Alternative monetary rules in the open-economy: a welfare-based approach

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dc.contributor.authorParrado, Eric
dc.contributor.authorVelasco, Andrés, 1960-
dc.date.accessioned2019-11-01T00:01:36Z
dc.date.available2019-11-01T00:01:36Z
dc.date.issued2002
dc.descriptionHow do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate also react to the output gap or to movements in other real variables? Should inflation targeting focus on the consumer price index (CPI), on home prices only, or on some other index? Should the interest rate respond to movements in the nominal exchange rate? Equivalently, should the exchange rate float cleanly?
dc.file.nameBCCh-sbc-v05-p295_348
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 295-247
dc.identifier.isbn956-7421-102
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3670
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 5
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectBANCOS CENTRALESes_ES
dc.subjectPOLÍTICA MONETARIAes_ES
dc.subjectTASAS DE INTERÉSes_ES
dc.subjectINFLACIÓNes_ES
dc.subjectÍNDICE DE PRECIOS AL CONSUMIDORes_ES
dc.titleAlternative monetary rules in the open-economy: a welfare-based approach
dc.type.docArtículo

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