An Integrated Policy Framework (IPF) Diagram for International Economics
El enfoque IS-LM de Mundell-Fleming ha guiado a generaciones de economistas durante los últimos 60 años. Pero los países han experimentado nuevos problemas la literatura financiera internacional ha avanzado y la composición de la economía mundial ha cambiado. y la composición de la economía mundial ha cambiado, por lo que es necesario actualizar el enfoque actualizado.
Proponemos un diagrama del Marco Integrado de Políticas (MIP) para analizar el uso de múltiples herramientas políticas en función de las perturbaciones y las características de los países.
The simplicity of the familiar IS-LM diagrams is powerfully appealing. The contribution of this paper is to introduce an “Integrated Policy Framework”— aka, “IPF”—diagram that is kept as simple as possible (but no simpler!)
Unlike Mundell-Fleming, this approach provides 'normative' answers to policy questions & can generate the kinds of destabilization countries worry about.
El modelo subyacente presenta un mercados de divisas poco profundos y restricciones al endeudamiento externo e interno ocasionalmente vinculantes. Nuestro diagrama incluye el uso de la política monetaria, la intervención en el mercado de divisas, los controles de capital y las medidas macroprudenciales nacionales. controles de capital y medidas macroprudenciales nacionales.
Tiene cuatro paneles para explorar cuatro disyuntivas clave relacionadas con el consumo de el mercado de la vivienda y la política monetaria.
Nuestro diagrama ampliado añade la política fiscal.
The Mundell-Fleming IS-LM approach has guided generations of economists over the past 60 years. I am excited to put out a new paper with Suman Basu that provides an updated approach, capturing the new problems countries experience.
The IPF diagram builds on this core paper with my co-authors Suman Basu,
Integrated Monetary and Financial Policies for Small Open Economies
https://www.imf.org/en/Publications/WP/Issues/2023/08/04/Integrated-Monetary-and-Financial-Policies-for-Small-Open-Economies-537587
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The Mundell-Fleming IS-LM approach has guided generations of economists over the past 60 years. But countries have experienced new problems, the international finance literature has advanced, and the composition of the global economy has changed, so the scene is set for an updated approach. We propose an Integrated Policy Framework (IPF) diagram to analyze the use of multiple policy tools as a function of shocks and country characteristics.
The underlying model features dominant currency pricing, shallow foreign exchange (FX) markets, and occasionally-binding external and domestic borrowing constraints. Our diagram includes the use of monetary policy, FX intervention, capital controls, and domestic macroprudential measures. It has four panels to explore four key trade-offs related to import consumption, home goods consumption, the housing market, and monetary policy. Our extended diagram adds fiscal policy into the mix.
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