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Title: Essays on monetary policy in emerging markets
Author: Saxegaard, Magnus
ISNI:       0000 0000 4909 0140
Awarding Body: University of Oxford
Current Institution: University of Oxford
Date of Award: 2006
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This thesis consists of three papers that analyse the conduct of monetary policy in emerging markets, highlighting firstly the implications of government liability dollarisation and secondly the existence of excess liquidity in the commercial banking system. In the first two papers, the impact of foreign currency government debt on the welfare implications of alternative monetary policy rules is analysed using a small open-economy general equilibrium model. In a version of this model calibrated to represent a typical emerging market economy we find that even in the presence of significant liability dollarisation, CPI inflation targeting welfare dominates an exchange rate peg.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available