04880oam 22011054 450 991082597730332120240402051105.01-4623-2853-91-4527-9447-21-4518-7206-297866128428011-282-84280-3(CKB)3170000000055231(EBL)1608232(SSID)ssj0000942128(PQKBManifestationID)11514433(PQKBTitleCode)TC0000942128(PQKBWorkID)10972155(PQKB)11190566(OCoLC)469163928(IMF)WPIEE2009059(MiAaPQ)EBC1608232(EXLCZ)99317000000005523120020129d2009 uf 0engur|n|---|||||txtccrMonetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia /Enrique Flores, Daniel Leigh, Benedict Clements1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (19 p.)IMF Working PapersDescription 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 that the potential role of fiscal policy in responding to shocks depends critically on financing conditions.IMF Working Papers; Working Paper ;No. 2009/059Debts, ExternalColombiaFiscal policyColombiaInvestments: GeneralimfMacroeconomicsimfPublic FinanceimfFiscal PolicyimfTaxation, Subsidies, and Revenue: GeneralimfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfStabilizationimfTreasury PolicyimfPublic finance & taxationimfFiscal policyimfFiscal stanceimfRevenue administrationimfReturn on investmentimfAutomatic stabilizersimfRevenueimfSaving and investmentimfColombiaimfDebts, ExternalFiscal policyInvestments: GeneralMacroeconomicsPublic FinanceFiscal PolicyTaxation, Subsidies, and Revenue: GeneralInvestmentCapitalIntangible CapitalCapacityComparative or Joint Analysis of Fiscal and Monetary PolicyStabilizationTreasury PolicyPublic finance & taxationFiscal policyFiscal stanceRevenue administrationReturn on investmentAutomatic stabilizersRevenueSaving and investment332.152Flores Enrique1637029Leigh Daniel1603511Clements Benedict122914DcWaIMFBOOK9910825977303321Monetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia3978604UNINA