کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964696 1479180 2013 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Time consistency of optimal monetary and fiscal policy in a small open economy
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Time consistency of optimal monetary and fiscal policy in a small open economy
چکیده انگلیسی

This paper characterizes conditions under which optimal monetary and fiscal policy is time consistent in a stylized small open economy with a flexible foreign exchange rate regime. It shows that these conditions depend on the way in which leisure is assumed to enter preferences and/or on the process which productivity is assumed to follow. This paper further argues that these conditions may fail to be sufficient if the small open economy implements a fixed foreign exchange rate regime. Thus, a credible fixed exchange rate regime does not necessarily help render optimal policy time consistent.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 36, September 2013, Pages 47–67
نویسندگان
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