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Announced Regime Switch: Optimal Policy for Transition Period

František Brázdik

CERGE-EI Working Papers from The Center for Economic Research and Graduate Education - Economics Institute, Prague

Abstract: The novelty of this work is the presentation of the theoretical framework that allows to model annonced change of the monetary regime. I analyze behavior of small open economy that announced to adopt a monetary policy regime with focus on offsetting nominal exchange rate changes in given number of periods. First, I analyze effects for macroeconomic stability of choice of the monetary regime for transition period. For this analysis, I consider representative types of monetary regimes in the annoncement-change period. I also try to rank the examined regimes in terms of loss functions. Moreover, I try to analyze the evolution of business cycles synchronization over the transition.

Keywords: New Keynesian Models; Small Open Economy; Monetary regime change. (search for similar items in EconPapers)
JEL-codes: E17 E31 E52 E58 E61 F02 F41 (search for similar items in EconPapers)
Date: 2009-12
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Journal Article: An Announced Regime Switch: Optimal Policy for the Transition Period (2011) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:cer:papers:wp402

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