Beware of Emigrants Bearing Gifts : : Optimal Fiscal and Monetary Policy in the Presence of Remittances / / Michael Gapen, Thomas Cosimano, Ralph Chami

• Autore: Gapen Michael
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (51 p.)
• Soggetto topico: Emigrant remittances - Econometric models; Fiscal policy - Econometric models; Monetary policy - Econometric models; Aggregate Factor Income Distribution; Balance of payments; Comparative or Joint Analysis of Fiscal and Monetary Policy; Consumption; Demand and Supply of Labor: General; Economics; Exports and Imports; Financial Markets and the Macroeconomy; Income economics; Income tax; Income; International economics; International finance; Labor market; Labor supply; Labor taxes; Labor; Labour; Macroeconomics; Macroeconomics: Consumption; National accounts; Personal Income and Other Nonbusiness Taxes and Subsidies; Remittances; Saving; Stabilization; Taxation; Taxes; Treasury Policy; Wealth; Welfare & benefit systems
• Soggetto geografico: United States
• Altri autori: ChamiRalph CosimanoThomas
• Note generali: "March 2006."
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. REMITTANCES""; ""THEIR MOTIVATION""; ""III. A STOCHASTIC MONETARY ECONOMY""; ""IV. THE RAMSEY EQUILIBRIUM""; ""V. RESULTS""; ""VI. CONCLUSION""; ""References""
• Sommario/riassunto: 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.
• Titolo autorizzato: Beware of Emigrants Bearing Gifts
• ISBN: 1-4623-8008-5; 1-4527-1483-5; 1-283-51635-7; 9786613828804; 1-4519-0857-1
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910817594803321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/061