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Monetary policy in resource-rich developing economies

Publikace

Tento text není v aktuálním jazyce dostupný. Zobrazuje se verze "en".Abstrakt

The economic literature acknowledges that to avoid the resource curse, resourcerich countries should restrict Öscal expansion and save a signiÖcant part of resource revenues outside the domestic economy. However, in these countries governments tend to ine§ectively spend a considerable part of windfall revenues in the short run.

In this research I construct a DSGE model for a small, open economy to show that if Öscal indiscipline in the form of immediate responses to foreign resource revenue changes is inevitable, then monetary policy can help improve the allocation problem.