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Optimal Monetary Policy in Closed versus Open Economies: An Integrated Approach / Richard Clarida, Jordi Gali, Mark Gertler.
- Format:
- Book
- Author/Creator:
- Clarida, Richard.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w8604.
- NBER working paper series no. w8604
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Optimal Monetary Policy in Closed versus Open Economies
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2001.
- Summary:
- This paper develops a new open economy macro model of optimal monetary for a small open economy. Our main result is that in this model, the optimal policy problem for the small open economy is isomorphic to the closed economy case studied in Clarida, Gali, Gertler (1999). In particular, the optimal policy can be implemented with a Taylor Rule under which the domestic interest rate adjusts to the equilibrium real interest rate and expected inflation in domestic prices.
- Notes:
- Print version record
- November 2001.
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