著者

大滝 雅之 山崎 福寿 深尾 京司

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.4, pp.336-352, 1990-12-20 (Released:2007-10-19)

参考文献数

26

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Deregulation of Japan's foreign exchange markets has remarkably progressed in 1980s. This paper studies how the deregulation affects the pattern of economic fluctuations and the optimal monetary policy. The monetary authority is assumed to control money supply in response to various exogenous shocks, in order to minimize the weighted average of variances of GNP and the price index. Interestingly, in the economy with deregulated foreign exchange markets, the monetary authority should response more sensitive to shocks which are occurred at foreign countries such as unexpected changes of foreign government expenditure and monetary policy than to domestic shocks. It is shown that the optimal monetary policy derived in this paper is free from Lucas Critic in that the policy which is optimal under the assumption of static expectation on government policy is not necessarily optimal under rational expectation.

著者

山崎 福寿 大滝 雅之

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.65-77, 1990-03-20 (Released:2008-02-28)

参考文献数

6

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This paper studies the relationship between the abolishment of a deposit interest ceiling and the stability of macroeconomy, using a simple stochastic macroeconomic model. The derived conclusions are as follows; First, the abolishment of a deposit rate ceiling will improve the effectiveness of the economic policy when the economic fluctuation is mainly attributed to the random shock of high-powered money market. By contrast, if the shock of either loan or goods market is dominant, economic policy will be less effective. Second, the probability of lenders' bankruptcy will decrease when monetary shocks (i. e. H. P. M. and loan) are dominant.