| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7979 |
| DP7979 A New Keynesian Open Economy Model for Policy Analysis | |
| David Soskice; Wendy Carlin | |
| 发表日期 | 2010-09-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | "Macroeconomics without the LM curve" has begun to move advanced undergraduate closed economy macroeconomics teaching models away from the IS/LM approach to simple versions of the New Keynesian models taught in graduate courses and used in central banks. But the equally traditional and antiquated Mundell-Fleming model still dominates undergraduate open economy macroeconomics. We develop a graphical and simplified New Keynesian model of the small open economy to replace it. The model features rational expectations in both the foreign exchange market and the central bank, and is well-suited to analyze how an inflation targeting central bank responds optimally to a variety of shocks. The graphical approach highlights how exchange rate expectations in the open economy impinge on the central bank?s decision-making. The basic model assumes the central bank targets domestic inflation and we show how a CPI inflation target modifies the analysis. |
| 主题 | International Macroeconomics |
| 关键词 | Mundell-fleming model New keynesian open economy model Optimal monetary policy rule Domestic inflation targeting Cpi inflation targeting Exchange rate overshooting |
| URL | https://cepr.org/publications/dp7979 |
| 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/536816 |
| 推荐引用方式 GB/T 7714 | David Soskice,Wendy Carlin. DP7979 A New Keynesian Open Economy Model for Policy Analysis. 2010. |
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