Monetary Policy under Imperfect Capital Markets in a Small Open Economy
Following the financial crises of the late 1990s an increasing number of emerging market countries have adopted a flexible exchange-rate regime and an inflation-targeting monetary-policy framework. This trend has generated a growing debate on the appropriate monetary-policy rule for financially frag...
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| Veröffentlicht in: | The American economic review 2003-05, Vol.93 (2), p.266-270 |
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| container_title | The American economic review |
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| creator | Tuladhar, Anita |
| description | Following the financial crises of the late 1990s an increasing number of emerging market countries have adopted a flexible exchange-rate regime and an inflation-targeting monetary-policy framework. This trend has generated a growing debate on the appropriate monetary-policy rule for financially fragile economies with thin and incomplete financial markets that are subject to highly volatile capital flows. Within this context, the paper examines the implications of alternative monetary-policy rules and the choice of instruments and targets in a small open economy with imperfect capital markets. The paper compares a benchmark efficient-markets model with a monetary-targeting regime and three different inflation-targeting rules: the Taylor rule, a CPI inflation-target rule, and a non-tradable inflation-target rule. |
| doi_str_mv | 10.1257/000282803321947173 |
| format | Article |
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| ispartof | The American economic review, 2003-05, Vol.93 (2), p.266-270 |
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| language | eng |
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| source | Jstor Complete Legacy; Business Source Complete; American Economic Association Web |
| subjects | Capital market Capital markets Capital mobility Consumer Price Index Consumption Cost efficiency Costs Economic models Economic policy Economic theory Economics Efficient markets Emerging markets Equilibrium Fixed exchange rates Foreign exchange rates Friction Health Insurance, Retirement, and Monetary Policy Households Inflation International economics Market failure Monetary policy Monetary policy rule Open economies Productivity Risk premiums Standard deviation Studies Volatility |
| title | Monetary Policy under Imperfect Capital Markets in a Small Open Economy |
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