Domestic credit and output determination in a 'new classical' model of a small open economy with perfect capital mobility (anglais)

Several authors have argued that the appropriate monetary policy variable in Barro-type reduced-form output equations for small open economies is domestic credit. The rationale for this view is that in such economies the monetary authorities can control the stock of domestic credit, but not the money supply. This paper demonstrates, using a "new classical" structural model, that under these conditions neither money nor domestic credit belong in reduced-form...
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