The Reform of IMF Quotas: The Way Towards the 2008 Resolution

37 Pages Posted: 16 May 2010

Date Written: September 18, 2009

Abstract

Policy evaluation based on the estimation of dynamic stochastic general equilibrium models with aggregate macroeconomic time series rests on the assumption that a representative agent can be identified, whose behavioural parameters are independent of the policy rules. Building on earlier work by Geweke, the main goal of this paper is to show that the representative agent is in general not structural, in the sense that its estimated behavioural parameters are not policyindependent. The paper identifies two different sources of nonstructurality. The latter is shown to be a fairly general feature of optimizing representative agent rational expectations models estimated on macroeconomic data.

Keywords: International Relations, International Monetary Fund, governance

JEL Classification: F53, F59

Suggested Citation

Colabella, Andrea and Di Stefano, Enrica and Maurini, Claudia, The Reform of IMF Quotas: The Way Towards the 2008 Resolution (September 18, 2009). Bank of Italy Occasional Paper No. 54, Available at SSRN: https://ssrn.com/abstract=1606244 or http://dx.doi.org/10.2139/ssrn.1606244

Andrea Colabella

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Enrica Di Stefano

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Claudia Maurini (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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