Monetary rules for small, open, emerging economies

Article Abstract:

A variant of the IMF's Global Economic Model that is suitable to analyze macroeconomic dynamics in open economies is developed. The model is used to assess the effectiveness of Taylor rules and inflation-forecast-based (IFB) rules in stabilizing variability in output and inflation.

Models, Macroeconomics, Open economy

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Multiple-solution indeterminacies in monetary policy analysis

Article Abstract:

A sizeable fraction of research on monetary policy is concerned with issues relating to analytical multiple solutions in rational expectations (RE). The arguments regarding the conclusions based on multiple-solution indeterminacy findings that are of dubious merit rather generally.

Rational choice theory

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