Macroeconomic Dynamics in A Multi-Country Economy : A Dynamic Optimization Approach  

Oleh:

Ono, Yoshiyasu ; Ikeda, Shinsuke

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 33 no. 3 (1992), page 629-644.
Topik: MACROECONOMIC; macro economic; dynamic; multi - country; economic; optimization approach

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Using a multi - country model with perfect - foresight dynamic optimization by infinitely - lived households, we analyze the dynamics of macro economic nonmonetary and monetary variables. We show that the most patient country initially accumulates foreign debt, but eventually decumulates this debt, and becomes a creditor. It monotonically increases its consumption, and experiences monotonic price and exchange - rate appreciation. The moderately patient country initially accumulates foreign assets, but eventually decumulates them, and becomes a debtor. Its consumption also follows a humped path. The least patient country monotonically decumulates foreign assets, lowers its consumption, and experiences rising inflation and exchange - rate depreciation.

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