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Simple Rules for the Open Economy: Evaluating Alternative Proposals.

Abstract:

The paper evaluates some proposals for macroeconomic stabilization in an open economy, which take the form of simple rules. The first rule assigns monetary policy to inflation control and does not require fiscal intervention. The second rule adds fiscal control of a foreign wealth target to the first assignment. In the third proposal the fiscal instrument is assigned to the internal objective and monetary policy controls foreign wealth. The fourth rule differs from the third in that monetary ...

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Volume:
534
Publication date:
1991-01-01
URN:
uuid:ca2cdb92-5d3b-4770-a40e-8e7934c94709
Local pid:
oai:economics.ouls.ox.ac.uk:11648
Language:
English

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