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



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Autore: Gapen Michael Visualizza persona
Titolo: Beware of Emigrants Bearing Gifts : : Optimal Fiscal and Monetary Policy in the Presence of Remittances / / Michael Gapen, Thomas Cosimano, Ralph Chami Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
Descrizione fisica: 1 online resource (51 p.)
Soggetto topico: Emigrant remittances - Econometric models
Fiscal policy - Econometric models
Monetary policy - Econometric models
Exports and Imports
Labor
Macroeconomics
Taxation
Financial Markets and the Macroeconomy
Comparative or Joint Analysis of Fiscal and Monetary Policy
Stabilization
Treasury Policy
Remittances
Demand and Supply of Labor: General
Aggregate Factor Income Distribution
Macroeconomics: Consumption
Saving
Wealth
Personal Income and Other Nonbusiness Taxes and Subsidies
International economics
Labour
income economics
Welfare & benefit systems
Labor supply
Income
Consumption
Labor taxes
Balance of payments
National accounts
Taxes
International finance
Labor market
Economics
Income tax
Soggetto geografico: United States
Altri autori: CosimanoThomas  
ChamiRalph  
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  Visualizza cluster
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.: 9910788698303321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2006/061