Monetary policy and dutch disease: the case of price and wage rigidity

From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy wi...

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Autores principales:	Hevia, Constantino, Nicolini, Juan Pablo
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA PRECIOS SALARIOS POLÍTICA FISCAL
Acceso en línea:	https://hdl.handle.net/20.500.12580/3835
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spelling	oai-20.500.12580-38352021-04-24T11:11:11Z Monetary policy and dutch disease: the case of price and wage rigidity Hevia, Constantino Nicolini, Juan Pablo POLÍTICA MONETARIA PRECIOS SALARIOS POLÍTICA FISCAL From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy with both types of rigidity following a shock to the price of an exportable commodity. This paper is part of a research project that is motivated by the experiences of many small open economies that in the last two decades became—very effectively!—inflation targeters. Many of these economies are commodity producers and the size of the commodity sector to GDP is very high. 2019-11-01T00:06:37Z 2019-11-01T00:06:37Z 2014 Artículo 978-956-7421-50-3 https://hdl.handle.net/20.500.12580/3835 eng Series on Central Banking Analysis and Economic Policies no. 22 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 51-89 application/pdf Banco Central de Chile
institution	Banco Mundial
collection	Banco Mundial
language	eng
topic	POLÍTICA MONETARIA PRECIOS SALARIOS POLÍTICA FISCAL
spellingShingle	POLÍTICA MONETARIA PRECIOS SALARIOS POLÍTICA FISCAL Hevia, Constantino Nicolini, Juan Pablo Monetary policy and dutch disease: the case of price and wage rigidity
description	From a theoretical point of view and as we will show the presence of both price and wage rigidities implies that to the extent that fiscal policy is unresponsive to shocks full price stability is not optimal. In this paper we study optimal monetary and exchange rate policy in a small open economy with both types of rigidity following a shock to the price of an exportable commodity. This paper is part of a research project that is motivated by the experiences of many small open economies that in the last two decades became—very effectively!—inflation targeters. Many of these economies are commodity producers and the size of the commodity sector to GDP is very high.
format	Artículo
author	Hevia, Constantino Nicolini, Juan Pablo
author_facet	Hevia, Constantino Nicolini, Juan Pablo
author_sort	Hevia, Constantino
title	Monetary policy and dutch disease: the case of price and wage rigidity
title_short	Monetary policy and dutch disease: the case of price and wage rigidity
title_full	Monetary policy and dutch disease: the case of price and wage rigidity
title_fullStr	Monetary policy and dutch disease: the case of price and wage rigidity
title_full_unstemmed	Monetary policy and dutch disease: the case of price and wage rigidity
title_sort	monetary policy and dutch disease: the case of price and wage rigidity
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3835
work_keys_str_mv	AT heviaconstantino monetarypolicyanddutchdiseasethecaseofpriceandwagerigidity AT nicolinijuanpablo monetarypolicyanddutchdiseasethecaseofpriceandwagerigidity
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Monetary policy and dutch disease: the case of price and wage rigidity

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