Investment and interest rate policy in the open economy

Stephen McKnight

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Investment and interest rate policy in the open economy

机译：开放经济中的投资和利率政策

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This paper analyses the necessary and sufficient conditions to ensure that interest rate policy does not introduce real indeterminacy and thus self-fulfilling fluctuations into open economies. A key feature of the model is the incorporation of capital and investment spending into the analysis. The conditions for real determinacy are examined for two measures of inflation that central banks' can target in open economies: domestic vs consumer price inflation. In stark contrast to previous studies, in the presence of investment activity monetary policy that targets domestic price inflation is more susceptible to self-fulfilling fluctuations than monetary policy rules that target consumer price inflation. However, the problem of indeterminacy identified under domestic price inflation can be ameliorated provided the policy rule also responds to either the exchange rate or to output.

机译：本文分析了必要和充分的条件，以确保利率政策不会引入真正的不确定性，从而不会在开放经济体中自我实现波动。该模型的主要特征是将资本和投资支出纳入分析。检验了中央银行可以在开放经济体中针对的两种通货膨胀指标的实际确定性条件：国内通货膨胀与消费者价格通货膨胀。与先前的研究形成鲜明对比的是，在存在投资活动的情况下，针对国内价格通胀的货币政策比针对消费者价格通胀的货币政策规则更容易实现自我实现的波动。但是，只要政策规则也对汇率或产出作出反应，就可以缓解国内价格通胀下确定的不确定性问题。

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来源
《Oxford Economic Papers》 |2011年第4期|p.673-699|共27页
作者
Stephen McKnight;
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作者单位

Centro de Estudios Economicos, El Colegio de Mexico, Camino al Ajusco 20, Pedregal de Santa Teresa, Mexico City 10740, Mexico;

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收录信息美国《科学引文索引》(SCI);
原文格式 PDF
正文语种 eng
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Investment and interest rate policy in the open economy

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