Carlos García, Wildo González.
Empirical Economics.
2014.
To estimate how monetary policy works in small open economies,we build a dynamic stochastic general equilibrium model that incorporates the basic features of these economies. We conclude that the monetary policy in a group of small open economies (including Australia,Chile,Colombia,Peru,and New Zealand) is rather similar to that observed in closed economies. Our results also indicate,however,that there are strong differences due….