Commodity price shocks, labour market dynamics and monetary policy in small open economies
We analyse the transmission mechanism of commodity price shocks in inflation targeting emerging economies. Using a panel vector autoregression, we find that for a commodity exporter, the shock causes a real exchange rate appreciation, increases in output, inflation, the nominal interest rate and the trade balance, and a fall in the unemployment rate. The mechanism underlying the dynamics driving the VAR can be understood using a dynamic stochastic general equilibrium model. Search and matching frictions in the labour mark ; http://www.elsevier.com/locate/jedc ; hj2024 ; Economics ; SDG-08:Dece... Mehr ...
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Dokumenttyp: | Artikel |
Erscheinungsdatum: | 2023 |
Verlag/Hrsg.: |
Elsevier
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Schlagwörter: | Commodity prices / Emerging markets / Inflation / Monetary policy / Search and matching / Unemployment / Dutch disease / DSGE modelling / Dynamic stochastic general equilibrium (DSGE) / Bayesian impulse response matching / SDG-08: Decent work and economic growth |
Sprache: | Englisch |
Permalink: | https://search.fid-benelux.de/Record/base-26676972 |
Datenquelle: | BASE; Originalkatalog |
Powered By: | BASE |
Link(s) : | http://hdl.handle.net/2263/95068 |