The Effects of Open-Economy Monetary Policy on Output and Welfare
| Autor: | Hsing-Wei Lin, 林欣薇 |
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| Rok vydání: | 2003 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 91 In an open economy, how does an unanticipated expansionary monetary policy influence the output and welfare of a country. Even the output of a country is increased by an unanticipated expansionary monetary policy, it is not always beneficial to the country. According to the New Open-Economy Macroeconomic Analysis, we assume that the goods market and the labor market are imperfectly competitive markets, we show that the welfare effects of expansionary policies are related to the monopoly power of these imperfectly competitive markets. Given an expansionary monetary policy, the stronger is the monopoly power, the more beneficial is to the welfare of the country. However, if the changing of the money supply is too big, the expansionary policy might reduce the welfare of the country. It is for sure that a small scale of an expansionary monetary policy can improve the welfare of a country. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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