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来源类型Working Paper
规范类型报告
DOI10.3386/w28536
来源IDWorking Paper 28536
Do Monetary Policy Frameworks Matter in Low Income Countries?
Alina Carare; Carlos de Resende; Andrew T. Levin; Chelsea Zhang
发表日期2021-03-08
出版年2021
语种英语
摘要Microeconomic evidence indicates a very high frequency of price adjustment in low income countries (LICs), raising the question of whether LICs may be reasonably characterized as exhibiting monetary neutrality. To address this question, we analyze a cross-country panel dataset of 79 LICs over the period 1990 to 2015 to assess the impact of external shocks on real GDP growth, and we find highly significant differences between LICs where the central bank targets monetary aggregates or inflation compared to LICs that maintain rigid nominal exchange rates. We also conduct an event study of the surprise devaluation of the Central African Franc (CFA) in January 1994 and find that it had highly significant effects on the output growth of 10 CFA countries relative to 18 similar countries outside the CFA zone. Consequently, the hypothesis of monetary neutrality is decisively rejected, and these findings provide strong support for the role of monetary policy frameworks in fostering price stability and macroeconomic stability in LICs.
主题Macroeconomics ; Monetary Policy ; Development and Growth ; Development
URLhttps://www.nber.org/papers/w28536
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/586209
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Alina Carare,Carlos de Resende,Andrew T. Levin,et al. Do Monetary Policy Frameworks Matter in Low Income Countries?. 2021.
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