Optimal Monetary Policy for Postwar Iraq

Bedri Tas and Selahattin Togay

No 488, Working Papers from Economic Research Forum

Abstract: This paper theoretically investigates the optimal monetary policy regime for post-war Iraq. We analyze the macroeconomic dynamics (inflation, output and exchange rate) and the credibility and reputation of the Central Bank of Iraq (CBI) under alternative monetary policy regimes. We construct a detailed and realistic model that can be used to analyze the macroeconomic structure and expectation dynamics of an oil-producing, open economy. The simulation results indicate that an independent central bank with inflation targeting achieves credibility and reputation. The model constructed in this paper can be used to investigate more oil producing open countries.

Pages: 16 pages
Date: 2009-05, Revised 2009-05
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Published by The Economic Research Forum (ERF)

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