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Dual representation and its online scheduling method for event-varying DESs with capacity constraints

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  • Hakan Tasci

Abstract

This article presents a small open economy model which is a part of the world that consists of a continuum of infinitesimal open economies. New Keynesian Investment Saving Line (IS) and Phillips curves are derived for the small open economy and the rest of the world. For five different policies, (i.e. domestic inflation targeting, consumer price index (CPI) inflation targeting, exchange rate peg, domestic inflation Taylor rule and CPI inflation Taylor rule) the effects of domestic and world technology shocks are analysed. The degree of openness is discussed and the effect of openness is addressed by comparing the impulse responses of a small open economy and closed economy that face productivity shocks.

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  • Hakan Tasci, 2008. "Dual representation and its online scheduling method for event-varying DESs with capacity constraints," Applied Economics, Taylor & Francis Journals, vol. 40(17), pages 2175-2190.
    • Handle: RePEc:taf:applec:v:40:y:2008:i:17:p:2175-2190
    DOI: 10.1080/00036840600949462
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    References listed on IDEAS

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    1. Richard Clarida & Jordi Galí & Mark Gertler, 2000. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(1), pages 147-180.
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