A New Keynesian Model of the Armenian Economy
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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. 2009/066
Subject:
Consumption Exchange rates Financial services Foreign exchange Inflation National accounts Prices Real exchange rates Real interest rates Remittances
English
Publication Date:
March 1, 2009
ISBN/ISSN:
9781451872132/1018-5941
Stock No:
WPIEA2009066
Pages:
43
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