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A floating versus managed exchange rate regime in a DSGE model of India
Batini, Nicoletta; Gabriel, Vasco J.; Levine, Paul; Pearlman, JosephWe first develop a two-bloc model of an emerging open economy interacting with the rest of the world calibrated using Indian and US data. The model features a financial accelerator and is suitable for examining the effects of financial stress on the real economy. Three variants of the model are highlighted with increasing degrees of financial frictions. The model is used to compare two monetary interest rate re...
How forward-looking is the fed? Direct estimates from a ‘Calvo-type’ rule
Gabriel, Vasco J.; Levine, Paul; Spencer, ChristopherWe estimate an alternative type of monetary policy rule, termed Calvo rule, according to which the central bank is assumed to target a discounted infinite sum of future expected inflation. Compared to conventional inflation forecast-based rules, which are typically of the Taylor-type with discrete forward looking horizons, this class of rule is less prone to the problem of indeterminacy. Parameter estimates obt...
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