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Monetary and Fiscal Policy in Emerging Open Economics
 Algozhina, Aliya ; Slobodyan, Sergey (advisor) ; Galuščák, Kamil (referee) ; Lewis, Vivien (referee)
Title: "Monetary and Fiscal Policy in Small Open Economies" Abstract This dissertation studies monetary and fiscal policies jointly, with their respective policy rules in a small open economy. Policy interactions have attracted new research interest since the 2008 crisis due to a global increase in fiscal debt. The first chapter extends the standard New Keynesian model of a small open economy with the structural specifics relevant for emerging market countries: two instruments of monetary policy - interest rate and foreign exchange interventions, two instruments of fiscal policy - public consumption and public investment, two types of households - forward-looking and rule-of- thumb consumers, and foreign debt via collateral constraint. Imperfect capital mobility is assumed, as foreign borrowings are restricted and there is a positive steady state difference between the domestic and foreign interest rates, due to more impatient households in the domestic economy. Parameters are calibrated for Hungary and the model's simulation is compared between two cases: with and without a collateral constraint. The results show that fiscal and monetary policy shocks transmit to the economy differently from the standard Mundell-Fleming model. A positive public investment shock can cause exchange rate depreciation and...
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