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Policy Choices in an Open Economy: Some Dynamic Considerations

In: Evolving Patterns in Global Trade and Finance

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  • Sven W. Arndt

Abstract

Decision rules for stabilization policy in an open economy arc examined under alternative specifications of the balance of payments. In particular, distinction between interest-sensitive debt capital and equity capital which responds to an activity variable alters the comparative static properties of instrument assignment. Various aspects of dynamic adjustment are further investigated in a context in which time is endogenous and in which the decision process minimizes a criterion function. It is shown that traditional one-to-one pairing of targets and controls may be inferior to assignment of clusters of instruments to some targets for specified time intervals.

Suggested Citation

  • Sven W. Arndt, 2014. "Policy Choices in an Open Economy: Some Dynamic Considerations," World Scientific Book Chapters, in: Evolving Patterns in Global Trade and Finance, chapter 15, pages 207-226, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814603416_0015
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