Identifying monetary policy in a small open economy under flexible exchange rates

Article Abstract:

A structural model was applied to Canada to assess the effects of unstable monetary policy fluctuations on exchange rates and other such variables in small open economies. Established theories sometimes do not hold when estimating the effects of such disturbances in economies outside the United States due to procedures that are not compatible with such small and open economies relative to the US. Results from the Canadian application were consistent with established theory which implies compatibility of the procedure used in the particular case.

Administration of General Economic Programs, Economics, Research and Development in the Social Sciences and Humanities, Currency Stabilization Programs, Canada, Prices and rates, Economic policy, Foreign exchange, Foreign exchange rates, Business cycles, Macroeconomics, Currency stabilization

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Monetary policy, parameter uncertainty and optimal learning

Article Abstract:

A new study investigates the possibility of a permanent bias in monetary policy because of parameter uncertainty and analyses how optimal policy hastens the speed of learning.

Models, Usage, Bayesian statistical decision theory, Bayesian analysis, Economic research

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