| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP168 |
| DP168 Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy | |
| Frederick van der Ploeg; Theo van de Klundert | |
| 发表日期 | 1987-03-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper formulates an optimizing model of a small open economywith a representative (immortal) household, a firm and agovernment. The asset menu consists of domestic currency,non-traded bonds and traded bonds. There is a risk-premium ontraded bonds, which leads to deviations from perfect capitalmobility and UIP. Taxes are lump-sum, so that finance by bonds andby taxation are equivalent. The model allows for current-accountand wealth dynamics. There are six versions of the model dependingon whether one assumes purchasing power parity or imperfectsubstitution between home and foreign goods and on whether there islabour market equilibrium, nominal wage rigidity or real wagerigidity. For each of these variants, the steady-state effects of afiscal contraction, monetary disinflation, a worsening of thesupply side, an increase in the world interest rate, and a resourcediscovery are discussed. The transient effects of these policiesfor some of these versions are analysed with the aid of a "multipleshooting" algorithm. |
| 主题 | International Macroeconomics |
| 关键词 | Capital mobility Fiscal policy monetary policy Open economy Purchasing power parity Wage rigidity |
| URL | https://cepr.org/publications/dp168 |
| 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/529324 |
| 推荐引用方式 GB/T 7714 | Frederick van der Ploeg,Theo van de Klundert. DP168 Wage Rigidity and Capital Mobility in an Optimizing Model of a Small Open Economy. 1987. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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