| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8175 |
| 来源ID | Working Paper 8175 |
| Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices | |
| Bennett T. McCallum; Edward Nelson | |
| 发表日期 | 2001-03-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | The new open-economy macroeconomics' seeks to provide an improved basis for monetary and exchange-rate policy through the construction of open-economy models that feature rational expectations, optimizing agents, and slowly adjusting prices of goods. This paper promotes an alternative approach for constructing such models by treating imports not as finished consumer goods but rather as raw-material inputs to the home economy's productive process. This treatment leads to a clean and simple theoretical structure that has some empirical attractions as well. A particular small-economy model is calibrated and its properties exhibited, primarily by means of impulse response functions. The preferred variant is shown to feature a pattern of correlations between exchange-rate changes and inflation that is more realistic than provided by a more standard specification. Important recent events are interpreted in light of the alternative models. |
| 主题 | Macroeconomics ; Monetary Policy |
| URL | https://www.nber.org/papers/w8175 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565771 |
| 推荐引用方式 GB/T 7714 | Bennett T. McCallum,Edward Nelson. Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8175.pdf（302KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
