Monetary Policy in a Small Open Economy
博士 === 國立臺灣大學 === 經濟學研究所 === 88 === This paper investigates the performance of a monetary rule (suggested by Bennett McCallum) that sets the monetary base to keep nominal GDP growing at a noninflationary rate. Moreover, we modify the monetary rule to respond to the...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2000
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| Online Access: | http://ndltd.ncl.edu.tw/handle/04811222851928682334 |
| Summary: | 博士 === 國立臺灣大學 === 經濟學研究所 === 88 === This paper investigates the performance of a monetary
rule (suggested by Bennett McCallum) that sets the monetary
base to keep nominal GDP growing at a noninflationary rate.
Moreover, we modify the monetary rule to respond to the
varation of stock price or exchange rate. The simulation
results indicate that the basic rule could be an improvement
in smoothing niminal GDP over a discretionary policy.
Hiwever, the effects in stabilizing the stock market and
foreign exchange market are insignificant.
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