:[Washington, D.C] : International Monetary Fund, ©2005.
Description:1 online resource (19 pages) : illustrations.
Language:English
Series:IMF working paper ; WP/05/41
IMF working paper ; WP/05/41.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12496633
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund. Western Hemisphere Department, issuing body.
ISBN:1451905963
9781451905960
1282107097
9781282107090
1462301401
9781462301409
1452776407
9781452776408
9786613800442
6613800449
ISSN:2227-8885
Notes:Includes bibliographical references (page 19).
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
Summary:Since 1996, the Bank of Jamaica (BoJ) has sought to limit changes in the exchange rate for the Jamaican dollar in the context of its efforts to maintain low inflation. However, with a persistently high public sector deficit, real interest rates have remained generally high, which partly explains the slow pace of growth. This paper discusses an alternative monetary policy mix for achieving low variance for inflation and output through the prism of an empirical macroeconomic model. The simulation results suggest that a monetary policy mix that takes into account the impact of policy on both inflation and output achieves lower variance for inflation and output compared with the current policy mix, which tilts somewhat toward exchange rate stabilization. A case, therefore, can be made for the BoJ to move to a soft inflation targeting regime supported by fiscal consolidation.
Other form:Print version: Sun, Yan. Monetary policy rule for Jamaica. [Washington, D.C] : International Monetary Fund, ©2005
Standard no.:10.5089/9781451905960.001