LEADER 05693oam 22013454 450 001 9910827478803321 005 20200520144314.0 010 $a1-4623-6990-1 010 $a1-282-84287-0 010 $a1-4518-7213-5 010 $a9786612842870 010 $a1-4519-9332-3 035 $a(CKB)3170000000055237 035 $a(SSID)ssj0000940020 035 $a(PQKBManifestationID)11523029 035 $a(PQKBTitleCode)TC0000940020 035 $a(PQKBWorkID)10947840 035 $a(PQKB)10971230 035 $a(OCoLC)650330965 035 $a(IMF)WPIEE2009066 035 $a(MiAaPQ)EBC1605897 035 $a(IMF)WPIEA2009066 035 $a(EXLCZ)993170000000055237 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA New Keynesian Model of the Armenian Economy /$fAra Stepanyan, Era Dabla-Norris, Ashot Mkrtchyan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a43 p. $cill 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1648-5 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aThis paper develops a small open economy dynamic stochastic general equilibrium (DSGE) model of the Armenian economy. The structure of the model is largely motivated by recent developments in DSGE modeling, with key extensions to incorporate specific structural characteristics of the Armenian economy. The resultant model can be used to simulate monetary policy paths and help analyze the robustness of policy conclusions. The paper tests the model?s properties on Armenian data, demonstrating that the main stylized features relevant for monetary policy making are well captured by the model. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/066 606 $aInflation targeting$zArmenia 606 $aMonetary policy$zArmenia 606 $aBanks and Banking$2imf 606 $aCentral Banks and Their Policies$2imf 606 $aConsumption$2imf 606 $aCurrency$2imf 606 $aDeflation$2imf 606 $aEconomics$2imf 606 $aExchange rates$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aFinancial services$2imf 606 $aForeign Exchange$2imf 606 $aForeign exchange$2imf 606 $aGeneral Aggregative Models: Forecasting and Simulation$2imf 606 $aInflation$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational economics$2imf 606 $aInternational finance$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMonetary Policy$2imf 606 $aNational accounts$2imf 606 $aNeoclassical$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aReal exchange rates$2imf 606 $aReal interest rates$2imf 606 $aRemittances$2imf 606 $aSaving$2imf 606 $aWealth$2imf 607 $aArmenia, Republic of$2imf 615 0$aInflation targeting 615 0$aMonetary policy 615 7$aBanks and Banking 615 7$aCentral Banks and Their Policies 615 7$aConsumption 615 7$aCurrency 615 7$aDeflation 615 7$aEconomics 615 7$aExchange rates 615 7$aExports and Imports 615 7$aFinance 615 7$aFinancial services 615 7$aForeign Exchange 615 7$aForeign exchange 615 7$aGeneral Aggregative Models: Forecasting and Simulation 615 7$aInflation 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational economics 615 7$aInternational finance 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMonetary Policy 615 7$aNational accounts 615 7$aNeoclassical 615 7$aPrice Level 615 7$aPrices 615 7$aReal exchange rates 615 7$aReal interest rates 615 7$aRemittances 615 7$aSaving 615 7$aWealth 676 $a332.1 700 $aStepanyan$b Ara$01654491 701 $aDabla-Norris$b Era$01609994 701 $aMkrtchyan$b Ashot$01681940 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827478803321 996 $aA New Keynesian Model of the Armenian Economy$94051691 997 $aUNINA