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Application of the IS-MP-IA Model and the Taylor Rule to Croatia: Policy Implications for Economic Integration

Author

Listed:
  • Hsing, Yu

    (Southeastern Louisiana University)

Abstract

Applying the IS-MP-IA model and the Taylor rule, this study finds that a lower expected inflation rate, real appreciation, a lower federal funds rate, and more world output would help increase the Croatian output. The insignificance of government deficit spending suggests that the Ricardian-equivalence hypothesis may be applicable to Croatia. The conventional wisdom to pursue currency devaluation to stimulate the economy may not work for Croatia.

Suggested Citation

  • Hsing, Yu, 2006. "Application of the IS-MP-IA Model and the Taylor Rule to Croatia: Policy Implications for Economic Integration," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 21, pages 147-156.
    • Handle: RePEc:ris:integr:0349
    as

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    More about this item

    Keywords

    IS-MP-IA; Taylor rule; deficit spending; devaluation; world interest rates;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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