IMF paper on optimal monetary policy frameworks under price distortions
An International Monetary Fund paper published on January 18 says the appropriate monetary policy framework for a country depends on its sensitivity to distortions from subsidised prices and the costly adjustment of prices.
Mohamed Safouane Ben Aissa and Nooman Rebei, the paper's authors, estimate a small-scale, structural equilibrium model with a sticky-price sector and a subsidised price sector to investigate the optimal monetary policy rule in the presence of government intervention to
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