Interest Rate Rules Endogenous Cycles And Chaotic Dynamics In Open Economies

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Interest Rate Rules Endogenous Cycles And Chaotic Dynamics In Open Economies

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Author : Mr.Marco Airaudo
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01

Interest Rate Rules Endogenous Cycles And Chaotic Dynamics In Open Economies written by Mr.Marco Airaudo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.

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.

Interest Rate Targeting In A Small Open Economy

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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01

Interest Rate Targeting In A Small Open Economy written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-03-01 with Business & Economics categories.

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.

Chaotic Interest Rate Rules

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Author : Jess Benhabib
language : en
Publisher:
Release Date : 2004

Chaotic Interest Rate Rules written by Jess Benhabib and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Economic forecasting categories.

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.

Dynamic Analysis In Complex Economic Environments

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Author : Herbert Dawid
language : en
Publisher: Springer Nature
Release Date : 2020-12-22

Dynamic Analysis In Complex Economic Environments written by Herbert Dawid and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-22 with Business & Economics categories.

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.

Imf Research Bulletin September 2012

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-21

Imf Research Bulletin September 2012 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-21 with Business & Economics categories.

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.

Interest Rate Rules And Transitional Dynamics In An Endogenously Growing Open Economy

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Author : Ming-fu Shaw
language : en
Publisher:
Release Date : 2007

Interest Rate Rules And Transitional Dynamics In An Endogenously Growing Open Economy written by Ming-fu Shaw and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Interest rates categories.

Issues In General Economic Research And Application 2013 Edition

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Author :
language : en
Publisher: ScholarlyEditions
Release Date : 2013-05-01

Issues In General Economic Research And Application 2013 Edition written by and has been published by ScholarlyEditions this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-01 with Business & Economics categories.

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/.

International Finance Discussion Papers

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Author :
language : en
Publisher:
Release Date : 1972

International Finance Discussion Papers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1972 with International finance categories.

International Finance Discussion Papers

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Author :
language : en
Publisher:
Release Date : 2003

International Finance Discussion Papers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with International finance categories.

Growth And Business Cycles With Equilibrium Indeterminacy

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Author : Kazuo Mino
language : en
Publisher: Springer
Release Date : 2017-07-11

Growth And Business Cycles With Equilibrium Indeterminacy written by Kazuo Mino and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.

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.