03206nam 2200613Ia 450 991046406490332120170822145750.01-4623-2853-91-4527-9447-21-4518-7206-297866128428011-282-84280-3(CKB)3170000000055231(EBL)1608232(SSID)ssj0000942128(PQKBManifestationID)11514433(PQKBTitleCode)TC0000942128(PQKBWorkID)10972155(PQKB)11190566(OCoLC)469163928(MiAaPQ)EBC1608232(EXLCZ)99317000000005523120041202d2009 uf 0engur|n|---|||||txtccrMonetary and fiscal policy options for dealing with external shocks[electronic resource] insights from the GIMF for Colombia /prepared by Benedict Clements, Enrique Flores, and Daniel Leigh[Washington D.C.] International Monetary Fund20091 online resource (19 p.)IMF working paper ;WP/09/59Description based upon print version of record.1-4519-1641-8 Includes bibliographical references.CONTENTS; I. Introduction; II. The Model; III. Macroeconomic Effects of External Shocks and Alternative Policy Responses; Figures; 1. Macroeconomic Effects of a Decline in Demand for Colombian Exports Under Different Policy Responses; 2. Macroeconomic Response to a Decline in World Growth; 3. Macroeconomic Effects of Temporary Increase in Risk Premia; IV. The Role of Fiscal Policy Under Different Financing Conditions; 4. Macroeconomic Response to a Decline in the Demand for Colombian Exports under Adverse Financing Conditions; V. Summary of Policy Implications5. Macroeconomic Response to a Decline in the Demand for Colombian Exports under a Prolonged Financing ShockReferencesThis paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of shocks to trade, world income, and risk premia for public debt. The results suggest that under Colombia's inflation targeting regime, which incorporates exchange rate flexibility and a highly responsive monetary policy, the economy is well poised to adjust to different external shocks. They also suggest thIMF working paper ;WP/09/59.Debts, ExternalColombiaFiscal policyColombiaElectronic books.Debts, ExternalFiscal policyClements Benedict J122914Leigh Daniel867941Flores Enrique999309MiAaPQMiAaPQMiAaPQBOOK9910464064903321Monetary and fiscal policy options for dealing with external shocks2292886UNINA