This is because Þ xing imposes two kinds of costs on the domestic economy: the real exchange is no longer available to cushion shocks from abroad, and the interest rate (now

For example, McKinnon (2010) gives two main arguments against more RMB flexibility. First, a flexible exchange rate is not desirable given the limited international use of the

In this section, I evaluate how the results change when we reduce θ from 1 to 0.5. Now, the firm has to pay only half of the wage bill in advance. Figure 5 displays the

We characterize optimal taxation of foreign capital and optimal sovereign debt policy in a small open economy where the government cannot commit to policy and seeks to insure a

In this paper we characterize the optimal exchange rate policy in a fully speci…ed dynamic general equilibrium model of a small open economy in which the price frictions are

In deriving optimal monetary policy rules for a benchmark small open economy model, Clarida et al 2001 argue that the policy maker’s problem is isomorphic to that in the closed

– Total number of opportunities by sales rep (manager only) – Close ratio by sales rep (manager only).. – Opportunities by

We introduce limited commitment into a standard optimal fiscal policy model in small open economies. We consider the problem of a benevolent government that signs a

Under home bias, in fact, variations in the terms of trade induce also variations in the real exchange rate (i.e., the relative price of the consumption basket), which, in turn,

Whereas the Dornbusch’s (1976) exchange rate overshooting hypothesis predicts an instant appreciation of the exchange rate in response to a contractionary monetary policy shock,

First, we highlight that home bias in consumption is an independent condition inducing monetary policy makers of an open economy to deviate from an inward-looking strategy of

Lung function; Functional residual capacity; Mathematical model; Parameter estimation; Alveolar volume; Airway dead space; Nitrous oxide; Mechanical Ventilation... This

In general, the rule prescribes the response of the central bank to the appropriately speci ed measure of domestic in ation, sectoral output gaps, as well as to the relevant

This paper uses a small open economy model to address two outstanding issues in monetary policy: (1) what restrictions on the policy rule ensure that the central bank does

The goal of this analysis was to assess gait oscillation during gait and stair stepping in patients after total knee arthroplasty (TKA).. Methods: Fifteen patients diagnosed with

We apply discrete-time duration-dependent hazard rate modelling techniques to develop separate bankruptcy prediction models for micro, small, and medium firms respectively, using

Finally, using (25) to substitute for st , we can rewrite the previous expression for the real marginal cost in terms of domestic output and productivity, as well as world output: mct

(2009) assumed that asset prices follow the multivariate normal inverse Gaussian model (mNIG) and employed the fast Fourier trans- form together with the methodology outlined