Essays on monetary policy, institutions and terms of trade shocks in emerging market economies

• Main Author: Hove, Seedwell
• Other Authors: Mama, Albert Touna
• Format: Doctoral Thesis
• Language: English
• Published: University of Cape Town 2015
• Subjects: Economics
• Online Access: http://hdl.handle.net/11427/11544

Includes abstract. === Includes bibliographical references. === This thesis focuses on two important features of emerging market economies: institutional weaknesses and the exposure to commodity terms of trade shocks and how they shape the macroeconomic dynamics and the conduct of monetary policy. These issues are discussed in three essays. The first essay empirically evaluates the role of institutional structures in inflation targeting in emerging market economies (EMEs). The second essay theoretically investigates the appropriate monetary policy responses to commodity terms of trade shocks using a multi-sector New Keynesian dynamic stochastic general equilibrium (DSGE) model. Finally, the third essay empirically analyses the responses of different monetary policy regimes to commodity terms of trade shocks in emerging market economies.