| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3311 |
| DP3311 The Effect of Benefit Sanctions on the Duration of Unemployment | |
| Jan C. van Ours; Josef Zweimüller; Rafael Lalive | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a tractable canonical system in domestic inflation and the output gap. We employ this framework to analyse the macroeconomic implications of three alternative monetary policy regimes for the small open economy: domestic inflation targeting, CPI targeting and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of exchange rate volatility that they entail. We also discuss a special case for which domestic inflation targeting constitutes the optimal policy, and where a simple second order approximation to the utility of the representative consumer can be derived and used to evaluate the welfare losses associated with suboptimal regimes. |
| 主题 | International Macroeconomics |
| 关键词 | Small open economy Optimal monetary policy Sticky prices Exchange rate peg Exchange rate volatility |
| URL | https://cepr.org/publications/dp3311 |
| 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/532337 |
| 推荐引用方式 GB/T 7714 | Jan C. van Ours,Josef Zweimüller,Rafael Lalive. DP3311 The Effect of Benefit Sanctions on the Duration of Unemployment. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
