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Interest rate rules and welfare in open economies
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dc.contributor.author | Senay, Ozge | |
dc.date.accessioned | 2012-02-09T15:31:02Z | |
dc.date.available | 2012-02-09T15:31:02Z | |
dc.date.issued | 2008-07 | |
dc.identifier.citation | Senay , O 2008 , ' Interest rate rules and welfare in open economies ' , Scottish Journal of Political Economy , vol. 55 , no. 3 , pp. 300-329 . https://doi.org/10.1111/j.1467-9485.2008.00455.x | en |
dc.identifier.issn | 0036-9292 | |
dc.identifier.other | PURE: 611529 | |
dc.identifier.other | PURE UUID: 384f599f-f102-4d8e-b4e9-c9dfd7dd9ef6 | |
dc.identifier.other | WOS: 000256379500003 | |
dc.identifier.other | Scopus: 44949263928 | |
dc.identifier.other | ORCID: /0000-0002-8310-968X/work/60426908 | |
dc.identifier.uri | https://hdl.handle.net/10023/2286 | |
dc.description.abstract | This paper analyses the welfare performance of a set of five alternative interest rate rules in an open economy stochastic dynamic general equilibrium model with nominal rigidities. A rule with a lagged interest rate term, high feedback on inflation and low feedback on output is found to yield the highest welfare for a small open economy. This result is robust across different degrees of openness, different sources of home and foreign shocks, alternative foreign monetary rules and different specifications for price-setting behaviour. The same rule emerges as both the Nash and cooperative equilibria in a two-country version of the model. | |
dc.format.extent | 30 | |
dc.language.iso | eng | |
dc.relation.ispartof | Scottish Journal of Political Economy | en |
dc.rights | This is an author version of this article, (c) 2008 The author. Journal compilation (c) 2008 Scottish Economic Society, published by Blackwell Publishing Ltd. | en |
dc.subject | Monetary-policy rules | en |
dc.subject | Exchange-rate | en |
dc.subject | Central banks | en |
dc.subject | Business cycles | en |
dc.subject | Euro area | en |
dc.subject | Models | en |
dc.subject | Macroeconomics | en |
dc.subject | Framework | en |
dc.subject | Prices | en |
dc.subject | Welfare | en |
dc.subject | Interest rate rules | en |
dc.subject | Second order approximation | en |
dc.subject | HB Economic Theory | en |
dc.subject | HG Finance | en |
dc.subject.lcc | HB | en |
dc.subject.lcc | HG | en |
dc.title | Interest rate rules and welfare in open economies | en |
dc.type | Journal article | en |
dc.description.version | Postprint | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | https://doi.org/10.1111/j.1467-9485.2008.00455.x | |
dc.description.status | Peer reviewed | en |
dc.identifier.url | http://www.scopus.com/inward/record.url?scp=44949263928&partnerID=8YFLogxK | en |
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