Review Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances

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Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances
By:Ralph Chami,Thomas F. Cosimano,Michael T. Gapen
Published on 2006-03-01 by International Monetary Fund

This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle setting. We show that remittances raise disposable income and consumption, and insure against income shocks, thereby raising household welfare. However, remittances increase the correlation between labor and output, thereby producing a more volatile business cycle and increasing output and labor market risk. Optimal monetary policy in the presence of remittances deviates from the Friedman rule, highlighting the need for independent government policy instruments.

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Book ID of Beware of Emigrants Bearing Gifts: Optimal Fiscal and Monetary Policy in the Presence of Remittances's Books is N6JWo7IG9I8C, Book which was written byRalph Chami,Thomas F. Cosimano,Michael T. Gapenhave ETAG "GjEn4ZAvf2o"

Book which was published by International Monetary Fund since 2006-03-01 have ISBNs, ISBN 13 Code is and ISBN 10 Code is

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Book which have "49 Pages" is Printed at BOOK under CategoryEmigrant remittances

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