Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities /

Introducing habit formation into an open economy macroeconomic model with price stickiness, we examine the characteristics of an optimal monetary policy. We find that, first, the optimal policy rule entails interest rate smoothing and responds to the lagged values of the foreign interest rate and do...

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Bibliografische gegevens
Hoofdauteur: Jung, Yongseung
Andere auteurs: Choi, Woon
Formaat: Tijdschrift
Taal:English
Gepubliceerd in: Washington, D.C. : International Monetary Fund, 2003.
Reeks:IMF Working Papers; Working Paper ; No. 2003/005
Online toegang:Full text available on IMF

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