Articles liés à Time consistency of optimal policy in a small open...

Time consistency of optimal policy in a small open economy - Couverture souple

Liu, Xuan

 
9783659564109: Time consistency of optimal policy in a small open economy
Couverture souple
ISBN 10 : 3659564109 ISBN 13 : 9783659564109
Editeur : LAP LAMBERT Academic Publishing, 2014

Synopsis

In this book, I characterize conditions under which optimal monetary and fiscal policy is time consistent in a stylized small open economy with a flexible foreign exchange rate regime. I show that these conditions depend on the way in which leisure is assumed to enter preferences and/or on the process which productivity is assumed to follow. I further argue that these conditions will fail to be sufficient if the small open economy implements a fixed foreign exchange rate regime. Thus, in a small open economy with conventional debt instruments and with households who have preference over consumption, leisure, and real money balances, it is impossible to have the following at the same time: perfect capital mobility, a credible fixed exchange rate, and time consistency of optimal fiscal policy. Finally, I discuss how to understand the long-term stability of monetary unions from the time-consistency perspective.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

In this book, I characterize conditions under which optimal monetary and fiscal policy is time consistent in a stylized small open economy with a flexible foreign exchange rate regime. I show that these conditions depend on the way in which leisure is assumed to enter preferences and/or on the process which productivity is assumed to follow. I further argue that these conditions will fail to be sufficient if the small open economy implements a fixed foreign exchange rate regime. Thus, in a small open economy with conventional debt instruments and with households who have preference over consumption, leisure, and real money balances, it is impossible to have the following at the same time: perfect capital mobility, a credible fixed exchange rate, and time consistency of optimal fiscal policy. Finally, I discuss how to understand the long-term stability of monetary unions from the time-consistency perspective.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
LAP LAMBERT Academic Publishing
Date d'édition
2014
Langue
anglais
ISBN 10 
3659564109
ISBN 13 
9783659564109
Reliure
Broché
Nombre de pages
56
Coordonnées du fabricant
non disponible
Personne responsable
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