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- W2283464344 abstract "This study extends the time consistency model developed by Kydland and Prescott (1977) to incorporate exchange rate stability in the policymaker's objectives. We find that when the foreign exchange reserves increases, the inflation rate rises while the exchange rate effect is strong. Conversely, the inflation rate reduces when the monetary surprise effect is more powerful and the weight placed on output stability is not large. Our empirical study uses the data for five East Asian economies to make this argument more clear. The literature on institutional arrangements for central banks has been developed over the past several years. The most cited paper is perhaps the Kydland and Prescott (1977) which has been a stepping-stone for the subsequent works. In the previous literature, it is standard to assume that the central bank's objective function involves employment (or output) and inflation within the context of a closed economy. Our study will extend into an open- economy model and highlight the role of foreign exchange in monetary policy. First, the exchange rate will enter the objective function, as do output and inflation. This modification intends to describe the fact that many small or developing countries, like Argentina or Mexico, have made exchange-rate stability the centerpiece of their inflation stabilization attempts. Today even the European Monetary System (EMS) considers fixed exchange rate as an advantage to force governments to pursue more conservative inflation policies. Therefore incorporating exchange-rate stability into the objective function is sensible. And the similar setting can be seen in Obstfeld (1996) and Vitale (2003). Furthermore, because the central bank uses foreign exchange reserves as an instrument to sterilize the exchange rate, we will specify an equation to represent the link between exchange rate and foreign exchange reserves. Therefore the change in foreign exchange reserves will affect the inflation in the model. Our empirical study uses the data for five East Asian economies to make this argument more clear." @default.
- W2283464344 created "2016-06-24" @default.
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- W2283464344 date "2009-05-01" @default.
- W2283464344 modified "2023-09-26" @default.
- W2283464344 title "Foreign Exchange Reserves and Inflation: An Empirical Study of Five East Asian Economies" @default.
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