South Asian Journal of Macroeconomics and Public Finance最新文献

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General Equilibrium Model for Monetary Policy Responses to Macroeconomic Instabilities in Developing Economy: A Ghanaian Perspective 发展中经济体应对宏观经济不稳定性的货币政策一般均衡模型：加纳视角

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2024-06-09 DOI: 10.1177/22779787241253638

N. Akosah, I. Alagidede, E. Schaling

{"title":"General Equilibrium Model for Monetary Policy Responses to Macroeconomic Instabilities in Developing Economy: A Ghanaian Perspective","authors":"N. Akosah, I. Alagidede, E. Schaling","doi":"10.1177/22779787241253638","DOIUrl":"https://doi.org/10.1177/22779787241253638","url":null,"abstract":"The study develops a standard New Keynesian model to examine how monetary authority reacts to both domestic and external shocks as well as how its policy decision impacts the general macroeconomy in developing African economy. Using Bayesian estimation techniques and a Ghanaian dataset, the article also seeks to determine the best-suited monetary policy rule for Ghana and countries with similar characteristics. The basic finding is that a forward-looking Taylor rule—where authority reacts to one-period-ahead inflation deviation from target alongside the current output gap—is the most appropriate monetary policy rule for Ghana. Another salient finding is that variations in output are mainly driven by price markup, labour supply, monetary policy and productivity shocks across the forecast horizons. In addition, the dominant determinants of inflation are exchange rate risk premium and price markup shocks. Collectively, the article also unveils that monetary policy responses to macroeconomic shocks are broadly in line with conventional economic theory. There is also conspicuous evidence that the general equilibrium model with representative consumers is practically suitable for monetary policy analysis in Ghana, as contractionary monetary policy impulse is able to contemporaneously induce disinflation and output contraction. Given the strong evidence of a large segment of the unbanked population in Ghana, the findings in this study could be verified based on a model that allows for the co-existence of optimizing and non-optimizing consumers. JEL Classification: B41, C5, C11, D11, D21, D41, D42, E2, E12, E43, E52, E58, F31, F41","PeriodicalId":509520,"journal":{"name":"South Asian Journal of Macroeconomics and Public Finance","volume":" 72","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141367516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The International Capital Flows and Domestic Savings–domestic Investment Nexus: A Comparative Evidence Between Heterogeneous Developing Regions 国际资本流动与国内储蓄-国内投资的关联：异质发展中地区之间的比较证据

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2024-05-17 DOI: 10.1177/22779787241245779

Shreya Pal

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引用次数: 0

Book review: M. Govinda Rao. Studies in Indian Public Finance 书评：M. Govinda Rao.印度公共财政研究

South Asian Journal of Macroeconomics and Public Finance Pub Date : 2024-03-31 DOI: 10.1177/22779787241236659

Anita Rath

引用次数: 0