Hidden Bibliographic Details
| Other authors / contributors: | Cosimano, Thomas F., author.
Gapen, Michael, author.
International Monetary Fund.
IMF Institute.
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| ISBN: | 1283516357
9781283516358
9781451863215
1451863217
9781451908572
1451908571
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| Digital file characteristics: | data file
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| Notes: | Includes bibliographical references.
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : 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
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle setting. We show that remittances raise disposable income and consumption, and insure against income shocks, thereby raising household welfare. However, remittances increase the correlation between labor and output, thereby producing a more volatile business cycle and increasing output and labor market risk. Optimal monetary policy in the presence of remittances deviates from the Friedman rule, highlighting the need for independent government policy instruments.
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| Other form: | Print version: Chami, Ralph. Beware of emigrants bearing gifts. [Washington, D.C.] : International Monetary Fund, IMF Institute, ©2006
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