LEADER 04836oam 22010814 450 001 9910788338503321 005 20230721045632.0 010 $a1-4623-2853-9 010 $a1-4527-9447-2 010 $a1-4518-7206-2 010 $a9786612842801 010 $a1-282-84280-3 035 $a(CKB)3170000000055231 035 $a(EBL)1608232 035 $a(SSID)ssj0000942128 035 $a(PQKBManifestationID)11514433 035 $a(PQKBTitleCode)TC0000942128 035 $a(PQKBWorkID)10972155 035 $a(PQKB)11190566 035 $a(OCoLC)469163928 035 $a(MiAaPQ)EBC1608232 035 $a(IMF)WPIEE2009059 035 $a(EXLCZ)993170000000055231 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMonetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia /$fEnrique Flores, Daniel Leigh, Benedict Clements 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (19 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1641-8 320 $aIncludes bibliographical references. 327 $aCONTENTS; 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 Implications 327 $a5. Macroeconomic Response to a Decline in the Demand for Colombian Exports under a Prolonged Financing ShockReferences 330 3 $aThis paper utilizes an open-economy New Keynesian overlapping generations model, the Global Integrated Monetary and Fiscal Model (GIMF), to assess the macroeconomic effects of external shocks and the impact of various monetary and fiscal policy responses. The simulations assess the effect of shocks to trade, world income, and risk premia for public debt. The results suggest that under Colombia?s inflation targeting regime, which incorporates exchange rate flexibility and a highly responsive monetary policy, the economy is well poised to adjust to different external shocks. They also suggest that the potential role of fiscal policy in responding to shocks depends critically on financing conditions. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/059 606 $aDebts, External$zColombia 606 $aFiscal policy$zColombia 606 $aInvestments: General$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aComparative or Joint Analysis of Fiscal and Monetary Policy$2imf 606 $aStabilization$2imf 606 $aTreasury Policy$2imf 606 $aPublic finance & taxation$2imf 606 $aFiscal policy$2imf 606 $aFiscal stance$2imf 606 $aRevenue administration$2imf 606 $aReturn on investment$2imf 606 $aAutomatic stabilizers$2imf 606 $aRevenue$2imf 606 $aSaving and investment$2imf 607 $aColombia$2imf 615 0$aDebts, External 615 0$aFiscal policy 615 7$aInvestments: General 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aComparative or Joint Analysis of Fiscal and Monetary Policy 615 7$aStabilization 615 7$aTreasury Policy 615 7$aPublic finance & taxation 615 7$aFiscal policy 615 7$aFiscal stance 615 7$aRevenue administration 615 7$aReturn on investment 615 7$aAutomatic stabilizers 615 7$aRevenue 615 7$aSaving and investment 700 $aFlores$b Enrique$01472723 701 $aLeigh$b Daniel$01462093 701 $aClements$b Benedict$0122914 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788338503321 996 $aMonetary and Fiscal Policy Options for Dealing with External Shocks - Insights from the GIMF for Colombia$93685590 997 $aUNINA