Identificador persistente para citar o vincular este elemento: http://hdl.handle.net/10553/74826
Título: Monetary policy and exchange rate regime in tourist islands
Autores/as: Inchausti-Sintes, Federico 
Pérez Granja, Ubay Roberto 
Clasificación UNESCO: 531290 Economía sectorial: turismo
Palabras clave: Exchange Rate
Monetary Policy
Stochastic Dynamic General Equilibrium Models
Tourism Demand
Fecha de publicación: 2022
Proyectos: Ubay Pérez-Granja, PhD, was funded by ‘Contrato predoctoral del programa predoctoral de formación del personal
Publicación seriada: Tourism Economics 
Resumen: The broad impact of the travel industry on economies has been comprehensively analysed in the tourism literature. Despite this, its consequences for monetary policy have remained unaddressed. This article aims at providing a first approach in this line for the case of three small tourist islands such as Cabo Verde, Mauritius and Seychelles. The research is based on a Bayesian estimation using a dynamic stochastic general equilibrium model (DSGE), and the optimal response to a tourism demand shock of four monetary policies is analysed. According to the results, both a conventional peg and an inflation-targeting policies achieve better economic performance. More precisely, the inflation is lower in the former. However, the rise in consumption and the gain in the external competitiveness are sharper in the latter. Finally, the other two policies, an inflation-targeting with managed exchange rate policy and an imported-inflation targeting policies, generate higher consumption and external competitiveness, but, also higher inflation and interest rate.
URI: http://hdl.handle.net/10553/74826
ISSN: 1354-8166
DOI: 10.1177/1354816620959496
Fuente: Tourism Economics [ISSN 1354-8166], (Enero 2020), v. 28(2), p. 325-348
Colección:Artículos
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