Monetary and Fiscal Coordination in Small Open Economies [electronic resource] / Rupert Worrell.
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TextSeries: IMF Working Papers; Working Paper ; No. 00/56Publication details: Washington, D.C. : International Monetary Fund, 2000Description: 1 online resource (28 p.)ISBN: 1451847696 :ISSN: 1018-5941Subject(s): Central Bank Independence | Central Bank | Inflation | Low Inflation | Monetary Policies | Barbados | Dominican Republic | Jamaica | MexicoAdditional physical formats: Print Version:: Monetary and Fiscal Coordination in Small Open EconomiesOnline resources: IMF e-Library | IMF Book Store Abstract: This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In addition, the central bank and the treasury must work together on the design, implementation, monitoring and, when necessary, the revision of macroeconomic policy, and on providing the public with information on ongoing economic developments and interpretation of the macroeconomic strategy.
This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the real world of information asymmetries, uncertain expectations and changeable preferences, it is not enough to create an autonomous and publicly accountable central bank. In addition, the central bank and the treasury must work together on the design, implementation, monitoring and, when necessary, the revision of macroeconomic policy, and on providing the public with information on ongoing economic developments and interpretation of the macroeconomic strategy.
Description based on print version record.
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