Managing public debt, money supply and foreign assets: some indeterminacy results

Detalhes bibliográficos
Autor(a) principal: Cunha,Alexandre B.
Data de Publicação: 2005
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402005000300004
Resumo: We provide in this paper three indeterminacy results concerning competitive equilibrium in an open economy monetary model. First, we show that if Friedman's prescription of zero nominal interest rate is implemented, then the path of the nominal balances is not uniquely determined. Second, we show that the maturity of the public debt is undetermined in a competitive equilibrium. Finally, we show that any competitive equilibrium allocation and prices can be decentralized by distinct exchange-rate regimes.
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spelling Managing public debt, money supply and foreign assets: some indeterminacy resultsindeterminacymonetary policyexchange-rate regimeWe provide in this paper three indeterminacy results concerning competitive equilibrium in an open economy monetary model. First, we show that if Friedman's prescription of zero nominal interest rate is implemented, then the path of the nominal balances is not uniquely determined. Second, we show that the maturity of the public debt is undetermined in a competitive equilibrium. Finally, we show that any competitive equilibrium allocation and prices can be decentralized by distinct exchange-rate regimes.Fundação Getúlio Vargas2005-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402005000300004Revista Brasileira de Economia v.59 n.3 2005reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402005000300004info:eu-repo/semantics/openAccessCunha,Alexandre B.eng2006-05-08T00:00:00Zoai:scielo:S0034-71402005000300004Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2006-05-08T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv Managing public debt, money supply and foreign assets: some indeterminacy results
title Managing public debt, money supply and foreign assets: some indeterminacy results
spellingShingle Managing public debt, money supply and foreign assets: some indeterminacy results
Cunha,Alexandre B.
indeterminacy
monetary policy
exchange-rate regime
title_short Managing public debt, money supply and foreign assets: some indeterminacy results
title_full Managing public debt, money supply and foreign assets: some indeterminacy results
title_fullStr Managing public debt, money supply and foreign assets: some indeterminacy results
title_full_unstemmed Managing public debt, money supply and foreign assets: some indeterminacy results
title_sort Managing public debt, money supply and foreign assets: some indeterminacy results
author Cunha,Alexandre B.
author_facet Cunha,Alexandre B.
author_role author
dc.contributor.author.fl_str_mv Cunha,Alexandre B.
dc.subject.por.fl_str_mv indeterminacy
monetary policy
exchange-rate regime
topic indeterminacy
monetary policy
exchange-rate regime
description We provide in this paper three indeterminacy results concerning competitive equilibrium in an open economy monetary model. First, we show that if Friedman's prescription of zero nominal interest rate is implemented, then the path of the nominal balances is not uniquely determined. Second, we show that the maturity of the public debt is undetermined in a competitive equilibrium. Finally, we show that any competitive equilibrium allocation and prices can be decentralized by distinct exchange-rate regimes.
publishDate 2005
dc.date.none.fl_str_mv 2005-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402005000300004
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402005000300004
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402005000300004
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.59 n.3 2005
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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