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Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies
Mr.Marco AiraudoLuis-Felipe Zanna
出版International Monetary Fund, 2012-05-01
主題Business & Economics / Foreign ExchangeBusiness & Economics / InflationBusiness & Economics / Economics / Macroeconomics
ISBN14755464169781475546415
URLhttp://books.google.com.hk/books?id=vaQvmSyDwsMC&hl=&source=gbs_api
EBookSAMPLE
註釋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.