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Record Nr. |
UNINA9910817594803321 |
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Autore |
Gapen Michael |
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Titolo |
Beware of Emigrants Bearing Gifts : : Optimal Fiscal and Monetary Policy in the Presence of Remittances / / Michael Gapen, Thomas Cosimano, Ralph Chami |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-8008-5 |
1-4527-1483-5 |
1-283-51635-7 |
9786613828804 |
1-4519-0857-1 |
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Descrizione fisica |
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1 online resource (51 p.) |
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Collana |
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Altri autori (Persone) |
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CosimanoThomas |
ChamiRalph |
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Soggetti |
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Emigrant remittances - Econometric models |
Fiscal policy - Econometric models |
Monetary policy - Econometric models |
Exports and Imports |
Labor |
Macroeconomics |
Taxation |
Financial Markets and the Macroeconomy |
Comparative or Joint Analysis of Fiscal and Monetary Policy |
Stabilization |
Treasury Policy |
Remittances |
Demand and Supply of Labor: General |
Aggregate Factor Income Distribution |
Macroeconomics: Consumption |
Saving |
Wealth |
Personal Income and Other Nonbusiness Taxes and Subsidies |
International economics |
Labour |
income economics |
Welfare & benefit systems |
Labor supply |
Income |
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Consumption |
Labor taxes |
Balance of payments |
National accounts |
Taxes |
International finance |
Labor market |
Economics |
Income tax |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. REMITTANCES""; ""THEIR MOTIVATION""; ""III. A STOCHASTIC MONETARY ECONOMY""; ""IV. THE RAMSEY EQUILIBRIUM""; ""V. RESULTS""; ""VI. CONCLUSION""; ""References"" |
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Sommario/riassunto |
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This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle setting. We show that remittances raise disposable income and consumption, and insure against income shocks, thereby raising household welfare. However, remittances increase the correlation between labor and output, thereby producing a more volatile business cycle and increasing output and labor market risk. Optimal monetary policy in the presence of remittances deviates from the Friedman rule, highlighting the need for independent government policy instruments. |
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