کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
965235 | 930795 | 2008 | 33 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Liquidity trap and optimal monetary policy in open economies
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We consider an open-economy model with the Calvo-type sticky prices. We mainly analyze the situation in which the monetary authority in each country cooperates so as to maximize the world welfare. In the case where the zero lower bound (ZLB) on nominal interest rates never binds, the optimal inflation targeting rule in our open-economy model has exactly the same form as in the closed-economy model. This is not the case, however, when the ZLB may bind. The optimal paths are characterized in such a situation. In contrast with what has been suggested in the existing literature, the optimal paths of the nominal exchange rate in our model typically exhibit appreciation of the currency of the country where the ZLB binds. J. Japanese Int. Economies 22 (1) (2008) 1-33.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 22, Issue 1, March 2008, Pages 1-33
Journal: Journal of the Japanese and International Economies - Volume 22, Issue 1, March 2008, Pages 1-33
نویسندگان
Tomoyuki Nakajima,