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Open and Closed Economies

2021-11-23 Business & Economics
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Release : 2021-11-23
Genre : Business & Economics
Kind : eBook
Book Rating : 349/5 ( reviews)

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Book Synopsis Open and Closed Economies by : Roderick Macdonald

Download or read book Open and Closed Economies written by Roderick Macdonald. This book was released on 2021-11-23. Available in PDF, EPUB and Kindle. Book excerpt: This book compares the experiences of the Philippines and Vietnam to gain insight into how openness to trade and financing can increase prosperity. In contrast, theoretical and empirical work in the 20th and early 21st centuries have returned mixed results regarding this assertion. The book also demonstrates the impracticality of any attempt to pursue prosperity in isolation. Chapter 1 discusses recent data and research on international trade and capital mobility. Chapter 2 describes the economy of Vietnam that has grown rapidly since beginning to open in 1994. Chapter 3 relates the stagnation of the Philippines as it remained closed from 1960 to 1994 and examines the recent rapid growth in spite of the continued relative restrictiveness of Philippine policy. Chapter 4 compares the two experiences and then conjectures about the feasibility of a prosperous autarky.

Monetary Policy in Open Versus Closed Economies in the Presence of Distortions

2016
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Release : 2016
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Book Synopsis Monetary Policy in Open Versus Closed Economies in the Presence of Distortions by : Kyu-Chul Jung

Download or read book Monetary Policy in Open Versus Closed Economies in the Presence of Distortions written by Kyu-Chul Jung. This book was released on 2016. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares the monetary policy problem in open economies with that in closed economies. It is found that the monetary policy problems in open and closed economies are isomorphic even in the presence of distortions in a steady state and hence the optimal monetary policies have similar properties. On the other hand, the monetary policy maker in open economies has a distorted incentive to manipulate the terms-of-trade. Because of the additional distortion in open economies, there exist gains from international monetary policy cooperation even in the case of a unit intertemporal elasticity of substitution, in contrast to the literature that abstracts from distortions in a steady state. Also, it is found that in the presence of distortions inflation bias is decreasing in openness, which is line with empirical evidence. In addition, this paper presents a simple transformation so that methods in closed economy models are easily applicable to open-economy models.

Open-Economy Macroeconomics

2016-07-27 Business & Economics
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Release : 2016-07-27
Genre : Business & Economics
Kind : eBook
Book Rating : 848/5 ( reviews)

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Book Synopsis Open-Economy Macroeconomics by : Helmut Frisch

Download or read book Open-Economy Macroeconomics written by Helmut Frisch. This book was released on 2016-07-27. Available in PDF, EPUB and Kindle. Book excerpt: The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.

Simultaneous and Successive Choice in Open and Closed Economies

1989 Operant conditioning
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Release : 1989
Genre : Operant conditioning
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Book Synopsis Simultaneous and Successive Choice in Open and Closed Economies by : Michael H. La Fiette

Download or read book Simultaneous and Successive Choice in Open and Closed Economies written by Michael H. La Fiette. This book was released on 1989. Available in PDF, EPUB and Kindle. Book excerpt:

Optimal Monetary Policy in Closed Versus Open Economies

2001 Economics
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Release : 2001
Genre : Economics
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Book Synopsis Optimal Monetary Policy in Closed Versus Open Economies by : Richard H. Clarida

Download or read book Optimal Monetary Policy in Closed Versus Open Economies written by Richard H. Clarida. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new open economy macro model of optimal monetary for a small open economy. Our main result is that in this model, the optimal policy problem for the small open economy is isomorphic to the closed economy case studied in Clarida, Gali, Gertler (1999). In particular, the optimal policy can be implemented with a Taylor Rule under which the domestic interest rate adjusts to the equilibrium real interest rate and expected inflation in domestic prices.

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