Appraising Credit Ratings: Does the Cap Fit Better Than the Roc? ePub (Adobe DRM) download by Marco Airaudo

Appraising Credit Ratings: Does the Cap Fit Better Than the Roc?

INTERNATIONAL MONETARY FUND
Publication date: May 2012
ISBN: 9781475540512
Digital Book format: ePub (Adobe DRM)

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We present an extensive analysis of the consequences for global equilibrium determinacy in flexible-price open economies of implementing active interest rate rules, i.e., monetary rules where the nominal interest rate responds more than proportionally to inflation. We show that conditions under which these rules generate aggregate instability by inducing liquidity traps, endogenous cycles, and chaotic dynamics depend on specific characteristics of open economies. In particular, rules that respond to expected future inflation are more prone to induce endogenous cyclical and chaotic dynamics the more open the economy to trade.
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Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies ePub (Adobe DRM) can be read on any device that can open ePub (Adobe DRM) files.

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