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首页> 外文期刊>Journal of Economic Dynamics and Control >Ramsey policies in a small open economy with sticky prices and capital
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Ramsey policies in a small open economy with sticky prices and capital

机译：拉姆齐在具有粘性价格和资本的小型开放经济中的政策

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摘要

This paper analyzes jointly optimal fiscal and monetary policies in a small open economy with capital and sticky prices. We allow for trade in consumption goods under perfect international risk-sharing. We consider balanced-budget fiscal policies where authorities use distortionary taxes on labor and capital together with monetary policy using the nominal interest rate. First, as long as a symmetric equilibrium is considered, the steady state in an open economy is isomorphic to that of a closed economy. Second, sticky prices' allocations are almost indistinguishable from flexible prices allocations both in open and closed economies. Third, the open economy dimension delivers results that are qualitatively similar to those of a closed economy but with significant quantitative changes. Tax rates are both more volatile and more persistent to undo the distortions implied by terms of trade fluctuations.
机译：本文共同分析了具有资本和粘性价格的小型开放经济体中的最优财政和货币政策。我们允许在完全国际风险分担下的消费品贸易。我们考虑预算平衡的财政政策，在这种政策中，政府对劳动和资本使用扭曲税，而货币政策则使用名义利率。首先，只要考虑对称均衡，开放经济的稳态与封闭经济的同构。第二，在开放经济体和封闭经济体中，粘性价格分配几乎与弹性价格分配没有区别。第三，开放经济维度所产生的结果在质量上与封闭经济相似，但数量上发生了重大变化。税率波动更大且更具持久性，以消除贸易波动条件所隐含的扭曲。

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  • 来源
    《Journal of Economic Dynamics and Control》 |2011年第9期|p.1531-1546|共16页
  • 作者

    Stephane Auray; Beatriz de Blas; Aurelien Eyquem;

  • 作者单位

    CREST (Ensai), France EQU1PPE (EA 4018)—Universites Lille Nord de France (ULCO), France EQU1PPE (EA 4018)—Universites Lille Nord de France (ULCO), France CREDl, Universite de Sherbrooke, Canada C1RPEE, Canada;

    Universidad Autonoma de Madrid, Departamento de Analisis Econdmico: T. e H. Economica, Campus de Cantoblanco, 28049 Madrid, Spain;

    CREDl, Universite de Sherbrooke, Canada Universite de Lyon, Ecole Normale Superieure de Lyon, CNRS, GATE Lyon St Etienne, France;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    Small open economy; Sticky prices; Optimal monetary and fiscal policies;

    机译：小型开放经济;高价格;最优货币和财政政策;

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