Monetary Policy in a Small Open Economy with Marshallian Preferences

被引：0

作者：

Angyridis, Constantine ^{[2
]}

Mansoorian, Arman ^{[1
]}

机构：

[1] York Univ, Dept Econ, N York, ON M3J 1P3, Canada

[2] Ryerson Univ, Dept Econ, Toronto, ON, Canada

来源：

ECONOMIC RECORD | 2009年 / 85卷 / 268期

关键词：

CAPITAL ACCUMULATION; CURRENT ACCOUNT; MACROECONOMIC POLICY; TIME PREFERENCE; DYNAMICS; MODEL; INFLATION; GROWTH; TERMS; TRADE;

D O I：

10.1111/j.1475-4932.2008.00526.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effects of inflation for a small open economy when the representative agent has Marshallian preferences, with which the rate of time preference is a decreasing function of savings. An increase in the inflation rate reduces the permanent income of the representative agent, which, with Marshallian preferences, also reduces the rate of time preference. Hence, savings falls and the country runs a current account deficit. The numerical evaluations of the model suggest that inflation has significant effects on welfare in the steady state.

引用

页码：21 / 31

页数：11

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