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A Small-Open-Economy Model and Endogenous Money Stock
[Model malé otevřené ekonomiky a endogenní peněžní nabídka]

Author

Listed:
  • Jan Kodera
  • Miloslav Vošvrda
  • Karel Sladký

Abstract

The purpose of this paper is to study a three-equation dynamic model. The first equation describes the commodity market. The second one demonstrates the dynamics of the money market and the third equation is the interest rate parity. The aim is to investigate the conditions of more complex behaviour of the model. The more complex dynamic behaviour, i.e., limit cycles, could appear when nonlinear investment function is used in the model, for example. Furthermore the nonlinear function of money supply depending on interest rate is used in the model.

Suggested Citation

  • Jan Kodera & Miloslav Vošvrda & Karel Sladký, 2005. "A Small-Open-Economy Model and Endogenous Money Stock [Model malé otevřené ekonomiky a endogenní peněžní nabídka]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2005(1), pages 26-35.
    • Handle: RePEc:prg:jnlaop:v:2005:y:2005:i:1:id:125:p:27-34
    DOI: 10.18267/j.aop.125
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    Citations

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    Cited by:

    1. Josef Arlt & Jan Kodera & Martin Mandel & Vladimír Tomšík, 2006. "Monetární přístup k inflaci - střednědobý strukturální model v otevřené ekonomice (příklad České Republiky v letech 1996-2004) [Monetary approach to inflation: A medium-term structural model in a s," Politická ekonomie, Prague University of Economics and Business, vol. 2006(3), pages 326-338.

    More about this item

    Keywords

    exchange rate dynamics; limit cycle; money market dynamics; non-linear dynamic model; uncovered interest rate;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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