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Essays on monetary policy in emerging economies

Abstract : This PhD dissertation is made of four papers on central banking in inflation-targeting emerging economies. The first part of the dissertation is dedicated to two empirical works, based on the experiences of the 19 emerging economies that have adopted an inflation-targeting framework. I examine what exchange rate arrangement these economies are implementing together with the inflation targeting strategy, and what can explain their choice. ln the first chapter, I propose a new method to build up taxonomies of exchange-rate regimes. My approach is based on Gaussian mixture estimates. ln the second chapter, the choices for exchange-rate arrangements are explained though panel econometrics analysis. The second part of the dissertation is about the theory of optimal monetary policy. ln the first chapter, I propose an original dynamic stochastic general equilibrium model to study what should monetary policy do when food price hikes, in a small open emerging economy. ln the last chapter, a similar modeling approach is used to analysis how credit constraints impact monetary policy in financially venerable emerging economies.
Keywords : Inflation targeting
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Marc Pourroy. Essays on monetary policy in emerging economies. Economics and Finance. Université Panthéon-Sorbonne - Paris I, 2013. English. ⟨NNT : 2013PA010061⟩. ⟨tel-00984303⟩

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