학술저널
Optimal Monetary Policy and Limited Enforcement in a Small Open Economy
- 한국계량경제학회
- JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS
- Vol.27 No.1
-
2016.0348 - 81 (34 pages)
- 37
This paper analyzes the optimal monetary policy problem on the basis of a small open New Keynesian dynamic stochastic general equilibrium(DSGE) model with enforcement constraints, where limited enforcement and limited spanning interact to create an endogenous debt limit. As a result, if there are fiscal policy measures to eliminate steady-state distortions, the inflation targeting regime is optimal even when there are enforcement constraints.
1. INTRODUCTION
2. THE MODEL
3. OPTIMAL MONETARY POLICY
4. CONCLUSION
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