Beware of emigrants bearing gifts : optimal fiscal and monetary policy in the presence of remittances / [prepared by] Ralph Chami, Thomas F. Cosimano, Michael T. Gapen.
This paper uses a stochastic dynamic general equilibrium model to investigate the influence of countercyclical remittances on the conduct of fiscal and monetary policy and trace their effects on real and nominal variables in a business cycle setting. We show that remittances raise disposable income...
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