全球智库信息集成服务系统(G2TT): Optimal Interest Rate Policy in a Small Open Economy

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w8721
来源ID	Working Paper 8721
	Optimal Interest Rate Policy in a Small Open Economy
	Eric Parrado; Andres Velasco
发表日期	2002-01-17
出版年	2002
语种	英语
摘要	Using an optimizing model we derive the optimal monetary and exchange rate policy for a small stochastic open economy with imperfect competition and short run price rigidity. The optimal monetary policy has an exact closed-form solution and is obtained using the utility function of the representative home agent as welfare criterion. The optimal policy depends on the source of stochastic disturbances affecting the economy, much as in the literature pioneered by Poole (1970). Optimal monetary policy reacts to domestic and foreign disturbances. If the intertemporal elasticity of substitution in consumption is less than one, as is likely to be the case empirically, the optimal exchange rate policy implies a dirty float: interest rate shocks from abroad are met partially by adjusting home interest rates, and partially by allowing the exchange rate to move. This optimal pattern may help rationalize the observed fear of floating.
主题	Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics
URL	https://www.nber.org/papers/w8721
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/566328
推荐引用方式 GB/T 7714	Eric Parrado,Andres Velasco. Optimal Interest Rate Policy in a Small Open Economy. 2002.

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
w8721.pdf（489KB）	智库出版物		限制开放	CC BY-NC-SA	浏览