External Debt and Taylor Rules in a Small Open Economy
External Debt and Taylor Rules in a Small Open Economy
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小型开放经济中的外债和泰勒规则
DOI：
10.1111/1468-0106.12156
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发表时间：
2016
影响因子：
1.5
通讯作者：
Shigeto Kitano and Kenya Takaku
中科院分区：
文献类型：
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作者：
岡田羊祐;川濱昇;林秀弥;後藤晃;越智保見;大久保直樹;鈴木彩子;武田邦宣;松島法明;池田毅;大木良子;岡室博之;伊永大輔;ほか;Kazumine Kondo;足立泰美・齊藤仁;黒坂佳央;松本守;Haruaki Hirota and Hideo Yunoue;家森信善・相澤朋子;Shigeto Kitano and Kenya Takaku
本文建立了一个小型开放经济的动态随机一般均衡模型，模型中同时存在价格刚性和金融摩擦。我们比较了两个具有不同利率规则的案例。这两种情况都使用标准的泰勒型利率规则，但第二种情况也考虑了外债水平。我们发现，当对外借款摩擦较大时，在泰勒规则中增加外债水平会改善福利。然而，福利曲线呈现出驼峰形状，因为对外债变化的过度反应会降低福利。
We develop a dynamic stochastic general equilibrium model of a small open economy in which both price rigidity and financial friction exist. We compare two cases featuring different interest rate rules. Both cases use the standard Taylor‐type interest rate rules, but the second case also considers external debt levels. We find that when friction in foreign borrowing is large, adding an external debt level to Taylor rules improves welfare. The welfare curve, however, exhibits a hump shape because excessive reactions to changes in external debt reduce welfare.