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Interest Rate Rules Endogenous Cycles And Chaotic Dynamics In Open Economies
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Book Synopsis Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies by : Mr.Marco Airaudo
Download or read book Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies written by Mr.Marco Airaudo and published by International Monetary Fund. This book was released on 2012-05-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest rate responds more than proportionally to inflation. We show that conditions under which these rules generate aggregate instability by inducing liquidity traps, endogenous cycles, and chaotic dynamics depend on specific characteristics of open economies. In particular, rules that respond to expected future inflation are more prone to induce endogenous cyclical and chaotic dynamics the more open the economy to trade.
Book Synopsis Chaotic Interest Rate Rules by : Jess Benhabib
Download or read book Chaotic Interest Rate Rules written by Jess Benhabib and published by . This book was released on 2004 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing empirical and theoretical literature argues in favor of specifying monetary policy in the form of Taylor-type interest rate feedback rules. That is, rules whereby the nominal interest rate is set as an increasing function of inflation with a slope greater than one around an intended inflation target. This paper shows that such rules can easily lead to chaotic dynamics. The result is obtained for feedback rules that depend on contemporaneous or expected future inflation. The existence of chaotic dynamics is established analytically and numerically in the context of calibrated economies. The battery of fiscal policies that has recently been advocated for avoiding global indeterminacy induced by Taylor-type interest-rate rules (such as liquidity traps) are shown to be unlikely to provide a remedy for the complex dynamics characterized in this paper.
Book Synopsis Interest Rate Targeting in a Small Open Economy by : Mr.Guillermo Calvo
Download or read book Interest Rate Targeting in a Small Open Economy written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1990-03-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.
Book Synopsis Dynamic Analysis in Complex Economic Environments by : Herbert Dawid
Download or read book Dynamic Analysis in Complex Economic Environments written by Herbert Dawid and published by Springer Nature. This book was released on 2020-12-22 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses decision-making in dynamic economic environments. By applying a wide range of methodological approaches, combining both analytical and computational methods, the contributors examine various aspects of optimal firm behaviour and relevant policy areas. Topics covered include optimal control, dynamic games, economic decision-making, and applications in finance and economics, as well as policy implications in areas such as pollution regulation. This book is dedicated to Christophe Deissenberg, a well-known and distinguished scholar of economic dynamics and computational economics. It appeals to academics in the areas of optimal control, dynamic games and computational economics as well as to decision-makers working in policy domains such as environmental policy.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475510683 Total Pages :17 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-09-21 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.
Book Synopsis Dynamic Analysis Of Open Economies by : Masanao Aoki
Download or read book Dynamic Analysis Of Open Economies written by Masanao Aoki and published by Elsevier. This book was released on 2014-01-01 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Analysis of Open Economies focuses on the dynamic behavior of open economies in general, and dynamic interactions among several interconnected economies in particular. The emphasis is on the techniques of dynamic analysis and on the dynamic responses of models of open economies. This book is organized into three sections and consists of 15 chapters that examine how macroeconomic policy instruments affect open economies under flexible exchange rate regimes and the extent to which interdependence of national economies affects assessment of national policy effectiveness in a dynamic context. The behavior of open economies is analyzed not only at the instant of exogenous shocks or changes in instruments, but also after some time has elapsed since the last impacts. In considering the importance of dynamics, the book describes the behavior of a wide range of models and draws general conclusions. A set of techniques associated with variational analysis and perturbation theory is developed and systematically applied to models of open economies. This section also offers an analytical innovation for dealing with models of the world that are composed of several countries and demonstrates the usefulness of path controllability. The remaining chapters are devoted to models of small open economies and two- and multiple-country models of the world, paying particular attention to monetary policy and its distributional effects. Students and practitioners of applied mathematics and econometrics will find this book extremely helpful.
Book Synopsis Chaotic Interest Rate Rules by : Jess Benhabib
Download or read book Chaotic Interest Rate Rules written by Jess Benhabib and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing empirical and theoretical literature argues in favor of specifying monetary policy in the form of Taylor-type interest rate feedback rules. That is, rules whereby the nominal interest rate is set as an increasing function of inflation with a slope greater than one around an intended inflation target. This paper shows that such rules can easily lead to chaotic dynamics. The result is obtained for feedback rules that depend on contemporaneous or expected future inflation. The existence of chaotic dynamics is established analytically and numerically in the context of calibrated economies. The battery of fiscal policies that has recently been advocated for avoiding global indeterminacy induced by Taylor-type interest-rate rules (such as liquidity traps) are shown to be unlikely to provide a remedy for the complex dynamics characterized in this paper.
Book Synopsis Interest-rate Rules and Transitional Dynamics in an Endogenously Growing Open Economy by : Ming-fu Shaw
Download or read book Interest-rate Rules and Transitional Dynamics in an Endogenously Growing Open Economy written by Ming-fu Shaw and published by . This book was released on 2007 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Finance Discussion Papers by :
Download or read book International Finance Discussion Papers written by and published by . This book was released on 2003 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Growth and Business Cycles with Equilibrium Indeterminacy by : Kazuo Mino
Download or read book Growth and Business Cycles with Equilibrium Indeterminacy written by Kazuo Mino and published by Springer. This book was released on 2017-07-11 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the issue of equilibrium indeterminacy has been one of the major research concerns in macroeconomic dynamics. Growth and Business Cycles with Equilibrium Indeterminacy discusses the main topics in this literature. Based on comprehensive surveys and the author’s original research, this book explores sunspot-driven fluctuations in real business cycle models, multiple equilibria in endogenous growth models, and the stabilization effects of fiscal and monetary policy rules. The book also considers equilibrium indeterminacy in open economy models.
Book Synopsis Closing Open Economy Models by : Martin Bodenstein
Download or read book Closing Open Economy Models written by Martin Bodenstein and published by . This book was released on 2006 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Issues in General Economic Research and Application: 2013 Edition by :
Download or read book Issues in General Economic Research and Application: 2013 Edition written by and published by ScholarlyEditions. This book was released on 2013-05-01 with total page 1229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues in General Economic Research and Application: 2013 Edition is a ScholarlyEditions™ book that delivers timely, authoritative, and comprehensive information about Theoretical Economics. The editors have built Issues in General Economic Research and Application: 2013 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Theoretical Economics in this book to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Issues in General Economic Research and Application: 2013 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Book Synopsis Trade Integration, Competition, and the Decline in Exchange-rate Pass-through by : Christopher J. Gust
Download or read book Trade Integration, Competition, and the Decline in Exchange-rate Pass-through written by Christopher J. Gust and published by . This book was released on 2006 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Dynamics by : Jean-Olivier Hairault
Download or read book Exchange Rate Dynamics written by Jean-Olivier Hairault and published by Routledge. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.
Book Synopsis Exchange-rate Effects on China's Trade by : Jaime R. Marquez
Download or read book Exchange-rate Effects on China's Trade written by Jaime R. Marquez and published by . This book was released on 2006 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? by : Roc Armenter
Download or read book Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think? written by Roc Armenter and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange-rate Pass-through in the G-7 Countries by : Jane Ihrig
Download or read book Exchange-rate Pass-through in the G-7 Countries written by Jane Ihrig and published by . This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
