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- W3217355669 abstract "Limited asset market participation (LAMP) and trade openness are crucial features that characterize all real-world economies. We study equilibrium determinacy and optimal monetary policy in a model of a small open economy with LAMP. With low enough participation in asset markets, the conventional wisdom concerning the stabilizing benefits of policy inertia can be overturned irrespective of the constraint of a zero lower bound on the nominal interest rate. In contrast to recent studies, in LAMP economies trade openness can play an important stabilizing role. We also show that the central bank must balance the opposing influence of openness and LAMP on the aggressiveness of optimal policy, and that the equivalence between efficient and equitable optimal allocation found in closed economies breaks down in open economies. We derive targeting rules and demonstrate the superiority of commitment over discretion in implementable optimal interest rate rules." @default.
- W3217355669 created "2021-12-06" @default.
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- W3217355669 date "2023-01-01" @default.
- W3217355669 modified "2023-09-27" @default.
- W3217355669 title "Limited Asset Market Participation and Monetary Policy in a Small Open Economy" @default.
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- W3217355669 doi "https://doi.org/10.2139/ssrn.4471945" @default.
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