A New Keynesian Model of the Armenian Economy

Author/Editor:

Ara Stepanyan ; Ashot Anatolii Mkrtchyan ; Era Dabla-Norris

Publication Date:

March 1, 2009

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper develops a small open economy dynamic stochastic general equilibrium (DSGE) model of the Armenian economy. The structure of the model is largely motivated by recent developments in DSGE modeling, with key extensions to incorporate specific structural characteristics of the Armenian economy. The resultant model can be used to simulate monetary policy paths and help analyze the robustness of policy conclusions. The paper tests the model’s properties on Armenian data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model.

Series:

Working Paper No. 09/66

Subject:

English

Publication Date:

March 1, 2009

ISBN/ISSN:

9781451872132/1018-5941

Stock No:

WPIEA2009066

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

43

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