Regional Economic Outlook, October 2009: Western Hemisphere - Crisis Averted - What's Next? ePub (Adobe DRM) download by International Monetary Fund

Regional Economic Outlook, October 2009: Western Hemisphere - Crisis Averted - What's Next?

INTERNATIONAL MONETARY FUND
Publication date: October 2009
ISBN: 9781451997620
Digital Book format: ePub (Adobe DRM)

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The large swings in world food prices in recent years renew interest in the question of how monetary policy in small open economies should react to such imported price shocks. We examine this issue in a canonical open economy setting with sticky prices and where food plays a distinctive role in utility. We show how world food price shocks affect natural output and other aggregates, and derive a second order approximation to welfare. Numerical calibrations show broad CPI targeting to be welfare-superior to alternative policy rules once the variance of food price shocks is sufficiently large as in real world data.
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