03962oam 22010934 450 991078822700332120230721045659.01-4623-7896-X1-4527-4198-01-282-84435-01-4518-7381-69786612844355(CKB)3170000000055346(SSID)ssj0000941465(PQKBManifestationID)11494047(PQKBTitleCode)TC0000941465(PQKBWorkID)10964094(PQKB)10137126(OCoLC)680613563(MiAaPQ)EBC1608821(IMF)WPIEE2009234(EXLCZ)99317000000005534620020129d2009 uf 0engurcn|||||||||txtccrHybrid Inflation Targeting Regimes /Carlos Garcia, Jorge Restrepo, Scott RogerWashington, D.C. :International Monetary Fund,2009.57 p. illIMF Working Papers"October 2009."1-4519-1799-6 This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for financially robust advanced economies and for financially vulnerable emerging economies in handling risk premium shocks. As long as the weight placed on exchange rate smoothing is relatively small, the effects on inflation and output volatility in the event of demand and cost-push shocks are minimal. Financially vulnerable emerging economies are especially likely to benefit from some exhange rate smoothing because of the perverse impact of exchange rate movements on activity.IMF Working Papers; Working Paper ;No. 2009/234Inflation (Finance)Anti-inflationary policiesForeign ExchangeimfInflationimfInvestments: GeneralimfMoney and Monetary PolicyimfPrice LevelimfDeflationimfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfMonetary PolicyimfCurrencyimfForeign exchangeimfMacroeconomicsimfMonetary economicsimfExchange ratesimfReturn on investmentimfInflation targetingimfReal exchange ratesimfPricesimfSaving and investmentimfMonetary policyimfSingaporeimfInflation (Finance)Anti-inflationary policies.Foreign ExchangeInflationInvestments: GeneralMoney and Monetary PolicyPrice LevelDeflationInvestmentCapitalIntangible CapitalCapacityMonetary PolicyCurrencyForeign exchangeMacroeconomicsMonetary economicsExchange ratesReturn on investmentInflation targetingReal exchange ratesPricesSaving and investmentMonetary policyGarcia Carlos447199Restrepo Jorge402651Roger Scott1497280International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910788227003321Hybrid Inflation Targeting Regimes3741574UNINA