On the use of open economy new Keynesian models to evaluate policy rules

Maurice Obstfeld

Journal of Economic Dynamics and Control, 2014, vol. 49, issue C, 31-34

Abstract: This paper considers the use of new Keynesian open economy models to evaluate monetary policy rules. While recognizing the importance policy evaluation with such models, it presents a number of criticisms about assumptions relating to wage determination, the real interest rate, divine coincidence and financial stability.

Keywords: Monetary policy rules; Open economy models; Divine coincidence (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:49:y:2014:i:c:p:31-34

DOI: 10.1016/j.jedc.2014.09.017

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