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A New Keynesian Model of the Armenian Economy

Author/Editor: Mkrtchyan, Ashot Anatolii | Dabla-Norris, Era | Stepanyan, Ara
Authorized for Distribution: March 1, 2009
Electronic Access: Free Full Text (PDF file size is 1,962KB)
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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.
 
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Series: Working Paper No. 09/66
Subject(s): Monetary policy | Armenia | Inflation targeting | Business cycles | Inward remittances | Transfers of foreigners income | Exchange rate appreciation | Economic models
Author's keyword(s): Inflation targeting | monetary transmission mechanism | macroeconomic models | Armenia
 
English  
    Published:   March 1, 2009        
            Format:   Paper
    Stock No:   WPIEA2009066   Pages:   43
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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