Interest-rate rules and transitional dynamics in an endogenously growing open economy

Chen, Shuhua; Shaw, Ming-fu; Lai, Ching‐chong; Chang, Juin‐jen

doi:10.1016/j.jimonfin.2007.09.009

Journal of International Money and Finance

2008

DOI: 10.1016/j.jimonfin.2007.09.009

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Interest-rate rules and transitional dynamics in an endogenously growing open economy

Shuhua Chen

Ming-fu Shaw

Ching‐chong Lai

et al.

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Cited by 5 publications

(1 citation statement)

References 62 publications

(63 reference statements)

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“…2 Chen et al (2008) examines a related problem from the perspective of Taylor rules for interest rates.…”

mentioning

confidence: 99%

Intertemporal Budget Policies and Macroeconomic Adjustment in Indebted Open Economies

Bianconi

Fisher

2011

SSRN Journal

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We analyze the role of government intertemporal budget policies in a growing open economy including nominal assets in the presence of an upward sloping supply of debt. This introduces transitional dynamics that influence the effects of government policy instruments on the long term fiscal liability. In particular, shifts in capital income taxes can lead to dynamic scoring effects through the evolution of foreign debt. We show that a combination of tax-cumexpenditure, or government expenditure alone can balance the long term government budget constraint. However, for certain combinations of parameter values, the capital income tax alone cannot balance the intertemporal budget. KeywordsGovernment budget constraint, nominal assets, capital income tax JEL ClassificationE5, E6, F4

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“…2 Chen et al (2008) examines a related problem from the perspective of Taylor rules for interest rates.…”

mentioning

confidence: 99%

Intertemporal Budget Policies and Macroeconomic Adjustment in Indebted Open Economies

Bianconi

Fisher

2011

SSRN Journal

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Taylor rules and equilibrium determinacy in a two-country model with non-traded goods

Fujisaki

2013

Economic Modelling

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We analyze a relation between interest rate controls and equilibrium determinacy using a two-country model featuring traded and non-traded goods.In addition, parameters of preference and production may differ between the two countries. We find that macroeconomic stability strongly depends on such heterogeneity including monetary policy, and that it is easier to generate determinate equilibrium under liberalization of the economy.

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Endogenous growth and monetary policy: How do interest-rate feedback rules shape nominal and real transitional dynamics?

Gil,

Iglésias,

Guimarães

2023

Journal of International Money and Finance

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Interest-rate rules and transitional dynamics in an endogenously growing open economy

Cited by 5 publications

References 62 publications

Intertemporal Budget Policies and Macroeconomic Adjustment in Indebted Open Economies

Intertemporal Budget Policies and Macroeconomic Adjustment in Indebted Open Economies

Taylor rules and equilibrium determinacy in a two-country model with non-traded goods

Endogenous growth and monetary policy: How do interest-rate feedback rules shape nominal and real transitional dynamics?

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