| Description |
1 online resource (25 pages) : color illustrations |
| Series |
IMF working paper ; WP/15/273 |
|
IMF working paper ; WP/15/273
|
| Contents |
Cover; Contents; I. Introduction; II. A Brief Overview of Monetary Policy and Macroeconomic Developments; III. The FPAS model; IV. Data; V. Estimation and Results; A. Estimation; B. Baseline Results; C. In-Sample Forecast Properties; D. Out-of-sample forecasts with U.S. Federal Reserve lift-off; VI. Optimal Monetary Policy Response; VII. Shocking the Baseline and Optimal Models; A. Monetary transmission in the model; B. Domestic demand shock; C. External demand shock; D. Tighter U.S. monetary policy; E. Food Prices Shock; VIII. Conclusions; References |
| Summary |
The paper develops a small New-Keynesian FPAS model for Vietnam. The model closely matches actual data from 2000-2014. We derive an optimal monetary policy rule that minimizes variability of output, inflation, and the exchange rate. Compared to the baseline model, the optimal rule places a larger weight on output stabilization as the intermediate target to achieve inflation stability, while allowing greater exchange rate flexibility. We analyze the dynamics of key macro variables under various shocks including external and domestic demand shocks and a lift-off of U.S. interest rates. We find that the optimal monetary policy rule delivers greater macroeconomic stability for Vietnam under the shock scenarios.--Abstract |
| Notes |
"December 2015." |
|
"Asia and Pacific Department." |
| Bibliography |
Includes bibliographical references (pages 24-25) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed February 3, 2016) |
| Subject |
Monetary policy -- Vietnam
|
|
Economic forecasting -- Vietnam
|
|
Keynesian economics.
|
|
Economic forecasting.
|
|
Keynesian economics.
|
|
Monetary policy.
|
|
Vietnam.
|
| Form |
Electronic book
|
| Author |
Schmittmann, Jochen M., (IMFstaff), author
|
|
International Monetary Fund. Asia and Pacific Department
|
| ISBN |
1513595660 |
|
9781513595665 |
|
1513516418 |
|
9781513516417 |
|
1513532855 |
|
9781513532851 |
| ISSN |
1018-5941 |
|
