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Fiscal and monetary policy rules in Malawi: a New Keynesian DSGE analysis
https://doi.org/10.24545/00001667
https://doi.org/10.24545/0000166798a5b494-c08f-47e8-8b48-9c561349c795
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP19-03.pdf (2.7 MB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||||
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| 公開日 | 2019-04-23 | |||||||||
| タイトル | ||||||||||
| タイトル | Fiscal and monetary policy rules in Malawi: a New Keynesian DSGE analysis | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Fiscal policy | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Monetary policy | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | New-Keynesian | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | DSGE | |||||||||
| キーワード | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Bayesian | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ | technical report | |||||||||
| ID登録 | ||||||||||
| ID登録 (DOI) | 10.24545/00001667 | |||||||||
| ID登録タイプ | JaLC | |||||||||
| 著者 |
MATOLA, Joseph Upile
× MATOLA, Joseph Upile
× LEON-GONZALEZ, Roberto
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| 著者所属 | ||||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies;Ministry of Finance, Economic Planning, and Development, Lilongwe, Malawi | |||||||||
| 著者所属 | ||||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||||
| 抄録 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | In this paper, Malawi’s fiscal and monetary policy rules are estimated and their effects and influence on key macroeconomic variables analyzed in a New Keynesian DSGE framework. Bayesian estimation is used to estimate the model using data on consumption, investment, inflation, nominal interest rate, government spending, consumption tax revenue, and income tax revenue. It is found that monetary policy in Malawi follows a Taylor type interest rate rule in which interest rates respond strongly to changes in inflation, in accordance with the “Taylor principle”, and only mildly to output fluctuations. Fiscal policy too reacts to output fluctuations in a modest fashion. With regards to the main drivers of output fluctuations, it is shown that although fiscal and monetary policy shocks play a significant role, it is actually productivity shocks and to a lesser extent cost-push and preference shocks that are the main contributors to business cycles. | |||||||||
| 内容記述 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | JEL Classification Codes:E12, E31, E32, E58, E62 | |||||||||
| 発行年 | ||||||||||
| 値 | 2019-04 | |||||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP19-03, 発行日 2019-04-23 |
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| 出版者 | ||||||||||
| 出版者 | GRIPS Policy Research Center | |||||||||
| 言語 | en | |||||||||
| 関連サイト | ||||||||||
| 関連タイプ | isIdenticalTo | |||||||||
| 識別子タイプ | URI | |||||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/19-03.html | |||||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/19-03.html | |||||||||
| 著者情報 | ||||||||||
| 内容記述タイプ | Other | |||||||||
| 内容記述 | https://www.grips.ac.jp/list/jp/facultyinfo/leon_gonzalez_roberto/ | |||||||||
| 著者版フラグ | ||||||||||
| 出版タイプ | AM | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||||
