Optimal Monetary Policy in Closed Versus Open Economies

Released on by Richard H. Clarida
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  • Optimal Monetary Policy in Closed Versus Open Economies Book Detail

  • Author : Richard H. Clarida
  • Release Date : 2001
  • Publisher :
  • Genre : Economics
  • Pages : 32
  • ISBN 13 :
  • File Size : 23,23 MB
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Optimal Monetary Policy in Closed Versus Open Economies by Richard H. Clarida PDF Summary

Book Description: 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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Optimal monetary policy in open economies

Optimal monetary policy in open economies

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This chapter studies optimal monetary stabilization policy in interdependent open economies, by proposing a unified analytical framework systematizing the exist