Optimal reserves in financially closed economies /
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| Author / Creator: | Jeanne, Olivier, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, [2016] ©2016 |
| Description: | 1 online resource (29 pages) : color illustrations. |
| Language: | English |
| Series: | IMF working paper, 1018-5941 ; no. 16/92 IMF working paper ; WP/16/92. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12505038 |
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| 049 | |a MAIN | ||
| 050 | 4 | |a HG3881.5.I58 |b W67 No. 16/92eb | |
| 100 | 1 | |a Jeanne, Olivier, |e author. |0 http://id.loc.gov/authorities/names/no98095474 | |
| 245 | 1 | 0 | |a Optimal reserves in financially closed economies / |c prepared by Olivier Jeanne and Damiano Sandri. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2016] | |
| 264 | 4 | |c ©2016 | |
| 300 | |a 1 online resource (29 pages) : |b color illustrations. | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v no. 16/92 | |
| 500 | |a "April 2016." | ||
| 500 | |a "Research Department." | ||
| 504 | |a Includes bibliographical references (pages 25-27). | ||
| 520 | |a Financially closed economies insure themselves against current-account shocks using international reserves. We characterize the optimal management of reserves using an open-economy model of precautionary savings and emphasize several results. First, the welfare-based opportunity cost of reserves differs from the measures often used by practitioners. Second, under plausible calibrations the model is consistent with the rule of thumb that reserves should be close to three months of imports. Third, simple linear rules can capture most of the welfare gains from optimal reserve management. Fourth, policymakers should place more emphasis on how to use reserves in response to shocks than on the reserve target itself. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed April 15, 2016). | |
| 505 | 0 | |a Cover; Contents; 1 Introduction; 2 A model of optimal reserves management; 2.1 Model structure; 2.2 Carry cost and the target level of reserves; 3 Calibration; 4 Quantitative Results; 4.1 Target and average levels of reserves; 4.2 Impulse response functions; 4.3 Linear rules; 5 Conclusion; 6 Appendix: Certainty Equivalence. | |
| 650 | 0 | |a International economic relations |x Econometric models. | |
| 650 | 0 | |a Reserves (Accounting) |x Econometric models. | |
| 650 | 0 | |a Foreign exchange |x Econometric models. | |
| 650 | 0 | |a Capital movements |x Econometric models. | |
| 650 | 6 | |a Réserves (Comptabilité) |x Modèles économétriques. | |
| 650 | 6 | |a Change |x Modèles économétriques. | |
| 650 | 6 | |a Mouvements de capitaux |x Modèles économétriques. | |
| 650 | 7 | |a Capital movements |x Econometric models. |2 fast |0 (OCoLC)fst00846376 | |
| 650 | 7 | |a Foreign exchange |x Econometric models. |2 fast |0 (OCoLC)fst00931774 | |
| 650 | 7 | |a International economic relations |x Econometric models. |2 fast |0 (OCoLC)fst00976895 | |
| 700 | 1 | |a Sandri, Damiano, |e author, |e (IMF staff) |0 http://id.loc.gov/authorities/names/no2009200028 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 830 | 0 | |a IMF working paper ; |v WP/16/92. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2016/092/001.2016.issue-092-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 No. 16/92eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2016/092/001.2016.issue-092-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12149376 | ||