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Exchange Rate Fluctuation and Monetary Policies and Rules in Emerging Market Countries: A Study Based on Countries Adopting Inflation Targeting System

Author: Pan Jingcheng, Lin Jihong
Subject:Economics & Management
Publication Date:2019.08.01
Page Count:388

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This book uses the New Keynesian Open Economy Dynamic Stochastic General Equilibrium model as the analytical framework, and conducts Bayesian estimation and a posteriori probability ratio test of monetary policies and rules in 16 emerging market countries adopting inflation targeting on the basis of a benchmark model with complete exchange rate pass-through and an extended model with incomplete exchange rate pass-through, respectively. It focuses on whether and to what extent monetary policies of central banks in various countries respond to exchange rate fluctuation, and examines counterfactual numerical simulations of whether higher response coefficients to exchange rate fluctuation in emerging market countries can reduce inflation and output fluctuation. The most important feature of this book is that theories are closely linked with practice, and the latest research results and methods are applied to the analysis of monetary policies and rules in emerging market countries implementing inflation targeting system.

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