Stabilising Properties of Discretionary Monetary Policies in A Small Open  

Oleh:

Guender, Alfred V.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 116 no. 508 (2006), page 309-326.
Topik: ECONOMICS; stabilising properties; monetary policies; small open economies; inflation targets
Fulltext: 309.pdf (170.26KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article sets out a simple New Keynesian open - economy model and shows that the conduct of discretionary monetary policy in an open economy differs substantially from the closed - economy framework. The article shows analytically that the existence of the direct exchange rate channel in the open economy Phillips Curve impairs the perfect stabilising property of monetary policy in the face of demand - side disturbances under domestic inflation targeting. If CPI inflation is instead the target, then the perfect stabilising property of monetary policy breaks down even in the absence of the direct exchange rate channel in the Phillips Curve.

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