Matches in SemOpenAlex for { <https://semopenalex.org/work/W2262542683> ?p ?o ?g. }
Showing items 1 to 74 of
74
with 100 items per page.
- W2262542683 abstract "The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. What should be the optimal monetary policy satisfying these criteria? To answer this question, the paper proposes a DSGE model of a two-sector small open economy. First, I derive the micro founded loss function that represents the objective function of the optimal monetary policy not constrained to satisfy the criteria. I find that the optimal monetary policy should not only target inflation rates in the domestic sectors and aggregate output fluctuations but also domestic and international terms of trade. Second, I show how the loss function changes when the monetary policy is constrained to satisfy the Maastricht criteria. The loss function of such a constrained policy is characterized by additional elements penalizing fluctuations of the CPI inflation rate, the nominal interest rate and the nominal exchange rate around the new targets which are different from the steady state of the unconstrained optimal monetary policy. Under the chosen parameterization, the optimal monetary policy violates two criteria: concerning the CPI inflation rate and the nominal interest rate. The constrained optimal policy is characterized by a deflationary bias. This results in targeting the CPI inflation rate and the nominal interest rate that are 0.7% lower (in annual terms) than the CPI inflation rate and the nominal interest rate in the countries taken as a reference. Such a policy leads to additional welfare costs amounting to 30% of the optimal monetary policy loss." @default.
- W2262542683 created "2016-06-24" @default.
- W2262542683 creator A5026821629 @default.
- W2262542683 date "2007-07-01" @default.
- W2262542683 modified "2023-10-03" @default.
- W2262542683 title "The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries" @default.
- W2262542683 hasPublicationYear "2007" @default.
- W2262542683 type Work @default.
- W2262542683 sameAs 2262542683 @default.
- W2262542683 citedByCount "4" @default.
- W2262542683 countsByYear W22625426832013 @default.
- W2262542683 countsByYear W22625426832014 @default.
- W2262542683 countsByYear W22625426832015 @default.
- W2262542683 crossrefType "posted-content" @default.
- W2262542683 hasAuthorship W2262542683A5026821629 @default.
- W2262542683 hasConcept C113679137 @default.
- W2262542683 hasConcept C121332964 @default.
- W2262542683 hasConcept C126285488 @default.
- W2262542683 hasConcept C139719470 @default.
- W2262542683 hasConcept C154815372 @default.
- W2262542683 hasConcept C162324750 @default.
- W2262542683 hasConcept C175025494 @default.
- W2262542683 hasConcept C185824701 @default.
- W2262542683 hasConcept C200941418 @default.
- W2262542683 hasConcept C2776988154 @default.
- W2262542683 hasConcept C2777303404 @default.
- W2262542683 hasConcept C2778222704 @default.
- W2262542683 hasConcept C2992735868 @default.
- W2262542683 hasConcept C33332235 @default.
- W2262542683 hasConcept C556758197 @default.
- W2262542683 hasConcept C84888623 @default.
- W2262542683 hasConceptScore W2262542683C113679137 @default.
- W2262542683 hasConceptScore W2262542683C121332964 @default.
- W2262542683 hasConceptScore W2262542683C126285488 @default.
- W2262542683 hasConceptScore W2262542683C139719470 @default.
- W2262542683 hasConceptScore W2262542683C154815372 @default.
- W2262542683 hasConceptScore W2262542683C162324750 @default.
- W2262542683 hasConceptScore W2262542683C175025494 @default.
- W2262542683 hasConceptScore W2262542683C185824701 @default.
- W2262542683 hasConceptScore W2262542683C200941418 @default.
- W2262542683 hasConceptScore W2262542683C2776988154 @default.
- W2262542683 hasConceptScore W2262542683C2777303404 @default.
- W2262542683 hasConceptScore W2262542683C2778222704 @default.
- W2262542683 hasConceptScore W2262542683C2992735868 @default.
- W2262542683 hasConceptScore W2262542683C33332235 @default.
- W2262542683 hasConceptScore W2262542683C556758197 @default.
- W2262542683 hasConceptScore W2262542683C84888623 @default.
- W2262542683 hasLocation W22625426831 @default.
- W2262542683 hasOpenAccess W2262542683 @default.
- W2262542683 hasPrimaryLocation W22625426831 @default.
- W2262542683 hasRelatedWork W1509585055 @default.
- W2262542683 hasRelatedWork W1536701088 @default.
- W2262542683 hasRelatedWork W1557104363 @default.
- W2262542683 hasRelatedWork W1564118389 @default.
- W2262542683 hasRelatedWork W1578589704 @default.
- W2262542683 hasRelatedWork W1592551143 @default.
- W2262542683 hasRelatedWork W1716855452 @default.
- W2262542683 hasRelatedWork W1966600117 @default.
- W2262542683 hasRelatedWork W1977233532 @default.
- W2262542683 hasRelatedWork W1989477844 @default.
- W2262542683 hasRelatedWork W2061417343 @default.
- W2262542683 hasRelatedWork W2124264164 @default.
- W2262542683 hasRelatedWork W2129067516 @default.
- W2262542683 hasRelatedWork W2585791380 @default.
- W2262542683 hasRelatedWork W2991940491 @default.
- W2262542683 hasRelatedWork W3121419825 @default.
- W2262542683 hasRelatedWork W3122866031 @default.
- W2262542683 hasRelatedWork W3123095856 @default.
- W2262542683 hasRelatedWork W3141346824 @default.
- W2262542683 hasRelatedWork W3121874972 @default.
- W2262542683 isParatext "false" @default.
- W2262542683 isRetracted "false" @default.
- W2262542683 magId "2262542683" @default.
- W2262542683 workType "article" @default.