The inflationary effects of stochastic resource revenues in resource-rich economies with less well-developed financial markets

摘要

This article develops a simple Dynamic Stochastic General Equilibrium (DSGE) model to illustrate how economies that face restrictions in their ability to alter both government spending and taxation in the short run and cannot borrow easily (perhaps because of incomplete internal capital markets) can find external fluctuations in resource revenues producing unexpected variations in their internal money supply and ultimately in their inflation rate. The main channels for these effects run through the government budget and through the country's balance of payments position. The model is calibrated to illustrate the case of Iran.View full textDownload full textKeywordsmonetary stability, stochastic oil revenues, dynamic stochastic general equilibrium model, passive and active government policiesJEL ClassificationC61, E13, E17, E37Related var addthis_config = { ui_cobrand: "Taylor & Francis Online", services_compact: "citeulike,netvibes,twitter,technorati,delicious,linkedin,facebook,stumbleupon,digg,google,more", pubid: "ra-4dff56cd6bb1830b" }; Add to shortlist Link Permalink http://dx.doi.org/10.1080/00036846.2011.581222