Front Matter Page
Research Department
Contents
1. Introduction
2. Model
2.1. Households
2.2. Producers
2.3. Interest Rates
2.4. Equilibrium and Some Analytics
3. Impulse Response to a Monetary Policy Shock
4. Empirical Evidence
4.1. Data Sources
4.2. Results
5. Discerning Pricing Paradigm
6. Optimal Monetary Policy
6.1. Canonical Representation
6.2. Welfare Loss Function
6.3. Monetary Policy Trade-offs
7. Conclusion
8. References
Tables
1. Parameter Values
2. Currency Distribution
3. ERPT into Colombian Export Prices (Dollarized Economies)
4. ERPT into Colombia Export Prices (Non-Dollarized Economies)
5. ERPT into Colombian Import Prices (Dollarized)
6. ERPT into Colombian Import Prices (Non-Dollarized)
7. ERPT into Colombian Export Quantities (Dollarized)
8. ERPT into Colombian Import Quantities (Dollarized)
9. ERPT into Colombian Export Quantities (Non-Dollarized)
10. ERPT into Colombian Import Quantities (Non-Dollarized)
11. Parameter Values
12. Moment Matching
13. ERPT (Non-Dollarized Economies)
14. ERPT Quantities
Figures
1. Impulse Response to a Domestic Monetary Policy Shock
2. Impulse Response to a Domestic Monetary Policy Shock (continued)
3. Exchange Rate and Terms-of-Trade
4. ERPT – Export and Import Prices
5. ERPT – Export and Import Prices, U
6. ERPT – Export and Import Prices, R
7. ERPT, Varying α and Γ
Appendix
Proof of Proposition