全球智库信息集成服务系统(G2TT): DP78 Alternative Financial Policy Rules in an Open Economy Under Rational and Adaptive Expectations

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP78
	DP78 Alternative Financial Policy Rules in an Open Economy Under Rational and Adaptive Expectations
	Jane Rapson; R Whittaker; Keith Blackburn; Simon Wren-Lewis
发表日期	1985-10-01
出版年	1985
语种	英语
摘要	The potential instability of a fixed monetary rule combined with automatic fixed stabilisers is a well-established feature of closed economy IS/LM models with wealth effects and asset accumulation. This paper examines the stability issue in a general open economy macromodel with alternative expectations mechanisms (rational or adaptive) in both the labour market and the foreign exchange market. The fixed monetary rule is found to be stabilising only in special cases, notably when post-tax real interest rates are negative and the foreign exchange market is characterised by high capital mobility and rational expectations. By contrast, the alternative rule of fixing the rate of growth of nominal government debt is stable for a wide range of parameter values and alternative expectations schemes.
主题	International Macroeconomics
关键词	Adaptive expectations monetary policy Open economy macro Rational expectations
URL	https://cepr.org/publications/dp78
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/529234
推荐引用方式 GB/T 7714	Jane Rapson,R Whittaker,Keith Blackburn,et al. DP78 Alternative Financial Policy Rules in an Open Economy Under Rational and Adaptive Expectations. 1985.