| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5589 |
| DP5589 Trade, FDI and the Organization of Firms | |
| Elhanan Helpman | |
| 发表日期 | 2006-03-29 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Blanchard (2005) suggested that active interest rate policy might induce unstable dynamics in highly-indebted economies. We examine this in a dynamic general equilibrium model where Calvo-type price rigidities provide a rationale for inflation stabilization. Unstable dynamics can occur when the CB is aggressively raising the interest rate in response to higher expected inflation. The constraint on stabilizing interest rate policy is tighter the higher the primary deficit and the more open the economy is. If the government cannot borrow from abroad in its own currency, stability requires interest rate policy to be accommodating (passive). Inflation stabilization is nevertheless feasible if the CB uses an instrument not associated with default risk, e.g. money supply. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal-monetary policy interactions Sovereign default risk Foreign debt Inflation targeting Policy implementation |
| URL | https://cepr.org/publications/dp5589 |
| 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/534445 |
| 推荐引用方式 GB/T 7714 | Elhanan Helpman. DP5589 Trade, FDI and the Organization of Firms. 2006. |
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