Monetary and macroprudential policies in the presence of external shocks: evidence from an emerging economy

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dc.contributor.authorLubis, Alexander
dc.contributor.authorAlexiou, Constantinos
dc.contributor.authorNellis, Joseph G.
dc.date.accessioned2021-08-04T10:31:03Z
dc.date.available2021-08-04T10:31:03Z
dc.date.issued2021-07-22
dc.description.abstractPurpose This paper examines the impact of using the reserve requirements, combined with foreign exchange (FX) intervention, as key instruments in an inflation-targeting framework. Design/methodology/approach In the context of a dynamic stochastic general equilibrium (DSGE) framework and using Bayesian techniques, the authors estimate a model for the Indonesian economy using quarterly data spanning the period 2005Q2–2019Q4. Findings The reserve requirement is found to assume a complementary role to that of the interest rate policy and FX intervention when used to stabilise the macroeconomy. Originality/value This paper provides a benchmark for other emerging countries that consider adopting the inflation targeting framework and impose an FX intervention as part of their monetary policy.en_UK
dc.identifier.citationLubis A, Alexiou C, Nellis JG. (2022) Monetary and macroprudential policies in the presence of external shocks: evidence from an emerging economy. Journal of Economic Studies, Volume 49, Number 6, 24 August 2022, pp. 960-977en_UK
dc.identifier.issn0144-3585
dc.identifier.urihttps://doi.org/10.1108/JES-11-2020-0577
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/16965
dc.language.isoenen_UK
dc.publisherEmeralden_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectDSGEen_UK
dc.subjectReserve requirementen_UK
dc.subjectForeign exchange interventionen_UK
dc.subjectMacroprudential policyen_UK
dc.subjectMonetary policyen_UK
dc.titleMonetary and macroprudential policies in the presence of external shocks: evidence from an emerging economyen_UK
dc.typeArticleen_UK

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