Bibliographic record
Abstract
This paper explores optimal monetary policy when current account dynamics is taken into consideration in a sticky–price intertemporal optimising model. It investigates how monetary policies affect current account movement in a two–country model. The main issues addressed include: 1) what factors affect the current account dynamics in response to technology and monetary shocks in a two–country open economy; 2) how should the monetary authority respond to these shocks to maximise the welfare of the household. Using a non–linear solution method, we find that the current account dynamics depends critically on the intratemporal and intertemporal elasticities of substitution, the degree of monopolistic competition, the degree of Local Currency Pricing (LCP) and the type of shocks. With sluggish price adjustment among firms, the home monetary authority will choose an expansionary monetary policy when facing a home technological improvement. If a supranational monetary authority is to choose an optimal monetary policy for both countries, the welfare gain from the expansionary monetary policy for both home and foreign counties is quantitatively small.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.004 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.001 | 0.002 |
| Scholarly communication | 0.003 | 0.004 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.002 | 0.002 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".