کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5083263 1477797 2016 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Determinacy and learnability of equilibrium in a small-open economy with sticky wages and prices
ترجمه فارسی عنوان
تعیین و تعیین تعادل در یک اقتصاد کوچک باز با دستمزد چسبنده و قیمت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
In a small-open economy model with nominal wage and price rigidities, it has been argued that, in terms of welfare losses, the monetary policy rule that responds to consumer price index (CPI) inflation performs better than rules that react to competing inflation measures. From the viewpoint of determinacy and learnability of rational expectations equilibrium (REE), this paper suggests that the rule that responds to CPI inflation does not increase the Central Bank's ability to promote the convergence of an economy to a determinate and learnable REE nor improves the speed of this convergence when compared with rules that react to contending inflation measures.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 45, September 2016, Pages 16-32
نویسندگان
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