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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.

Optimal Monetary Policy under Uncertainty, Second Edition

2019 Mathematical optimization
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Release : 2019
Genre : Mathematical optimization
Kind : eBook
Book Rating : 193/5 ( reviews)

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Book Synopsis Optimal Monetary Policy under Uncertainty, Second Edition by : Richard T. Froyen

Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen. This book was released on 2019. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.

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.

Optimal monetary policy in open economies

2010 Economic stabilization
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Release : 2010
Genre : Economic stabilization
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Book Synopsis Optimal monetary policy in open economies by : Giancarlo Corsetti

Download or read book Optimal monetary policy in open economies written by Giancarlo Corsetti. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the existing literature. In the model, the combination of complete exchange-rate pass-through ('producer currency pricing') and frictionless asset markets ensuring efficient risk sharing, results in a form of open-economy 'divine coincidence': in line with the prescriptions in the baseline New- Keynesian setting, the optimal monetary policy under cooperation is characterized by exclusively inward-looking targeting rules in domestic output gaps and GDP-deflator inflation. The chapter then examines deviations from this benchmark, when cross-country strategic policy interactions, incomplete exchange-rate pass-through ('local currency pricing') and asset market imperfections are accounted for. Namely, failure to internalize international monetary spillovers results in attempts to manipulate international relative prices to raise national welfare, causing inefficient real exchange rate fluctuations. Local currency pricing and incomplete asset markets (preventing efficient risk sharing) shift the focus of monetary stabilization to redressing domestic as well as external distortions: the targeting rules characterizing the optimal policy are not only in domestic output gaps and in.ation, but also in misalignments in the terms of trade and real exchange rates, and cross-country demand imbalances.

Handbook of Monetary Economics

1990 Economics
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Release : 1990
Genre : Economics
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Book Synopsis Handbook of Monetary Economics by : Benjamin M. Friedman

Download or read book Handbook of Monetary Economics written by Benjamin M. Friedman. This book was released on 1990. Available in PDF, EPUB and Kindle. Book excerpt:

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