Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis

Douglas Laxton, Papa N'Diaye, Paolo Pesenti

NBER Working Paper No. 12703
Issued in November 2006

---- Acknowledgements -----

We thank Shin-ichi Fukuda, Takeo Hoshi, Takatoshi Ito, Andy Rose, Kazuo Ueda, Tsutomu Watanabe, Alessandro Zanello, and conference participants at the 18th Annual TRIO Conference in Tokyo for helpful suggestions. We also thank Hope Pioro, Susanna Mursula and Chris Tonetti for invaluable assistance. The views expressed in this paper are those of the authors and should not be attributed to the International Monetary Fund, IMF policy, its Executive Board, its management or any member government, the Federal Reserve Bank of New York, the Federal Reserve System, or any other institution mentioned herein or with which the authors are affiliated. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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