03178nam 2200625 450 991046400510332120170817212643.01-4623-7699-11-4527-5110-21-282-84041-X1-4518-6931-29786612840418(CKB)3170000000054990(EBL)1607805(SSID)ssj0000943965(PQKBManifestationID)11503314(PQKBTitleCode)TC0000943965(PQKBWorkID)10982749(PQKB)10356343(OCoLC)647099025(MiAaPQ)EBC1607805(EXLCZ)99317000000005499020140226h20082008 uy 0engur|n|---|||||txtccrAchieving a soft landing the role of fiscal policy /Daniel Leigh[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (25 p.)IMF Working PapersIMF working paper ;WP/08/69Description based upon print version of record.1-4519-1384-2 Includes bibliographical references.Contents; I. Introduction; II. Methodology; III. Results: Macroeconomic Effects of Fiscal Policy Tightening; Figures; 1. Domestic Risk Premium and the Debt-to-GDP Ratio; 2. Exogenous Permanent Cut in Public Consumption of 0.5 Percent of GDP; 3. Exogenous Permanent Cut in Public Investment of 0.5 Percent of GDP; IV. Results: Fiscal Policy and Macroeconomic Stability; 4. Private Savings Shock and Strength of Fiscal Policy Response; 5. Markup Shock and Strength of Fiscal Policy Response; 6. Efficiency Frontier: Markup Shock7. Efficiency Frontier for Different Monetary Policy Response Parameters8. Temporary Fall in Risk Premium by 100 Basis Points; 9. Risk Premium Shock and Strength of Fiscal Policy Response; V. Conclusions; ReferencesThis paper utilizes an open-economy New Keynesian overlapping generations model to assess the extent to which fiscal policy, along side an inflation-forecast-based monetary policy, could enhance macroeconomic stability in Colombia. The model simulations indicate that, in addition to stabilizing output and inflation, a stronger response of the fiscal balance to excess tax revenue would reduce the burden on the central bank of adjusting interest rates, lessen the associated degree of exchange rate volatility, and contribute to a more stable external current account balance. The analysis also assIMF Working PapersFiscal policyColombiaEconometric modelsMonetary policyColombiaEconometric modelsElectronic books.Fiscal policyEconometric models.Monetary policyEconometric models.336.861Leigh Daniel867941MiAaPQMiAaPQMiAaPQBOOK9910464005103321Achieving a soft landing2025806UNINA