Hakan, Yilmazkuday - Volkswirtschaftliche Fakultät, … - 2009
This paper develops an open-economy DSGE model to analyze the effects of international trade costs on monetary policy … that is open to international trade costs shocks, Canada. When a utility-based expected loss function is considered, the … central bank is found to be far from being optimal in its actions, independent of international trade costs. When an ad hoc …