05659oam 22013334 450 991082747880332120240402044703.01-4623-6990-11-282-84287-01-4518-7213-597866128428701-4519-9332-3(CKB)3170000000055237(SSID)ssj0000940020(PQKBManifestationID)11523029(PQKBTitleCode)TC0000940020(PQKBWorkID)10947840(PQKB)10971230(OCoLC)650330965(IMF)WPIEE2009066(MiAaPQ)EBC1605897(EXLCZ)99317000000005523720020129d2009 uf 0engurcn|||||||||txtccrA New Keynesian Model of the Armenian Economy /Ara Stepanyan, Era Dabla-Norris, Ashot Mkrtchyan1st ed.Washington, D.C. :International Monetary Fund,2009.43 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1648-5 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Stylized Facts About the Armenian Economy -- A. Stylized Facts on Long-Term Trends -- B. Business Cycle Fluctuations -- III. Model Environment -- A. Households -- B. Firms -- C. Equilibrium -- D. Model Calibration and Estimation -- IV. Model Properties -- A. Impulse Responses -- B. Correspondence Between the Model and Observed Data -- V. Conclusion -- Figures -- 1. Long-Term Trends and Business Cycle Movements from Trends -- 2. Business CycleFluctuations of Detrended Series -- 3. Home Good Inflation Shock -- 4. Imported Good Inflation Shock -- 5. Productivity Shock -- 6. Remittances Shock -- 7. Foreign Output Shock -- 8. Policy Interest Rate -- 9. Estimated and Observed Variables -- 10. Estimated Structural Shocks -- 11. Population Standard Deviations -- 12. Population Autocorrelation Coefficients -- 13. Population Cross-Correlation Coefficients -- 14. Historical Model Forecasts -- Appendices -- A. Model Equations -- B. Data Description -- References.This paper develops a small open economy dynamic stochastic general equilibrium (DSGE) model of the Armenian economy. The structure of the model is largely motivated by recent developments in DSGE modeling, with key extensions to incorporate specific structural characteristics of the Armenian economy. The resultant model can be used to simulate monetary policy paths and help analyze the robustness of policy conclusions. The paper tests the model’s properties on Armenian data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model.IMF Working Papers; Working Paper ;No. 2009/066Inflation targetingArmeniaMonetary policyArmeniaExports and ImportsimfForeign ExchangeimfInflationimfMacroeconomicsimfBanks and BankingimfNeoclassicalimfGeneral Aggregative Models: Forecasting and SimulationimfPrice LevelimfDeflationimfMonetary PolicyimfCentral Banks and Their PoliciesimfMacroeconomics: ConsumptionimfSavingimfWealthimfRemittancesimfInterest Rates: Determination, Term Structure, and EffectsimfCurrencyimfForeign exchangeimfInternational economicsimfFinanceimfReal exchange ratesimfExchange ratesimfConsumptionimfPricesimfNational accountsimfReal interest ratesimfFinancial servicesimfEconomicsimfInternational financeimfInterest ratesimfArmenia, Republic ofimfInflation targetingMonetary policyExports and ImportsForeign ExchangeInflationMacroeconomicsBanks and BankingNeoclassicalGeneral Aggregative Models: Forecasting and SimulationPrice LevelDeflationMonetary PolicyCentral Banks and Their PoliciesMacroeconomics: ConsumptionSavingWealthRemittancesInterest Rates: Determination, Term Structure, and EffectsCurrencyForeign exchangeInternational economicsFinanceReal exchange ratesExchange ratesConsumptionPricesNational accountsReal interest ratesFinancial servicesEconomicsInternational financeInterest rates332.1Stepanyan Ara1654491Dabla-Norris Era1609994Mkrtchyan Ashot1681940International Monetary Fund.DcWaIMFBOOK9910827478803321A New Keynesian Model of the Armenian Economy4051691UNINA