| Description |
1 online resource (36 pages) : color illustrations |
| Series |
IMF working paper ; WP/10/116 |
|
IMF working paper ; WP/10/116.
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| Contents |
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Ghana's Economy and Oil; Figure 1. Ghana: Real GDP Growth Rate; Figure 2. Ghana: Annual Inflation; Figure 3. Ghana: Budget Deficit; Figure 4. Ghana: Oil Revenue Projection; III. The Model; A. Consumers; 1. Dynamic Optimizers; 2. Static Optimizers; B. Consumption Baskets, Demand Functions, Price Indices; 1. The Aggregate Basket; C. Non-Traded Goods Sector; 1. Firm's Optimization Problem; D. Exportable Goods Sector; E. The Government; 1. The Inter-Temporal Budget Constraint |
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2. Government Debt and Deposits with the Central BankF. The Central Bank; 1. Reserve Accumulation; 2. The Central Bank Balance Sheet; 3. The Monetary Policy Rule; G. Non-Traded Goods Market Equilibtium and the Balance of Payments; H. Stochastic Processes for; I. Aggregate GDP; IV. Model Simulations; A. Baseline Calibration; Table 1. Baseline Calibration, Preference Parameters; Table 2. Baseline Calibration, Technology Parameters; Table 3. Baseline Calibration, Policy Parameters, and Aid Process; Table 4. Ghana: Steady State Values; B. Benchmark Simulation |
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Figure 5. Baseline Scenario: Macroeconomic Impact of the Oil WindfallFigure 6. Baseline Scenario: The Transmission Mechanism; C. Sensitivity Analysis; Figure 7. Higher Substitutability of Labor Between Sectors; D. Dutch Disease Effects; Figure 8. Large Learning-by-Doing Effects; V. Fiscal and Monetary Policy Options for Managing the Oil Windfall; A. Fiscal Policy Options; 1. Expenditure Smoothing; 2. Expenditure Composition; B. Monetary Policy Options; 1. Discretionary Policy Tightening; 2. Reducing Foreign Exchange Sales; VI. Conclusion; References; Footnotes |
| Summary |
Annotation We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. the impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending's import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves--to offset the real appreciation--would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness--resulting from "dutch Disease" effects--could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds |
| Bibliography |
Includes bibliographical references (pages 35-36) |
| Notes |
English |
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Print version record |
| Subject |
Petroleum industry and trade -- Economic aspects -- Ghana
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Petroleum industry and trade -- Environmental aspects -- Ghana
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Petroleum products -- Prices -- Ghana -- Econometric models
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Equilibrium (Economics) -- Econometric models
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Equilibrium (Economics) -- Econometric models
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Petroleum industry and trade -- Economic aspects
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Petroleum industry and trade -- Environmental aspects
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Petroleum products -- Prices -- Econometric models
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Ghana
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| Form |
Electronic book
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| Author |
Gottschalk, Jan, author.
|
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Portillo, Rafael (Rafael Antonio), author.
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| ISBN |
1282845969 |
|
9781282845961 |
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9781452723808 |
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145272380X |
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1455200220 |
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9781455200221 |
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1462376932 |
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9781462376933 |
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9786612845963 |
|
6612845961 |
|
1455200751 |
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9781455200757 |
|
