Interest Rate Rules and Transitional Dynamics in an Endogenously Growing Open Economy
學年 94
學期 2
出版（發表）日期 2006-02-01
作品名稱 Interest Rate Rules and Transitional Dynamics in an Endogenously Growing Open Economy
作品名稱（其他語言）
著者 Shaw, Ming-fu; Chen, Shu-hua; Lai, Ching-chong; Chang, Juin-jen
單位 淡江大學產業經濟學系
出版者
著錄名稱、卷期、頁數 Journal of International Money and Finance 27(1), pp.54-75
摘要 This paper sets up an endogenous growth model of an open economy in which the monetary authority implements a gradualist interest-rate rule with targets for both inflation and economic growth. We show that, under a passive rule, a monetary equilibrium exists and is unique. Moreover, the equilibrium is locally determinate. By contrast, an active rule implies either two equilibria, one high-growth and one low-growth, or none. In the case of two equilibria, the high-growth equilibrium is locally determinate, while the low-growth equilibrium is a source. Besides, the stabilization and growth effects of alternative target policies are also explored in this study. Moreover, in departing from the existing literature, we turn to focus on the analysis of transition with a particular emphasis on the case of imperfect credibility.
關鍵字 Interest-rate rules;Gradualism;Endogenous growth
語言 en
ISSN 1873-0639 0261-5606
期刊性質 國外
收錄於
產學合作
通訊作者
審稿制度 否
國別 GBR
公開徵稿
出版型式 ,電子版,紙本
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