Anticipated policy and endogenous growth in a small open monetary economy

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Title:	Anticipated policy and endogenous growth in a small open monetary economy
Authors:	蕭明福;Shaw, Ming-fu;Lai, Ching-chong;Chang, Wen-ya
Contributors:	淡江大學產業經濟學系
Keywords:	Announced credit growth;Endogenous growth;Small open economy
Date:	2005-09-01
Issue Date:	2009-11-30 17:57:11 (UTC+8)
Publisher:	Elsevier
Abstract:	This paper analyzes the effects of a preannounced change in the growth rate of credit in a small open economy. The model, based on an endogenous growth model, introduces the adjustment costs for investment and the role of money in the production function and highlights the dynamic behavior of an open economy. We show that an increase in the rate of anticipated credit growth lowers the steady-growth rate of capital, real money balances, and real output. We also find that the rate of depreciation of the domestic currency will rise steadily toward its stationary level. The anticipated domestic credit growth hence exhibits monetary nonsuperneutrality in both the rate and the level of output in the intermediate and the long run.
Relation:	Journal of international money and finance 24(5), pp.719-743
DOI:	10.1016/j.jimonfin.2005.04.003
Appears in Collections:	[Graduate Institute & Department of Industrial Economics] Journal Article

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