Optimal monetary policy for a small open economy
Autor(a) principal: | |
---|---|
Data de Publicação: | 2009 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UCB |
Texto Completo: | http://hdl.handle.net/123456789/218 https://repositorio.ucb.br:9443/jspui/handle/123456789/7430 |
Resumo: | This paper focuses on the design of monetary policy rules for a small open economy. The model features optimizing behavior, general equilibrium and price stickiness. The real exchange rate is shown to affect the firm's real marginal cost, aggregate supply and aggregate demand. The welfare objective depends on the openness of the economy, and the optimal policy rule differs from that which obtains in a closed economy. The inflation versus output gap stabilization trade-off is caused by the real exchange rate. The implied optimal monetary policy regime is domestic inflation target coupled with controlled floating of the real exchange rate. |
id |
UCB-2_da816bb3b9237b45000fc22deff596b4 |
---|---|
oai_identifier_str |
oai:200.214.135.189:123456789/7430 |
network_acronym_str |
UCB-2 |
network_name_str |
Repositório Institucional da UCB |
spelling |
Divino, Jose Angelo2016-10-10T03:51:27Z2016-10-10T03:51:27Z2009DIVINO, Jose Angelo. Optimal monetary policy for a small open economy, Economic Modelling, v. 26, n. 2, p. 352-358, 2009.http://hdl.handle.net/123456789/218https://repositorio.ucb.br:9443/jspui/handle/123456789/7430This paper focuses on the design of monetary policy rules for a small open economy. The model features optimizing behavior, general equilibrium and price stickiness. The real exchange rate is shown to affect the firm's real marginal cost, aggregate supply and aggregate demand. The welfare objective depends on the openness of the economy, and the optimal policy rule differs from that which obtains in a closed economy. The inflation versus output gap stabilization trade-off is caused by the real exchange rate. The implied optimal monetary policy regime is domestic inflation target coupled with controlled floating of the real exchange rate.Made available in DSpace on 2016-10-10T03:51:27Z (GMT). No. of bitstreams: 5 Optimal Monetary Policy for a Small Open Economy.pdf: 251229 bytes, checksum: 3e9fd1f17166dd762f464d1a776edfe1 (MD5) license_url: 52 bytes, checksum: 3d480ae6c91e310daba2020f8787d6f9 (MD5) license_text: 21716 bytes, checksum: c200d7a52028dd255d79d7c917cc149a (MD5) license_rdf: 23005 bytes, checksum: 845fd6e03839c7264c0c164178b2e173 (MD5) license.txt: 1818 bytes, checksum: 46de3043f08e87659ae535ef74b8ce9d (MD5) Previous issue date: 2009SimPublicadoTextoRestrito UCBinfo:eu-repo/semantics/openAccessTrade-offStabilizationOptimal monetary policy for a small open economyinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomic Modellingengreponame:Repositório Institucional da UCBinstname:Universidade Católica de Brasília (UCB)instacron:UCBORIGINALOptimal Monetary Policy for a Small Open Economy.pdfapplication/pdf251229https://200.214.135.178:9443/jspui/bitstream/123456789/7430/1/Optimal%20Monetary%20Policy%20for%20a%20Small%20Open%20Economy.pdf3e9fd1f17166dd762f464d1a776edfe1MD51CC-LICENSElicense_urlapplication/octet-stream52https://200.214.135.178:9443/jspui/bitstream/123456789/7430/2/license_url3d480ae6c91e310daba2020f8787d6f9MD52license_textapplication/octet-stream21716https://200.214.135.178:9443/jspui/bitstream/123456789/7430/3/license_textc200d7a52028dd255d79d7c917cc149aMD53license_rdfapplication/octet-stream23005https://200.214.135.178:9443/jspui/bitstream/123456789/7430/4/license_rdf845fd6e03839c7264c0c164178b2e173MD54LICENSElicense.txttext/plain1818https://200.214.135.178:9443/jspui/bitstream/123456789/7430/5/license.txt46de3043f08e87659ae535ef74b8ce9dMD55TEXTOptimal Monetary Policy for a Small Open Economy.pdf.txtOptimal Monetary Policy for a Small Open Economy.pdf.txtExtracted texttext/plain45166https://200.214.135.178:9443/jspui/bitstream/123456789/7430/6/Optimal%20Monetary%20Policy%20for%20a%20Small%20Open%20Economy.pdf.txt6cf6940f6023c2bb8fe566d3ae258c21MD56123456789/74302017-01-17 14:54:48.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ório de Publicaçõeshttps://repositorio.ucb.br:9443/jspui/ |
dc.title.pt_BR.fl_str_mv |
Optimal monetary policy for a small open economy |
title |
Optimal monetary policy for a small open economy |
spellingShingle |
Optimal monetary policy for a small open economy Divino, Jose Angelo Trade-off Stabilization |
title_short |
Optimal monetary policy for a small open economy |
title_full |
Optimal monetary policy for a small open economy |
title_fullStr |
Optimal monetary policy for a small open economy |
title_full_unstemmed |
Optimal monetary policy for a small open economy |
title_sort |
Optimal monetary policy for a small open economy |
author |
Divino, Jose Angelo |
author_facet |
Divino, Jose Angelo |
author_role |
author |
dc.contributor.author.fl_str_mv |
Divino, Jose Angelo |
dc.subject.por.fl_str_mv |
Trade-off Stabilization |
topic |
Trade-off Stabilization |
dc.description.abstract.por.fl_txt_mv |
This paper focuses on the design of monetary policy rules for a small open economy. The model features optimizing behavior, general equilibrium and price stickiness. The real exchange rate is shown to affect the firm's real marginal cost, aggregate supply and aggregate demand. The welfare objective depends on the openness of the economy, and the optimal policy rule differs from that which obtains in a closed economy. The inflation versus output gap stabilization trade-off is caused by the real exchange rate. The implied optimal monetary policy regime is domestic inflation target coupled with controlled floating of the real exchange rate. |
dc.description.version.pt_BR.fl_txt_mv |
Sim |
dc.description.status.pt_BR.fl_txt_mv |
Publicado |
description |
This paper focuses on the design of monetary policy rules for a small open economy. The model features optimizing behavior, general equilibrium and price stickiness. The real exchange rate is shown to affect the firm's real marginal cost, aggregate supply and aggregate demand. The welfare objective depends on the openness of the economy, and the optimal policy rule differs from that which obtains in a closed economy. The inflation versus output gap stabilization trade-off is caused by the real exchange rate. The implied optimal monetary policy regime is domestic inflation target coupled with controlled floating of the real exchange rate. |
publishDate |
2009 |
dc.date.issued.fl_str_mv |
2009 |
dc.date.accessioned.fl_str_mv |
2016-10-10T03:51:27Z |
dc.date.available.fl_str_mv |
2016-10-10T03:51:27Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
status_str |
publishedVersion |
format |
article |
dc.identifier.citation.fl_str_mv |
DIVINO, Jose Angelo. Optimal monetary policy for a small open economy, Economic Modelling, v. 26, n. 2, p. 352-358, 2009. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/123456789/218 https://repositorio.ucb.br:9443/jspui/handle/123456789/7430 |
identifier_str_mv |
DIVINO, Jose Angelo. Optimal monetary policy for a small open economy, Economic Modelling, v. 26, n. 2, p. 352-358, 2009. |
url |
http://hdl.handle.net/123456789/218 https://repositorio.ucb.br:9443/jspui/handle/123456789/7430 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
Restrito UCB info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Restrito UCB |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
Texto |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UCB instname:Universidade Católica de Brasília (UCB) instacron:UCB |
instname_str |
Universidade Católica de Brasília (UCB) |
instacron_str |
UCB |
institution |
UCB |
reponame_str |
Repositório Institucional da UCB |
collection |
Repositório Institucional da UCB |
bitstream.url.fl_str_mv |
https://200.214.135.178:9443/jspui/bitstream/123456789/7430/1/Optimal%20Monetary%20Policy%20for%20a%20Small%20Open%20Economy.pdf https://200.214.135.178:9443/jspui/bitstream/123456789/7430/2/license_url https://200.214.135.178:9443/jspui/bitstream/123456789/7430/3/license_text https://200.214.135.178:9443/jspui/bitstream/123456789/7430/4/license_rdf https://200.214.135.178:9443/jspui/bitstream/123456789/7430/5/license.txt https://200.214.135.178:9443/jspui/bitstream/123456789/7430/6/Optimal%20Monetary%20Policy%20for%20a%20Small%20Open%20Economy.pdf.txt |
bitstream.checksum.fl_str_mv |
3e9fd1f17166dd762f464d1a776edfe1 3d480ae6c91e310daba2020f8787d6f9 c200d7a52028dd255d79d7c917cc149a 845fd6e03839c7264c0c164178b2e173 46de3043f08e87659ae535ef74b8ce9d 6cf6940f6023c2bb8fe566d3ae258c21 |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
|
repository.mail.fl_str_mv |
|
_version_ |
1724829827740991488 |