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https://hdl.handle.net/2440/54068
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Type: | Journal article |
Title: | Money growth rules as stabilization policies in open economies |
Author: | Weder, M. |
Citation: | International Economic Journal, 2008; 22(4):525-537 |
Publisher: | Routledge |
Issue Date: | 2008 |
ISSN: | 1016-8737 1743-517X |
Statement of Responsibility: | Mark Weder |
Abstract: | High degrees of relative risk aversion induces indeterminacy in cash-in-advance economies. In a small open economy context, this paper finds that endogenous money growth rules can pre-empt such sunspot equilibria in an open economy context. The most promising candidates are policies that actively target past inflation movements or aggregate demand as well as the expected price level. |
Keywords: | cash-in-advance economies Taylor rules sunspot equilibria |
DOI: | 10.1080/10168730802497635 |
Published version: | http://dx.doi.org/10.1080/10168730802497635 |
Appears in Collections: | Aurora harvest Economics publications |
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