EXCHANGE RATE DYNAMICS AND MONETARY POLICY IN A SMALL OPEN ECONOMY: A DSGE MODEL FOR KAZAKHSTAN

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dc.contributor.authorKabzhalyalova, Madina
dc.date.accessioned2021-06-29T07:36:55Z
dc.date.available2021-06-29T07:36:55Z
dc.date.issued2021-06
dc.description.abstractShift to floating exchange rate regime is controversial decision to commodity oriented economy of Kazakhstan. Increase in volatility of nominal exchange rate is believed to bring deterioration of main macroeconomic variables and reduction of welfare. This paper thus aims to define optimal monetary policy in estimated small open economy of Kazakhstan. On a foundation of Taylor rule and under two specifications of the model it is found that currently National Bank of Kazakhstan reacts to movements in exchange rate on a limited extent. In addition, optimal policy simulation based on posterior distribution of model parameters and welfare loss minimization function is performed. This analysis shows that exchange rate stabilization within 5% band delivers lowest welfare loss.en_US
dc.identifier.citationKabzhalyalova, M. (2021). Exchange rate dynamics and monetary policy in a small open economy: a DSGE model for Kazakhstan (Unpublished master`s thesis). Nazarbayev University, Nur-Sultan, Kazakhstanen_US
dc.identifier.urihttp://nur.nu.edu.kz/handle/123456789/5477
dc.language.isoenen_US
dc.publisherNazarbayev University School of Sciences and Humanitiesen_US
dc.rightsAttribution-NonCommercial-ShareAlike 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/3.0/us/*
dc.subjectType of access: Open Accessen_US
dc.subjecteconomyen_US
dc.subjectKazakhstanen_US
dc.subjectexchange rateen_US
dc.titleEXCHANGE RATE DYNAMICS AND MONETARY POLICY IN A SMALL OPEN ECONOMY: A DSGE MODEL FOR KAZAKHSTANen_US
dc.typeMaster's thesisen_US
workflow.import.sourcescience

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