MONETARY POLICY RULES AND MACROECONOMIC STABILIZATION IN SMALL OPEN ECONOMIES UNDER BEHAVIORAL FX TRADING: INSIGHTS FROM NUMERICAL SIMULATIONS*

Christian R. Proaño

12 citations0/0 files storedManchester School

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

In this paper the interaction between foreign exchange (FX) markets driven by trading based on behavioral forecasting rules and the macroeconomy of a small open economy is investigated. A special focus of the paper is set on the consequences of chartism or technical analysis for the stability at the macroeconomic level. Furthermore, the performance of alternative monetary policy rules concerning the overall stabilization of the economy is investigated through numerical analysis.

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1995Exchange Rate Dynamics Redux 1997An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy 2000Fear of Floating 1997A Rational Route to Randomness 1998Heterogeneous beliefs and routes to chaos in a simple asset pricing model 2002Fear of Floating 2005Monetary Policy and Exchange Rate Volatility in a Small Open Economy 2000Open-Economy Inflation Targeting

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