Publication:
Measuring Monetary Policy in Open Economies

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dc.contributor.authorCerdeiro, Diego A.
dc.date.accessioned2012-03-19T18:38:57Z
dc.date.available2012-03-19T18:38:57Z
dc.date.issued2010-03-01
dc.description.abstractThe paper extends Bernanke and Mihov's [6] closed-economy strategy for identification of monetary policy shocks to open-economy settings, accounting for the simultaneity between interest-rate and exchange-rate innovations. The methodology allows a separate treatment of two distinct monetary policy shocks, one that operates through open market operations, and another one that takes place through interventions in the foreign exchange market. Implementation of this strategy to the case of Argentina provides the stylized facts necessary to choose among competing theoretical models of this economy. In addition to studying the effects of monetary policy innovations, the present study sheds light on the endogenous component of monetary policy. In this regard, the paper finds that, notwithstanding the relative stability of the exchange rate and the accumulation of large amounts of international reserves, the central bank in Argentina has been far from absorbing balance of payments shocks in a currency-board fashion. The growing level of international reserves can be rationalized, instead, as the monetary authority's response to terms of trade, supply and domestic currency demand shocks.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100326084211
dc.identifier.doi10.1596/1813-9450-5252
dc.identifier.urihttps://hdl.handle.net/10986/3739
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5252
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectABSOLUTE VALUE
dc.subjectACCOUNTING
dc.subjectASSETS
dc.subjectAUTOREGRESSION
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEET
dc.subjectBALANCE-OF-PAYMENTS CRISES
dc.subjectBANK BONDS
dc.subjectBONDS
dc.subjectCAPITAL ACCOUNT
dc.subjectCASH BALANCES
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANK ASSET
dc.subjectCENTRAL BANKS
dc.subjectCHECKING ACCOUNTS
dc.subjectCHECKS
dc.subjectCLOSED ECONOMY
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITIES
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICE
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCOVARIANCE MATRICES
dc.subjectCOVARIANCE MATRIX
dc.subjectCREDIBILITY
dc.subjectCURRENCY BOARD
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY DEMAND
dc.subjectCURRENCY SUPPLY
dc.subjectCURRENCY TRANSACTION
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT SHOCK
dc.subjectCURRENT ACCOUNT SHOCKS
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectDEPENDENT VARIABLE
dc.subjectDEPOSIT
dc.subjectDEPRECIATION
dc.subjectDEPRECIATION RATE
dc.subjectDISCOUNT RATE
dc.subjectDOLLAR VALUE
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC FINANCIAL INSTITUTIONS
dc.subjectDOMESTIC INTEREST RATE
dc.subjectDOMESTIC INTEREST RATES
dc.subjectDOMESTIC LIQUIDITY
dc.subjectDOMESTIC PRICES
dc.subjectECONOMETRICS
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMIC THEORY
dc.subjectENDOGENOUS VARIABLES
dc.subjectEQUATIONS
dc.subjectEQUILIBRIUM CONDITION
dc.subjectEQUILIBRIUM CONDITIONS
dc.subjectERROR TERMS
dc.subjectEXCESS DEMAND
dc.subjectEXCESS LIQUIDITY
dc.subjectEXCESS SUPPLY
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE APPRECIATION
dc.subjectEXCHANGE RATE SHOCKS
dc.subjectEXCHANGE RATES
dc.subjectEXCHANGE TRANSACTIONS
dc.subjectEXCHANGE-RATE
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPORTS
dc.subjectEXTERNAL POSITION
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL POLICY
dc.subjectFISCAL SHOCKS
dc.subjectFIXED EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATES
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTORS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN EXCHANGE MARKET INTERVENTION
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN INTEREST
dc.subjectFOREIGN INTEREST RATES
dc.subjectGDP
dc.subjectGDP DEFLATOR
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGENERAL EQUILIBRIUM MODELS
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHOLDINGS
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINSTRUMENT
dc.subjectINTEREST PARITY
dc.subjectINTEREST RATE
dc.subjectINTEREST-RATE
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL ECONOMIES
dc.subjectINTERNATIONAL RESERVES
dc.subjectINTERPOLATION
dc.subjectLENDERS
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLOCAL CURRENCY
dc.subjectMACROECONOMIC MODELS
dc.subjectMACROECONOMICS
dc.subjectMARKET CONDITIONS
dc.subjectMONETARY AGGREGATES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY CONDITIONS
dc.subjectMONETARY ECONOMICS
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONETARY TARGET
dc.subjectMONETARY TRANSMISSION
dc.subjectMONEY DEMAND
dc.subjectMONEY SUPPLY
dc.subjectMONIES
dc.subjectNOMINAL INTEREST RATES
dc.subjectOIL PRICE
dc.subjectOPEN ECONOMIES
dc.subjectOPEN ECONOMY
dc.subjectOPEN MARKET
dc.subjectOPEN MARKET OPERATION
dc.subjectOPEN MARKET OPERATIONS
dc.subjectOUTPUT
dc.subjectPOLICY ON EXCHANGE RATES
dc.subjectPOLITICAL ECONOMY
dc.subjectPORTFOLIO
dc.subjectPORTFOLIOS
dc.subjectPRICE INDEX
dc.subjectRANDOM WALK
dc.subjectRATE OF GROWTH
dc.subjectREAL GROSS DOMESTIC PRODUCT
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREJECTION
dc.subjectREPOS
dc.subjectRESPONSE TO SHOCKS
dc.subjectSHORT-TERM INTEREST RATE
dc.subjectSHORT-TERM INTEREST RATES
dc.subjectSLOWDOWN
dc.subjectSTOCKS
dc.subjectSTRUCTURAL SHOCK
dc.subjectSTRUCTURAL SHOCKS
dc.subjectSUPPLY SHOCK
dc.subjectSUPPLY SHOCKS
dc.subjectTIGHT MONETARY POLICY
dc.subjectTOTAL RESERVES
dc.subjectTRADE BALANCE
dc.subjectTRADE DATA
dc.subjectTRADE GROWTH
dc.subjectTRADE SHOCK
dc.subjectTRADE SHOCKS
dc.subjectTRANSMISSION MECHANISM
dc.subjectTREASURY
dc.subjectUNANTICIPATED DEPRECIATION
dc.subjectUNCERTAINTY
dc.subjectVOLATILITY
dc.subjectWORLD INTEREST RATES
dc.titleMeasuring Monetary Policy in Open Economiesen
dspace.entity.typePublication
okr.crossref.titleMeasuring Monetary Policy In Open Economies
okr.date.doiregistration2025-04-10T11:53:36.077523Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100326084211
okr.guid994081468091779742
okr.identifier.doi10.1596/1813-9450-5252
okr.identifier.externaldocumentum000158349_20100326084211
okr.identifier.internaldocumentum12000284
okr.identifier.reportWPS5252
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/03/26/000158349_20100326084211/Rendered/PDF/WPS5252.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.administrativeLatin America & Caribbean
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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