Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Beneš, Jaromí­r; Berg, Andrew; Portillo, Rafael; Vávra, David

doi:10.2139/ssrn.2226269

SSRN Journal

2013

DOI: 10.2139/ssrn.2226269

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Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Jaromír Beneš

Andrew Berg

Rafael Portillo

et al.

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Cited by 3 publications

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Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter

Chafik¹

2022

J Bus Cycle Res

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Nominal interest rate is generally assumed to follow an UIP condition when the exchange rate is fixed, and the capital account is opened. Consequently, domestic interest rate is determined by foreign rates and the risk premium. This paper shows that for an oil exporting country like UAE, adjusting nominal interest rate only to foreign rate could be economically inconsistent. In fact, what really matters with exchange rate is expectations, and for an oil exporter country like UAE these expectations are significantly impacted by oil prices. By incorporating a market-expected exchange rate

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Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter

Chafik¹

2022

J Bus Cycle Res

View full text Add to dashboard Cite

show abstract

Money Targeting in a Modern Forecasting and Policy Analysis System: An Application to Kenya

et al. 2013

Self Cite

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Capital Flows and Foreign Exchange Intervention

Cavallino

2014

SSRN Journal

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Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Cited by 3 publications

References 8 publications

Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter

Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter

Money Targeting in a Modern Forecasting and Policy Analysis System: An Application to Kenya

Capital Flows and Foreign Exchange Intervention

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