|
|
|
|
| LEADER |
02015cas a2200253 a 4500 |
| 001 |
AALejournalIMF013565 |
| 008 |
230101c9999 xx r poo 0 0eng d |
| 020 |
|
|
|c 5.00 USD
|
| 020 |
|
|
|z 9781484371565
|
| 022 |
|
|
|a 1018-5941
|
| 040 |
|
|
|a BD-DhAAL
|c BD-DhAAL
|
| 100 |
1 |
|
|a Catao, Luis.
|
| 245 |
1 |
0 |
|a World Food Prices, the Terms of Trade-Real Exchange Rate Nexus, and Monetary Policy /
|c Luis Catao, Roberto Chang.
|
| 264 |
|
1 |
|a Washington, D.C. :
|b International Monetary Fund,
|c 2013.
|
| 300 |
|
|
|a 1 online resource (64 pages)
|
| 490 |
1 |
|
|a IMF Working Papers
|
| 500 |
|
|
|a <strong>Off-Campus Access:</strong> No User ID or Password Required
|
| 500 |
|
|
|a <strong>On-Campus Access:</strong> No User ID or Password Required
|
| 506 |
|
|
|a Electronic access restricted to authorized BRAC University faculty, staff and students
|
| 520 |
3 |
|
|a How should monetary policy respond to large fluctuations in world food prices? We study this question in an open economy model in which imported food has a larger weight in domestic consumption than abroad and international risk sharing can be imperfect. A key novelty is that the real exchange rate and the terms of trade can move in opposite directions in response to world food price shocks. This exacerbates the policy trade-off between stabilizing output prices vis a vis the real exchange rate, to an extent that depends on risk sharing and the price elasticity of exports. Under perfect risk sharing, targeting the headline CPI welfare-dominates targeting the PPI if the variance of food price shocks is not too small and the export price elasticity is realistically high. In such a case, however, targeting forecast CPI is a superior choice. With incomplete risk sharing, PPI targeting is clearly a winner.
|
| 538 |
|
|
|a Mode of access: Internet
|
| 700 |
1 |
|
|a Chang, Roberto.
|
| 830 |
|
0 |
|a IMF Working Papers; Working Paper ;
|v No. 2013/114
|
| 856 |
4 |
0 |
|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2013/114/001.2013.issue-114-en.xml
|z IMF e-Library
|