Publications-Periodical Articles

TitleInterest-rate rules and transitional dynamics in an endogenously growing open economy
Creator蕭明福
Chen, Shu-hua ;
     Shaw, Ming-fu ;
     Lai, Ching-chong ;
     Chang, Juin-jen
Date2008-02
Date Issued9-Oct-2009 21:14:15 (UTC+8)
SummaryThis paper sets up an endogenous growth model of an open economy in which the monetary authority implements a gradualist interest-rate rule with targets for both inflation and economic growth. We show that, under a passive rule, a monetary equilibrium exists and is unique. Moreover, the equilibrium is locally determinate. By contrast, an active rule implies either two equilibria, one high-growth and one low-growth, or none. In the case of two equilibria, the high-growth equilibrium is locally determinate, while the low-growth equilibrium is a source. Besides, the stabilization and growth effects of alternative target policies are also explored in this study. Moreover, in departing from the existing literature, we turn to focus on the analysis of transition with a particular emphasis on the case of imperfect credibility.
RelationJournal of International Money and Finance, Volume 27, Issue 1, February 2008, Pages 54–75
Typearticle
DOI http://dx.doi.org/10.1016/j.jimonfin.2007.09.009
dc.creator (作者) 蕭明福zh_TW
dc.creator (作者) Chen, Shu-hua ;
     Shaw, Ming-fu ;
     Lai, Ching-chong ;
     Chang, Juin-jen
-
dc.date (日期) 2008-02-
dc.date.accessioned 9-Oct-2009 21:14:15 (UTC+8)-
dc.date.available 9-Oct-2009 21:14:15 (UTC+8)-
dc.date.issued (上傳時間) 9-Oct-2009 21:14:15 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/37741-
dc.description.abstract (摘要) This paper sets up an endogenous growth model of an open economy in which the monetary authority implements a gradualist interest-rate rule with targets for both inflation and economic growth. We show that, under a passive rule, a monetary equilibrium exists and is unique. Moreover, the equilibrium is locally determinate. By contrast, an active rule implies either two equilibria, one high-growth and one low-growth, or none. In the case of two equilibria, the high-growth equilibrium is locally determinate, while the low-growth equilibrium is a source. Besides, the stabilization and growth effects of alternative target policies are also explored in this study. Moreover, in departing from the existing literature, we turn to focus on the analysis of transition with a particular emphasis on the case of imperfect credibility.-
dc.format.extent 847212 bytes-
dc.format.mimetype application/pdf-
dc.language en_USen
dc.language.iso en_US-
dc.relation (關聯) Journal of International Money and Finance, Volume 27, Issue 1, February 2008, Pages 54–75en
dc.title (題名) Interest-rate rules and transitional dynamics in an endogenously growing open economyen
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jimonfin.2007.09.009-
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jimonfin.2007.09.009-