05443oam 22014534 450 991097246930332120250426110131.0978661382880497814623800841462380085978145271483714527148359781283516358128351635797814519085721451908571(CKB)3360000000443807(EBL)3014314(SSID)ssj0000940073(PQKBManifestationID)11571941(PQKBTitleCode)TC0000940073(PQKBWorkID)10938244(PQKB)10256234(OCoLC)698585490(IMF)WPIEE2006061(MiAaPQ)EBC3014314(IMF)WPIEA2006061WPIEA2006061(EXLCZ)99336000000044380720020129d2006 uf 0engurcnu||||||||txtccrBeware of Emigrants Bearing Gifts : Optimal Fiscal and Monetary Policy in the Presence of Remittances /Michael Gapen, Thomas Cosimano, Ralph Chami1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (51 p.)IMF Working Papers"March 2006."9781451863215 1451863217 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. REMITTANCES""; ""THEIR MOTIVATION""; ""III. A STOCHASTIC MONETARY ECONOMY""; ""IV. THE RAMSEY EQUILIBRIUM""; ""V. RESULTS""; ""VI. CONCLUSION""; ""References""This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle setting. We show that remittances raise disposable income and consumption, and insure against income shocks, thereby raising household welfare. However, remittances increase the correlation between labor and output, thereby producing a more volatile business cycle and increasing output and labor market risk. Optimal monetary policy in the presence of remittances deviates from the Friedman rule, highlighting the need for independent government policy instruments.IMF Working Papers; Working Paper ;No. 2006/061Emigrant remittancesEconometric modelsFiscal policyEconometric modelsMonetary policyEconometric modelsAggregate Factor Income DistributionimfBalance of paymentsimfComparative or Joint Analysis of Fiscal and Monetary PolicyimfConsumptionimfDemand and Supply of Labor: GeneralimfEconomicsimfExports and ImportsimfFinancial Markets and the MacroeconomyimfIncome economicsimfIncome taximfIncomeimfInternational economicsimfInternational financeimfLabor marketimfLabor supplyimfLabor taxesimfLaborimfLabourimfMacroeconomicsimfMacroeconomics: ConsumptionimfNational accountsimfPersonal Income and Other Nonbusiness Taxes and SubsidiesimfRemittancesimfSavingimfStabilizationimfTaxationimfTaxesimfTreasury PolicyimfWealthimfWelfare & benefit systemsimfUnited StatesimfEmigrant remittancesEconometric models.Fiscal policyEconometric models.Monetary policyEconometric models.Aggregate Factor Income DistributionBalance of paymentsComparative or Joint Analysis of Fiscal and Monetary PolicyConsumptionDemand and Supply of Labor: GeneralEconomicsExports and ImportsFinancial Markets and the MacroeconomyIncome economicsIncome taxIncomeInternational economicsInternational financeLabor marketLabor supplyLabor taxesLaborLabourMacroeconomicsMacroeconomics: ConsumptionNational accountsPersonal Income and Other Nonbusiness Taxes and SubsidiesRemittancesSavingStabilizationTaxationTaxesTreasury PolicyWealthWelfare & benefit systemsGapen Michael1815894Chami Ralph1815826Cosimano Thomas1815895International Monetary Fund.IMF Institute.DcWaIMFBOOK9910972469303321Beware of Emigrants Bearing Gifts4371508UNINA