05079oam 22011894 450 991096008200332120250426110925.0978661284280197814623285361462328539978145279447114527944729781451872064145187206297812828428091282842803(CKB)3170000000055231(EBL)1608232(SSID)ssj0000942128(PQKBManifestationID)11514433(PQKBTitleCode)TC0000942128(PQKBWorkID)10972155(PQKB)11190566(OCoLC)469163928(IMF)WPIEE2009059(MiAaPQ)EBC1608232(IMF)WPIEA2009059WPIEA2009059(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.9781451916416 1451916418 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 policyColombiaAutomatic stabilizersimfCapacityimfCapitalimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfFiscal PolicyimfFiscal policyimfFiscal stanceimfIntangible CapitalimfInvestmentimfInvestments: GeneralimfMacroeconomicsimfPublic finance & taxationimfPublic FinanceimfReturn on investmentimfRevenue administrationimfRevenueimfSaving and investmentimfStabilizationimfTaxation, Subsidies, and Revenue: GeneralimfTreasury PolicyimfColombiaimfDebts, ExternalFiscal policyAutomatic stabilizersCapacityCapitalComparative or Joint Analysis of Fiscal and Monetary PolicyFiscal PolicyFiscal policyFiscal stanceIntangible CapitalInvestmentInvestments: GeneralMacroeconomicsPublic finance & taxationPublic FinanceReturn on investmentRevenue administrationRevenueSaving and investmentStabilizationTaxation, Subsidies, and Revenue: GeneralTreasury Policy332.152Flores Enrique1816600Clements Benedict122914Leigh Daniel1815832DcWaIMFBOOK9910960082003321Monetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia4372830UNINA